The market for blockchain technology is expected to grow at an exceptional CAGR of 44.3% through 2033, reaching a valuation of US$ 181.1 billion, up from just US$ 4.6 billion in 2023.
In 2022, blockchain technology held a 5% market share for the entire digital transformation industry. Decentralization of data, restriction of data usage, and encryption are all significant blockchain prospects. The primary application of blockchain technology is in supply chain management, followed by decentralized finance.
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Consumer Sensitivity to Online Data Theft Rises; Market Benefits
The expanding use of digital ledger technology is boosting the utility of products right now. The theft of financial data and online identity fraud have raised concerns in the banking industry. Blockchain technology may hold the secret to safeguarding the identities and financial data of people. Digital banking platforms and international transactions are increasingly dependent on technology. Throughout the forecast period, these elements should support market expansion.
Demands for Market Growth Key Players and Skilled Professionals Must Strategize
Organizations of varying sizes have been increasingly open to adopting blockchain technology as a result of technological improvement and increased awareness. However, one major impediment that firms face is the scarcity of trained workers. As a result, important companies must focus on expanding the network of experienced workers by offering on-site training and maintenance services. Key companies can ensure smooth market expansion during the forecast period by overcoming skilled labor-related obstacles.
As the market enters a period of significant acceleration, both new entrants and established players compete for the top spot.
FMI forecasts a positive time of growth for key businesses, aided by the wide usefulness and stealthy product acceptance rate. In addition, blockchain technology investment could be a profitable option for newer players. Globally, the start-up sector in this sector is thriving. New variations have yet to flood the market. As a result, there is a limitless amount of room for exploration and creativity. Existing market players must consistently develop fresh and innovative items in order to avoid becoming immersed in the ocean of new market players acquiring rapid momentum among customers.
Key Takeaways from the Report :
- From 2017 to 2022, the global blockchain technology market registered significant gains, experiencing an impressive CAGR worth 42.8%
- During the forecast period, the United States market is expected to record a CAGR of 46.1% to attain a valuation of US$ 97.7 billion by 2033.
- During the forecast period, the China blockchain market is anticipated to secure a CAGR of 33.9%.
- By solution, the middleware segment dominates the market and is expected to witness a CAGR of 49.4% between 2023 and 2033.
- By enterprise size, large enterprises dominate the market currently. It is predicted to capture a CAGR of 42.6% during the forecast period.
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Key Market Developments:
- In October 2020, Accenture and Digital Ventures jointly launched the world’s first fully featured procure-to-pay blockchain technology. This product aims to aid Thai firms in easing buying, transactions, and funding acquisition processes.
- In April 2021, Oracle Corporation launched its latest Enterprise distributed ledger technology (DLT). It is aimed for application across diverse sectors, including healthcare, finance as well as logistics.
- In March 2021, Amazon Web Services (AWS) announced the wide-scale availability of Ethereum. Ethereum is a popular decentralized blockchain technology. It facilitates peer-to-peer networking, where members can easily transact, not hindered by a central authority.
Key Players:
- IBM
- Amazon Web Services, Inc.
- Microsoft
- SAP
- Oracle
- Bitfury Group Limited
- Cegeka
- Guardtime
- CONSENSYS
- PixelPlex
- LimeChain
- Accubits Technologies
- SoluLab
Key Segments
By Solution:
- Applications
- Middleware
- Blockchain Platforms
By Use Case:
- Supply Chain Management
- Digital Identity
- Payments and Money
- Trading, Commerce, and Exchange
- Smart Contracts
- Decentralized Finance
- Others (Voting, Property Records, etc.)
By Enterprise Size:
- Large Enterprises
- SMEs
By Industry:
- BFSI
- Healthcare
- Retail and e-commerce
- Hospitality and Travel
- Government
- Media and Entertainment
- Transportation and Logistics
- Others (Food and Beverages, Real Estate, etc.)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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