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Global Blockchain Technology Market: By Type: Public, Private, Hybrid; By Component: Application and Solution, Infrastructure and Protocols, Others; By Application; By Enterprise Size; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Blockchain Technology Market Outlook

The global blockchain technology market stood at a value of USD 3.2 billion in 2020. The market is expected to grow at a CAGR of 72% in the forecast period of 2023-2028 to attain USD 82.9 billion by 2026.

 

Global Blockchain Technology Market

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Rising Application of Blockchain Technology in the Payments Sector to Bolster the Growth of the Blockchain Technology Industry

Based on application, the payments segment is likely to account for a significant share in the market. Payments and transactions are an integral and one of the most important aspects of any enterprise. A company can bear a huge financial loss if payment transactions are faulty or unreliable. Therefore, in order to eradicate the risk of any financial loss, blockchain technology is used to make the payment system more efficient. It also minimises operational costs and offers transparency. Over the forecast period, the demand for blockchain technology is likely to be significant, owing to the fact that there is no middleman required in the payment process initiated by blockchain.

Furthermore, the payment processes initiated with the help of blockchain technology are quick and secure and can be made while sitting in the office or at home. Meanwhile, the smart contract blockchain segment is likely to account for a considerable share in the market. In a smart contract, a network of computers executes the actions when predetermined conditions have been met and verified. These statements cannot be altered, tampered or manipulated by any third party, which is a great advantage for any company. Furthermore, the contract agreements are stored in systems involving blockchain and cannot be hacked, which is expected to provide an impetus to the market growth in the forecast period.

 

Rising Demand from Major End Use Sectors to Bolster the Market Growth

On the basis of end use, the financial segment accounted for a significant share in the market and is likely to grow significantly in the forecast period. The growth can be attributed to the growing trend of cryptocurrencies, initial coin offerings (ICOs), and reduced total cost of ownership. The blockchain technology in financial systems initiated rapid transactions and is reliable. Meanwhile, the healthcare segment is likely to grow at a rapid pace in the forecast period. The COVID-19 pandemic was the most challenging phase for the healthcare sector, especially in developing economies. This fostered the need for enhancing the healthcare infrastructure and making the payment system more efficient. In developed economies of the world, data protection laws are being incorporated in the healthcare system in order to prevent data theft and breach. This is expected to aid the market growth in the forecast period.

 

North America to Dominate the Blockchain Technology Industry Globally

The significant growth of the healthcare industry, growing investments in small and medium enterprises, and the rapid technological advancements are likely to be the key factors propelling the market growth in North America. The adoption of blockchain technology in the banking and financial services sector is anticipated to guide the growth of the market in the forecast period. In addition, the market is expected to be aided by the growing efforts by various institutions in the United States and Canada to enhance the customer experience and deploy advanced technology. Furthermore, the growing adoption of blockchain in various end use industries, including healthcare, government, media and entertainment, transportation and logistics, and retail, among others, is likely to propel the market growth in the forecast period.

 

Blockchain Technology: Market Segmentation

Blockchain technology is defined as the system of recording information or data in a way that is impossible to manipulate or hack. Blockchain technology uses a shared and immutable ledger that can only be accessed by members with permission.

 

Global Blockchain Technology Market by Segment

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Following are the types of blockchain technology:

  • Public 
  • Private
  • Hybrid

On the basis of component, the market can be segmented into:

  • Application and Solution
  • Infrastructure and Protocols
  • Middleware 
  • Others

The significant applications of blockchain technology include:

  • Digital Identity
  • Exchanges
  • Payments
  • Smart Contract
  • Supply Chain Management
  • Others

Based of enterprise size, the market is divided into

  • Large Enterprises
  • Small and Medium Enterprises

The different end uses of the technology include:

  • Financial Services
  • Government
  • Healthcare
  • Media and Entertainment
  • Retail
  • Transport and Logistics
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Blockchain Technology Market by Region

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Growing Digitalisation in the Payment Systems to Boost the Growth of the Blockchain Technology Industry

The global blockchain technology industry is driven by the growing demand for digital payment systems by various institutions in order to secure their transactions. The transactions made through systems involving blockchain are rapid and improve performance by reducing the redundancy of information during transactions. The demand for this technology has also been triggered by the need for businesses to save time and money. Over the forecast period, the rising demand for smart contracts, security requirements in cross-border payments, and the necessity to stop third-party interference are some of the factors which are likely to provide an impetus to the market growth.

 

Key Industry Players in the Global Blockchain Technology Market

The report gives a detailed analysis of the following key players in the global blockchain technology market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • BTL Group Ltd.
  • Circle Internet Financial Limited
  • Digital Asset Holdings, LLC
  • Global Arena Holding, Inc.
  • IBM Corporation
  • Microsoft Corporation
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and
Forecast Market Analysis by Segment- Type, Component, Application, Enterprise Size, End Use, Region
Breakup by Type Public, Private, Hybrid
Breakup by Component Application and Solution, Infrastructure and Protocols, Middleware, Others
Breakup by Application Digital Identity, Exchanges, Payments, Smart Contract, Supply Chain Management, Others
Breakup by Enterprise Size Large Enterprises, Small and Medium Enterprises
Breakup by End Use Financial Services, Government, Healthcare, Media and Entertainment, Retail, Transportation and Logistics, Others 
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered BTL Group Ltd., Circle Internet Financial Limited, Digital Asset Holdings, LLC,
Global Arena Holding, Inc., IBM Corporation, Microsoft Corporation, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Blockchain Technology Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Blockchain Technology Historical Market (2018-2022) 
    8.3    Global Blockchain Technology Market Forecast (2023-2028)
    8.4    Global Blockchain Technology Market by Type
        8.4.1    Public
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Private
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Hybrid
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
    8.5    Global Blockchain Technology Market by Component
        8.5.1    Application and Solution
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Infrastructure and Protocols
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Middleware
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Others
    8.6    Global Blockchain Technology Market by Application
        8.6.1    Digital Identity
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Exchanges
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Payments
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Smart Contract
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Supply Chain Management
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2018-2022)
            8.6.5.3    Forecast Trend (2023-2028)
        8.6.6    Others
    8.7    Global Blockchain Technology Market by Enterprise Size
        8.7.1    Large Enterprises
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Small and Medium Enterprises
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
    8.8    Global Blockchain Technology Market by End Use
        8.8.1    Financial Services
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022)
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Government
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022)
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Healthcare
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022)
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Media and Entertainment
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022)
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Retail
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022)
            8.8.5.3    Forecast Trend (2023-2028)
        8.8.6    Transportation and Logistics
            8.8.6.1    Market Share
            8.8.6.2    Historical Trend (2018-2022)
            8.8.6.3    Forecast Trend (2023-2028)
        8.8.7    Others 
    8.9    Global Blockchain Technology Market by Region
        8.9.1    North America
            8.9.1.1    Market Share
            8.9.1.2    Historical Trend (2018-2022) 
            8.9.1.3    Forecast Trend (2023-2028)
        8.9.2    Europe
            8.9.2.1    Market Share
            8.9.2.2    Historical Trend (2018-2022) 
            8.9.2.3    Forecast Trend (2023-2028)
        8.9.3    Asia Pacific
            8.9.3.1    Market Share
            8.9.3.2    Historical Trend (2018-2022) 
            8.9.3.3    Forecast Trend (2023-2028)
        8.9.4    Latin America
            8.9.4.1    Market Share
            8.9.4.2    Historical Trend (2018-2022) 
            8.9.4.3    Forecast Trend (2023-2028)
        8.9.5    Middle East and Africa
            8.9.5.1    Market Share
            8.9.5.2    Historical Trend (2018-2022) 
            8.9.5.3    Forecast Trend (2023-2028) 
9    North America Blockchain Technology Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Blockchain Technology Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Blockchain Technology Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Blockchain Technology Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Blockchain Technology Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    BTL Group Ltd.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Circle Internet Financial Limited
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Digital Asset Holdings, LLC
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Global Arena Holding, Inc.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    IBM Corporation
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Microsoft Corporation
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Others
17    Key Trends and Developments in the Market
 

List of Key Figures and Tables

1.    Global Blockchain Technology Market: Key Industry Highlights, 2018 and 2028
2.    Global Blockchain Technology Historical Market: Breakup by Type (USD Billion), 2018-2022
3.    Global Blockchain Technology Market Forecast: Breakup by Type (USD Billion), 2023-2028
4.    Global Blockchain Technology Historical Market: Breakup by Component (USD Billion), 2018-2022
5.    Global Blockchain Technology Market Forecast: Breakup by Component (USD Billion), 2023-2028
6.    Global Blockchain Technology Historical Market: Breakup by Application (USD Billion), 2018-2022
7.    Global Blockchain Technology Market Forecast: Breakup by Application (USD Billion), 2023-2028
8.    Global Blockchain Technology Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2022
9.    Global Blockchain Technology Market Forecast: Breakup by Enterprise Size (USD Billion), 2023-2028
10.    Global Blockchain Technology Historical Market: Breakup by End Use (USD Billion), 2018-2022
11.    Global Blockchain Technology Market Forecast: Breakup by End Use (USD Billion), 2023-2028
12.    Global Blockchain Technology Historical Market: Breakup by Region (USD Billion), 2018-2022
13.    Global Blockchain Technology Market Forecast: Breakup by Region (USD Billion), 2023-2028
14.    North America Blockchain Technology Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    North America Blockchain Technology Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Europe Blockchain Technology Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Europe Blockchain Technology Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Asia Pacific Blockchain Technology Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Asia Pacific Blockchain Technology Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Latin America Blockchain Technology Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Latin America Blockchain Technology Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Middle East and Africa Blockchain Technology Historical Market: Breakup by Country (USD Billion), 2018-2022
23.    Middle East and Africa Blockchain Technology Market Forecast: Breakup by Country (USD Billion), 2023-2028
24.    Global Blockchain Technology Market Structure

Key Questions Answered in the Report

In 2020, the global blockchain technology market attained a value of nearly USD 3.2 billion.

The market is estimated to witness a healthy growth at a CAGR of 72% in the forecast period of 2023-2028.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific. Among these, North America accounts for the largest share in the market.

The major drivers of the market include the necessity to stop third-party interference, significant growth of the healthcare industry, growing investments in small and medium enterprises, rapid technological advancements, and growing adoption of blockchain in various end use industries.

The growing demand for digital payment systems and rising demand for smart contracts, security requirements in cross-border payments are the key industry trends propelling the market's growth.

Public, private, and hybrid are the major types of the blockchain technology.

Application and solution, infrastructure and protocols, and middleware, among others are the different components of the product.

Digital identity, exchanges, payments, smart contract, and supply chain management, among others are the significant applications of the product.

Large enterprises and small and medium enterprise are the different enterprise sizes in which the market has been segmented.

Financial services, government, healthcare, media and entertainment, retail and transportation and logistics, among others are the significant end-uses of the product.

The major players in the industry are BTL Group Ltd., Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., IBM Corporation, and Microsoft Corporation, among others.

Analyst Review

The global blockchain technology market attained a value of USD 3.2 billion in 2020, driven by the growing digitalisation in the payment system. Aided by growing digitalisation and technological advancements in the field of healthcare, banking and financial services,, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 72%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is divided into public, private, and hybrid. On the basis of component, the market is divided into application and solution, infrastructure and protocols, and middleware, among others. The significant applications of the product include digital identity, exchanges, payments, smart contract, and supply chain management, among others. On the basis of enterprise size, the market has been segmented into large enterprises and small and medium enterprise. The significant end-uses of the product include financial services, government, healthcare, media and entertainment, retail and transportation and logistics, among others. The major regional markets for blockchain technology market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, among which, North America accounts for the largest share in the market. The key players in the above market include BTL Group Ltd., Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., IBM Corporation, and Microsoft Corporation, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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