Redding, California, June 06, 2023 (GLOBE NEWSWIRE) -- Meticulous Research®—a leading global market research company, published a research report titled, “Blockchain Market by Type (Public, Private, Hybrid, Consortium), Platform (Ethereum, Hyperledger, Polygon, Solana), Organization, Sector (BFSI, Government, Healthcare, Professional Services, Manufacturing), and Geography - Global Forecast to 2030,” the blockchain market is projected to reach $403.36 billion by 2030, at a CAGR of 67.7% during the forecast period.
The growth of this market is attributed to the rising demand for secure and transparent payments in the BFSI sector, the increasing need to prevent data tampering in the healthcare sector, and the growing popularity of cryptocurrency. Furthermore, the increasing adoption of blockchain among SMEs and retailers is expected to create significant opportunities for this market.
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However, the high implementation costs hamper the growth of this market. In addition, regulatory uncertainty and lack of interoperability between blockchain ecosystems are major challenges to the growth of this market. In addition, regulatory uncertainty and lack of interoperability between blockchain ecosystems are major challenges to the growth of this market.
The global blockchain market is segmented based on type, platform, organization size, application, sector and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Increasing Adoption of Blockchain by Retailers
Consumers are seeking better, more personalized experiences and easy access to product information. Retailers leverage various technologies to achieve customer satisfaction and stay ahead of the competition. Blockchain has immense potential in retail due to its ability to increase transparency and trust between retailers, consumers, supply chain participants, and payment gateways. Along with providing unique shopping experiences for the online customer, blockchain solutions are utilized in online retail for notable applications such as maintaining product quality, tackling fraud, managing consumer data, improving loyalty programs, tracking inventory, automating back-office administration, and more effective, secure, and faster payment systems.
Moreover, many companies are deploying blockchain solutions to increase their productivity. For instance, Walmart (U.S.) has been working with IBM’s Hyperledger Fabric platform for some of its supply chain tracking. This technology gives retailers real-time information on their stock levels, inventory status, and other components. All these factors optimize the planning processes and enable retailers to act before the supply arrives. Such benefits drive the adoption of blockchain technology in the retail sector.
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Based on type, the global blockchain market is segmented into public, private, hybrid, and consortium. In 2023, the public segment is expected to account for the largest share of the market. The large market share of this segment is attributed to its open-source network nature that encourages new participants to join and validate transactions, provides complete decentralization and transparency, and enhances the power of users regarding works and ideas due to no central authority maintaining the network.
However, the private segment is projected to register the highest CAGR during the forecast period. Private blockchains enable enterprises to efficiently handle confidential information, trade secrets, business records, and intellectual property areas. The rising demand for robust network structures in enterprises drives the adoption of private blockchains due to their stability and scalability. These benefits contribute to the growth of this segment.
Based on platform, the global blockchain market is segmented into Ethereum, Hyperledger, R3 Corda, Polygon, Solana, BSC, Terra, and other platforms. In 2023, the Ethereum segment is expected to account for the largest share of the market. The large market share of this segment is attributed to its smart contract capabilities, which enable the development of decentralized applications on the blockchain, reduced programming time, the quick launch of projects, and increased application in various industries, including finance and gaming.
However, the Hyperledger segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the benefits offered by this platform, including flexibility, scalability, and interoperability, making it well-suited for a wide range of use cases. Further, it helps organizations build robust, industry-specific applications, platforms, and hardware systems.
Based on organization size, the global blockchain market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the blockchain market. The large market share of this segment is attributed to the increasing demand for smart invoicing and automated payments systems and blockchain’s capability to securely store transaction records or sensitive information.
However, the small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need to address specific business problems, the rising need to enhance operational efficiency, and the growing demand for reliable blockchain solutions from SMEs.
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Based on application, the global blockchain market is segmented into digital currency, asset protection & transfer, identity protection, payments, data reconciliation & sharing, track & trace, certification, and other applications. In 2023, the payments segment is expected to account for the largest share of the blockchain market. This segment is also projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the growing demand for secure and reliable transactions, the increasing demand for secure and effective payment processing platforms, and the need to reduce the role of intermediaries.
Based on sector, the global blockchain market is segmented into BFSI, government organizations, healthcare & life sciences, retail & e-commerce, energy & utility, professional services, media & entertainment, manufacturing, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the blockchain market. The large market share of this segment is attributed to the growing need for faster & cheaper cross-border payment systems, the rising need for regulated trading platforms, and the surge in demand for KYC on blockchain platforms.
However, the healthcare & life sciences segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the rising need to secure the integrity of individuals' information, reduce the duration of the pre-authorization process, and enable patients to receive the necessary and informed care more efficiently.
Based on geography, the global blockchain market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the market. North America’s major market share is attributed to the well-established financial service sector, the preference for digital payment systems among millennials, the adoption of blockchain technology in banking and financial services, and the increasing acceptance of cryptocurrencies in the region.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to growing customer demand for effective digital payment services, the presence of well-established presence fintech companies, and the growing popularity of cryptocurrency in the region. Furthermore, the increasing adoption of virtual currency in Asian countries drives the growth of the blockchain market.
Some of the key players operating in the global blockchain market are International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Accenture plc (Ireland), Wipro Limited (India), Blockchain.com (U.K.), Circle Internet Financial Limited (U.S.), Ripple (U.S.), Tata Consultancy Services Limited (India), Intel Corporation (U.S.), Chainalysis Inc. (U.S.), Coinbase (U.S.), and BitGo (U.S.).
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Scope of the Report:
Blockchain Market Assessment - by Type
- Public
- Private
- Hybrid
- Consortium
Blockchain Market Assessment - by Platform
- Ethereum
- Hyperledger
- R3 Corda
- Polygon
- Solana
- BSC
- Terra
- Other Platforms
Blockchain Market Assessment - by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Blockchain Market Assessment - by Application
- Digital currency
- Asset Protection & Transfer
- Identity Protection
- Payments
- Data Reconciliation & Sharing
- Track and Trace
- Certification
- Other Applications
Blockchain Market Assessment - by Sector
- BFSI
- Government Organizations
- Healthcare & Life Sciences
- Retail & E-commerce
- Energy & Utility
- Professional Services
- Media & Entertainment
- Manufacturing
- Other Sectors
Blockchain Market Assessment - by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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