The global blockchain technology market size is expected to reach USD 1,235.71 Billion by 2030, according to a new study by Polaris Market Research. The report “Blockchain Technology Market Share, Size, Trends, Industry Analysis Report, By Type; By Component; By Enterprise Size (Large Enterprise, Small & Medium Enterprise); By Application; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing adoption of BaaS, rising implementation of blockchain technology in the financial sector, growing acceptance of cryptocurrencies by merchants, along with increasing government initiatives regarding digital identities are among the factors propelling the market growth. Furthermore, blockchain technology has been shown to assist banking and similar financial organizations in establishing connections that give value to consumers, especially investors, which has increased the adoption of these technologies, boosting market demand.
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Moreover, the use of this technology in social media networks will be capable of addressing issues such as privacy infringement, well-publicized crises, data management, and information usefulness. Increasing use of social media platforms is expected to increase the demand for privacy-related issues, which in turn will increase the adoption of these technologies.
The payment application segment is expected to hold significant shares in the global market over the forecast period. The need to send payments promptly and anonymously to anyone, as well as the need to reduce transaction expenses, are driving adoption in the electronic payment industry. Furthermore, blockchain removes the need for a middleman in the transaction processing procedure, which is predicted to boost implementation in payment systems.
North America is expected to dominate the global market throughout the projected period due to the presence of numerous huge players such as Microsoft Corporation, IBM, AWS, and others. However, the Asia Pacific is anticipated to grow at the fastest pace due to the increasing adoption of these technologies in emerging nations, including India and China. For instance, India attracted around $638 million in funding and investments in 2021. Increasing investments are expected to increase the market demand over the forecast period.
Industry players include Blockpoint, BTL Group Ltd., Chain, Inc., Consensys, Microsoft Corp., Deloitte Touche Tohmatsu Ltd., Stratis, Circle Internet Financial Ltd., Digital Asset Holdings, LLC, Dragonchain, Global Arena Holding, Inc. (GAHI), Factom, IBM Corp., Infosys, Leewayhertz, Monax, R3, RecordsKeeper, Ripple, NTT Data, Spinsys, and The Linux Foundation.
Polaris market research has segmented the blockchain technology market report based type, component, enterprise size, application, end-use, and region:
Blockchain Technology, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Private Cloud
- Public Cloud
- Hybrid Cloud
Blockchain Technology, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Infrastructure & Protocols Application & Solution
Blockchain Technology, Enterprise Size Outlook (Revenue – USD Billion, 2018 – 2030)
- Large Enterprises
- Small & Medium Enterprises
Blockchain Technology, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Digital Identity
- Supply Chain Management
- Smart Contracts
Blockchain Technology, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Financial Services
- Media & Entertainment
- Transportation & Logistics
Blockchain Technology, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa