Blockchain Technology Industry Overview
The global blockchain technology market size was valued at USD 5.92 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 85.9% from 2022 to 2030.
The market growth can be attributed to the increasing venture capital funding in blockchain technology companies. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.
Gather more insights about the market drivers, restrains and growth of the Global Blockchain Technology Market
The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also encourages the market players to make more efforts to improve their services to gain a competitive edge. These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future. DeFi is an emerging financial technology based on blockchain, which reduces the control banks have on financial services and money. The growing strategic initiatives in the decentralized finance space are expected to drive market growth over the forecast period. For instance, in July 2021, Square, a payment company, announced that it is launching a business dedicated to DeFi using bitcoin.
This initiative is expected to help the company strengthen its market position. The acceptance of cryptocurrency as a payment by companies, such as PayPal and Xbox, is expected to drive market growth. Various restaurants are entering into partnerships with cryptocurrency solution providers to provide cryptocurrency-based payments to their customers. For instance, in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.
Various companies are making efforts to integrate Artificial Intelligence (AI) capabilities with blockchain to enhance their offerings, creating new opportunities for market growth. For instance, in September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed toward developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.
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- Artificial Intelligence Market – The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030.
- Cyber Security Market – The global cyber security market size was valued at USD 184.93 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2022 to 2030. The increasing number of cyber-attacks with the emergence of e-commerce platforms, deployment of cloud solutions, and proliferation of smart devices are some of the factors driving the market growth.
Blockchain Technology Market Segmentation
Grand View Research has segmented the global blockchain technology market on the basis of type, component, application, enterprise size, end use, and region:
Blockchain Technology Type Outlook (Revenue, USD Million, 2017 – 2030)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Blockchain Technology Component Outlook (Revenue, USD Million, 2017 – 2030)
- Application & Solution
- Infrastructure & Protocols
Blockchain Technology Application Outlook (Revenue, USD Million, 2017 – 2030)
- Digital Identity
- Smart Contracts
- Supply Chain Management
Blockchain Technology Enterprise Size Outlook (Revenue, USD Million, 2017 – 2030)
- Large Enterprises
- Small & Medium Enterprises
Blockchain Technology End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Financial Services
- Media & Entertainment
- Transportation & Logistics
Blockchain Technology Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- South America
- Middle East & Africa
Market Share Insights
- March 2019: Circle Internet Financial Limited completed the acquisition of SeedInvest, an equity crowdfunding platform.
- May 2018: The European Union data protection law, General Data Protection Regulation (GDPR), became effective. GDPR aims to safeguard EU citizens from privacy and data breaches.
Key Companies profiled:
Some prominent players in the global blockchain technology market include
- IBM Corp.
- Microsoft Corp.
- The Linux Foundation
- BTL Group Ltd.
- Chain, Inc.
- Circle Internet Financial Ltd.
- Deloitte Touche Tohmatsu Ltd.
- Digital Asset Holdings, LLC
- Global Arena Holding, Inc. (GAHI)
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