PUBLISHER: 360iResearch | PRODUCT CODE: 1497607
PUBLISHER: 360iResearch | PRODUCT CODE: 1497607
[182 Pages Report] The Blockchain Market size was estimated at USD 12.55 billion in 2023 and expected to reach USD 16.67 billion in 2024, at a CAGR 33.81% to reach USD 96.48 billion by 2030.
Blockchain is a highly secure database shared across a network of computer systems that facilitates the process of recording transactions, tracking assets, and sharing transparent information in a business network. The rising need for secure, transparent, and quick transactions in supply chain management, retail, and financial services is raising the adoption of blockchain technology across the sectors owing to its multi-party, real-time tracking ability of price, date, location, bank guarantees, and letters of credit. Favorable government initiatives and increasing funding for real-time data analysis, enhanced visibility, and proactive maintenance are expanding the scope of blockchain. However, uncertain industry regulations, concerns regarding scalability issues, and a lack of skilled experts have been hampering the growth of blockchain technology. Moreover, investments by various end-user industries and the potential integration of blockchain technology with the Internet of Things (IoT) and artificial intelligence (AI) are expected to provide lucrative opportunities for the blockchain market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 12.55 billion |
Estimated Year [2024] | USD 16.67 billion |
Forecast Year [2030] | USD 96.48 billion |
CAGR (%) | 33.81% |
Regional Insights
In the American region, blockchain technology has gained substantial traction across multiple sectors, such as finance, healthcare, and supply chain management. The diversity in application stems from a robust entrepreneurial ecosystem and a sizable investment in blockchain startups. Consumer behavior in the Americas shows a growing trust in blockchain for security in transactions and personal data. Significant investments and research have been directed towards improving blockchain's scalability and security. Blockchain technology in the EU is primarily focused on enhancing the digital single market with applications such as cross-border banking, identity verification, and food safety tracing. The European Blockchain Partnership (EBP) and initiatives across multiple EU countries underline a commitment to integrate blockchain into public and private sectors. Consumer interest is driven by concerns over privacy and data security, particularly with the General Data Protection Regulation (GDPR) in effect. The Middle East has adopted blockchain strategically, especially in the UAE and Saudi Arabia. These countries are leveraging blockchain for government services, energy sector enhancements, and healthcare. In Africa, blockchain's impact is profoundly visible in areas including remittances and solar energy financing. Consumer adoption is on the rise due to blockchain's potential to provide solutions tailored to African socio-economic contexts. In the APAC, China, Japan, and India are prominent in blockchain technology advancements, reflecting a significant state interest in controlling this technologically strategic field. Blockchain is employed extensively in supply chain logistics and governmental documentation. The consumer market is rapidly adapting to blockchain-based solutions, primarily influenced by the integration of major corporations and state entities.
Market Insights
The market dynamics represent an ever-changing landscape of the Blockchain Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Blockchain Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Blockchain Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
CoinDCX's Expansion of the Okto Ecosystem
CoinDCX, an Indian cryptocurrency exchange, has significantly broadened its initial Okto wallet into a more expansive Okto ecosystem. This development is poised to include the launch of a dedicated blockchain, a native token, and a strategic points program. The expansion was designed to offer a seamless, one-click mobile experience for global users navigating the Web3 domain. [Published On: 2024-05-14]
CIFDAQ Launches Operations in India, Expanding Blockchain and Fintech Services
CIFDAQ has commenced its operations in India with a broad portfolio, including blockchain layer 1 technology, native coins, exchange services, MPC Wallet, DeFi, NFTs, gaming, and additional offerings. CIFDAQ's expansion to India represents its commitment to transparency, security, scalability, and integration with traditional financial systems. [Published On: 2024-04-21]
TourismX Partners with Global Tourism Forum to Revolutionize the Tourism Industry Through Blockchain Technology
TourismX (TRMX), the blockchain-based platform for the tourism industry, announced a new partnership with the Global Tourism Forum (GTF), an organization focused on promoting responsible and sustainable tourism practices and tourism investments worldwide. The partnership aims to drive the crypto and blockchain revolution for the tourism industry. Blockchain can enhance the customer experience, simplify booking and payment processes, and reduce fraud by providing transparency and security to track transactions. [Published On: 2023-04-11]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Blockchain Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Blockchain Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Accubits Technologies, Amazon Web Services, Inc., Appinventiv, BigchainDB GmbH, Bitfury Holding B.V., Broadcom Inc., Cognizant Technology Solutions Corporation, ConsenSys Software Inc., Digital Asset Holdings, LLC, Hewlett Packard Enterprise Development LP, HIVE Blockchain Technologies Ltd., Huawei Technologies Co., Ltd., Infosys Limited, Intel Corporation, International Business Machines Corporation, LeewayHertz, Microsoft Corporation, Oracle Corporation, PixelPlex Ltd., RSM US LLP., SAP SE, ScienceSoft USA Corporation, Stellar Development Foundation, Suffescom Solutions Inc., Syncron Holding AB, TATA Consultancy Services Limited, The Goldman Sachs Group, Inc., ThinkSys Inc., TIBCO by Cloud Software Group, Inc., and Wipro Limited.
Market Segmentation & Coverage
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