Blockchain Technology Market Segmented On The Basis Of Type, Component, Application, Enterprise Size, End Use, Region And Forecast To 2022 To 2030 Grand View Research Inc.

San Francisco, 29 Apr 2022: The Report Blockchain Technology Market Size, Share & Trends Analysis Report By Type (Private Cloud, Public Cloud), By Application (Digital Identity, Payments), By Enterprise Size, By Component, By End Use, And Segment Forecasts, 2022 – 2030

The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. The growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.

According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021. The growing demand for blockchain across the government sector due to benefits, such as protection of sensitive data, reduced cost, and improved efficiency is driving the market growth. Various government agencies, such as the Department of Homeland Security (DHS) in the U.S. are demanding blockchain technology-based applications to enhance their data security.

The DHS is funding startups to conduct research and development to explore new approaches to cyber security using blockchain technology. The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to the COVID-19 pandemic are expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for supply chain management.

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Blockchain Technology Market Report Highlights

• In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The growing preference of governments for efficient and open transactions is driving the segment growth
• In terms of components, the infrastructure & protocol segment dominated the market in 2021 and is expected to witness significant growth over the forecast period. The demand for the infrastructure & protocol is high among network developers as it helps them in developing customized networks for their clients
• In terms of application, the payments segment dominated the market in 2021. The segment growth can be attributed to the capability of blockchain technology to facilitate payments by reducing the number of intermediaries, which helps reduce transaction costs
• In terms of enterprise size, the large enterprise segment dominated the market in 2021. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels accentuated the segment growth in 2021
• In terms of end use, the financial services segment dominated the market in 2021. The increasing investment in this technology by finance service providers propelled the segment growth in 2021
• The increasing adoption of the technology in emerging economies, such as China and India, is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period

List of Key Players of Blockchain Technology Market

• 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)
• Monax
• Ripple

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Blockchain Technology Market is Predicted to Observe a Tremendous Growth, With a CAGR of 82.4% From 2021 To 2028: Grand View Research Inc.

San Francisco, 16 April 2021: The Report Blockchain Technology Market Size, Share & Trends Analysis Report By Type, By Component, By Application, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2021 – 2028

The global blockchain technology market size is expected to reach USD 394.60 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 82.4% from 2021 to 2028. The growth can be attributed to the increasing number of merchants accepting cryptocurrency. At the same time, the growing interest of financial institutes in blockchain technology is also driving market growth.

High investments in blockchain by leading banks and other financial institutions have led to various advancements in technology, thereby improving efficiency. The technology is anticipated to shape the banking sector by bringing a new age of efficiency. Other factors contributing to the high adoption of the technology include eradication of the need for authenticating transaction processes, reduction of error rates, elimination of reconciliation, and facilitation of faster settlement.

Retail stores are increasingly adopting blockchain technology for seamlessly handling business relations and supply chains. For instance, in October 2019, Walmart started piloting blockchain technology to track shrimp exports from Indian farmers to an overseas retailer. This shrimp supply chain, backed by blockchain technology helped in improving the quality of products for compliance purposes.

The COVID-19 pandemic is anticipated to impact market growth favorably in the near future. Various industries used blockchain technology for improving the supply chain during the COVID-19 pandemic as blockchain technology has the capability of overcoming the challenges faced by the traditional supply chain, such as inefficiency and high cost.

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Blockchain Technology Market Report Highlights

• In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The growing government tendency to inculcate efficient and open transactions is driving the segment growth
• In terms of components, the infrastructure and protocol segment dominated the market in 2020 and is expected to witness growth over the forecast period. The growing demand for blockchain protocols such as Hyperledger and Openchain is driving the segment growth
• In terms of application, the payment segment dominated the market in 2020. The capability of blockchain technology to provide transparency in transactions is driving the segment growth
• In terms of enterprise size, the large enterprise segment dominated the market in 2020. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels is driving the segment growth
• In terms of end use, the financial services segment dominated the market in 2020. The increasing investment in blockchain technology by finance service providers is driving the segment growth
• The increasing adoption of blockchain technology in emerging economies such as China and India is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period

List of Key Players in the Blockchain Technology Market

• IBM Corporation
• Microsoft Corporation
• Linux Foundation
• BTL Group Ltd.
• Chain, Inc.
• Circle Internet Financial Limited
• Deloitte Touche Tohmatsu Limited
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc. (GAHI)
• Monax
• Ripple

Access Press Release of Blockchain Technology Market @ https://www.grandviewresearch.com/press-release/global-blockchain-technology-market

Blockchain Technology Market Size Expected To Reach USD 57,641.3 Million By 2025: Grand View Research Inc.

San Francisco, 18 February 2020: The Report Blockchain Technology Market Size, Share, & Trends Analysis Report By Type, By Component, By Application, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 – 2025

The global blockchain technology market size is expected to reach USD 57,641.3 million by 2025, registering a CAGR of 69.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions. The technology works as an electronic transaction-processing and record-keeping system. This allows various participants that are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification.

The market is expected to grow rapidly owing to numerous benefits that it provides, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative recordkeeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement. With the use of this technology, the databases could become universal in nature, thereby allowing multiple institutions to use it at the same time to bring various different systems closer together and help increase the efficiency.

The increasing demand for this technology across financial services, consumer or industrial products, technology, media &telecom, healthcare, transportation, and public sector is largely responsible for driving the market toward growth. The major drivers include the growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies among others. The probable opportunity of this technology further includes the instant settlement of various financial transactions and achieving optimized settlement options for the netting and clearing process.

Access Research Report of Blockchain Technology Market @ https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market

Further key findings from the study suggest:

• The public segment is anticipated to grow at the highest CAGR of 70.1% from 2019 to 2025. This growth can be attributed to growing tendency of institutions and government to inculcate open and efficient transactions.
• The application & solution segment is anticipated to grow at the highest CAGR of 71.2% from 2019 to 2025. This growth can be attributed by ability of the providers to deliver the services to enterprises by offering timely authentication and reconciliation and reducing the data duplication.
• The digital identity segment is expected to emerge as the fastest-growing application segment over the next six years. This growth can be attributed to the increasing number of cyber-attacks across the globe.
• The small & medium enterprises segment is expected to grow at the highest CAGR of 70.7% over the forecast period, owing to the increasing demand for streamlining business processes cost-effectively across small & medium businesses.
• The financial service segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. Growing investments in the technology by various financial institutions in association with key technology players is expected to further improve the efficiency of the underlying financial processes and help minimize the risk.
• The Asia Pacific region is expected to emerge as the fastest-growing regional segment over the next six years. Rising adoption of blockchain technology by banks and other financial institutes to minimize the cost of operations and streamline the business operations is expected to drive the regional market growth.
• The key blockchain technology market participants include Chain Inc., Circle Internet Financial Limited, Digital Asset Holdings, Eric Industries, IBM Corporation, Linux Foundation, Post-Trade Distributed Ledger, R3, Ripple, and Safello.

Browse more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies

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, 2015 – 2025)

• Public
• Private
• Hybrid

Blockchain Technology Component Outlook (Revenue, USD Million, 2015 – 2025)

• Application & Solution
• Infrastructure & Protocols
• Middleware

Blockchain Technology Application Outlook (Revenue, USD Million, 2015 – 2025)

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

Blockchain Technology Enterprise Size Outlook (Revenue, USD Million, 2015 – 2025)

• Large Enterprises
• Small & Medium Enterprises

Blockchain Technology End Use Outlook (Revenue, USD Million, 2015 – 2025)

• Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail
• Transportation & Logistics
• Travel
• Others

Blockchain Technology Regional Outlook (Revenue, USD Million, 2015 – 2025)

• North America
• Europe
• Asia Pacific
• South America
• MEA

Access Press Release of Blockchain Technology Market @ https://www.grandviewresearch.com/press-release/global-blockchain-technology-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com