Blockchain Technology Market to Reach $797.1 Billion, Globally, by 2032 at 57.7% CAGR: Allied Market Research

The global blockchain technology market is growing due to several factors such as rise in popularity of cryptocurrencies, government support and initiatives, and increase in adoption of digital solutions

NEW CASTLE, Del., Aug. 12, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Blockchain Technology Market by Type (Public Cloud, Private Cloud, and Hybrid Cloud), Component (Platform/Solution, and Blockchain as a Service), Application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management, and Others), Enterprise Size (Large Enterprises, and Small & Medium Enterprises), and End Use (BFSI, Transport and Logistics, Energy and Utility, Retail, Healthcare, and Government): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the blockchain technology market was valued at $12.5 Billion in 2023 and is estimated to reach $797.1 Billion by 2032, growing at a CAGR of 57.7% from 2024 to 2032.

Prime determinants of growth 

Growing demand for decentralized financial solutions and the integration of blockchain technology into a variety of industries are expected to provide ample opportunities for the market growth during the forecast period. However, lack of a skilled workforce and clarity about regulations act as restraints for the blockchain technology market.

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The public cloud segment held the highest market share in 2023

By type, the public cloud segment held the highest market share in 2023, as public cloud providers offer a scalable and cost-effective infrastructure for deploying blockchain solutions. This scalability and cost efficiency is vital as blockchain networks grow and require additional resources to support increasing transaction volumes. 

The platform/component segment held the highest market share in 2023 

By component, the platform/component segment held the highest market share in 2023 as it enables the creation and operation of decentralized applications (DApps) and smart contracts. Several companies provide blockchain solutions that are specifically designed for enterprise use cases, addressing requirements such as permissioned networks, regulatory compliance, and interaction with current enterprise systems. 

The payments segment held the highest market share in 2023 

By application, the payments segment held the highest market share in 2023. Blockchain technology increases payment system efficiency, lowers operational costs, and provides transparency. These advantages of blockchain technology are expanding its application in payment systems, hence driving segment development. 

The large enterprises segment held the highest market share in 2023 

By enterprise size, the large enterprises segment held the highest market share in 2023. Large enterprises operating in industries such as insurance, financial services, healthcare, and supply chain are increasingly making attempts to digitalize their offerings, which is creating a need for blockchain technology among them. 

The BFSI segment held the highest market share in 2023 

By end-use, the BFSI segment held the highest market share in 2023. Blockchain technology in BFSI is used to manage financial transactions in enterprises. The need for blockchain technology in financial services is driven by its ability to deliver safe and efficient transactions. 

North America held the highest market share in 2023

Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to dominate in terms of revenue during the forecast period. With rise in adoption of digital technologies in several sectors, the market is expected to expand significantly in the coming years. 

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Major Industry Players: - 

• Microsoft Corporation 
• IBM Corporation 
• Oracle Corporation 
• Intel Corporation 
• R3 
• Accenture 
• NTT DATA 
• Infosys 
• SAP SE 
• AWS  

The report provides a detailed analysis of these key players in the global blockchain technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Recent Industry Development: 

• In May 2023, Goldman Sachs Group Inc, Microsoft Corp, and Deloitte collaborated with Cboe Global Markets Inc., for development in a new blockchain system aimed at linking disparate institutional applications, potentially encouraging broader adoption of distributed ledger technology in financial markets. 
• In July 2022, SAP APJ launched a pilot of GreenToken, using blockchain technology to boost sustainable outcomes and increase circularity in the chemicals industry by better recovering waste plastics. 

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