Pune, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Blockchain Market Size Analysis:
“The Blockchain Market size was USD 11.31 Billion in 2023 and is expected to reach USD 988.83 Billion by 2032 and grow at a CAGR of 64.4% over the forecast period of 2024-2032.”
By Type, Public Blockchain dominates the Market, while Hybrid Blockchain Sees Rapid Growth
In 2023, the Public Blockchain segment held a notable 42% of the blockchain market share, highlighting its dominance in decentralized applications and cryptocurrencies. Public blockchains, being open and permissionless, have been instrumental in driving innovation and transparency.
The Hybrid Blockchain segment is experiencing a remarkable CAGR of 67.5% during the forecasted period, reflecting its growing appeal among enterprises seeking the combined benefits of public and private blockchain features.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (Amazon Managed Blockchain, AWS Quantum Ledger Database (QLDB))
- Oracle (Oracle Blockchain Platform, Oracle Intelligent Track and Trace)
- IBM (IBM Blockchain Platform, IBM Food Trust)
- Huawei (Huawei Cloud Blockchain Service (BCS), FusionInsight Blockchain)
- Accenture (Accenture Blockchain for Contracts, Accenture Blockchain for Supply Chain)
- TCS (TCS Quartz Blockchain, TCS BaNCS Network for Banks)
- Google (Google Cloud Blockchain Node Engine, Google Cloud Confidential Computing)
- Alibaba (Alibaba Cloud Blockchain as a Service (BaaS), AntChain)
- Microsoft (Azure Blockchain Workbench, Azure Confidential Ledger)
- OVHcloud (OVHcloud Blockchain as a Service (BaaS), OVHcloud Public Cloud for Blockchain)
- SAP (SAP Leonardo Blockchain, SAP Information Collaboration Hub for Life Sciences)
- HPE (HPE Mission Critical Distributed Ledger Technology (DLT), HPE Blockchain Solutions)
- Tencent (Tencent Cloud Blockchain Service (TBaaS), Tencent TrustSQL)
- Wipro (Wipro Blockchain Innovation Lab, Wipro Blockchain Trade Finance)
- Infosys (Infosys Blockchain PaaS, Infosys Finacle Trade Connect)
- Lumen Technologies (Lumen Edge Bare Metal Blockchain Solutions, Lumen Secure Blockchain Solutions)
- DigitalOcean (DigitalOcean Blockchain Hosting, DigitalOcean Developer Cloud for Web3)
- VMware (VMware Blockchain, VMware Secure Chain for Enterprises)
Blockchain Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 11.31 Billion |
| Market Size by 2032 | US$ 988.83 Billion |
| CAGR | CAGR of 64.4 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Increasing Adoption of Blockchain for Secure and Transparent Transactions Drives the Blockchain Market Growth |
Key Regional Coverage
North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers
• The rapid proliferation of IoT devices generating massive amounts of sensitive data requires secure management solutions, driving the demand for blockchain integration.
• Blockchain's decentralized and tamper-proof ledger enhances data security, reducing vulnerabilities in IoT ecosystems.
• The adoption of smart contracts to streamline processes, reduce intermediaries, and ensure compliance is propelling market growth.
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By Application, Blockchain Revolutionizes Supply Chain Management with 28% Market Share
In 2023, the Supply Chain Management (SCM) segment accounted for 28% of the revenue of the blockchain market, which is a reflection of its prominent contribution to increasing transparency, traceability, and efficiency in global supply chains. Blockchain's immutable ledger technology can track products in real-time, minimizing fraud and errors, as well as authenticity. Businesses are actively establishing blockchain solutions to improve supply chain operations.
By Industry, BFSI Dominates Blockchain Market, Healthcare Sees Fastest Growth
In 2023, the BFSI segment dominates the blockchain market in revenue, driven by the technology's ability to enhance transaction security, reduce fraud, and streamline processes. Blockchain's decentralized ledger offers transparency and efficiency, making it ideal for financial applications.
Healthcare and Life Sciences Segment is experiencing the Highest CAGR in blockchain adoption during the projected period. The tamper-proof and transparent ledger of blockchain addresses some of healthcare's most significant challenges, such as data security, interoperability, and supply chain transparency.
By Deployment, Proof-of-Concept Dominates Blockchain Market, Pilot Deployments Surge
In 2023, the proof-of-concept deployment segment held the largest revenue share in the blockchain market. PoC is that stage where enterprise blockchain adoption needs validation in the feasibility and efficiency of applications using blockchains before full-scale execution.
The Pilot deployment segment is experiencing the fastest growth in the blockchain market during the forecasted period, driven by increasing industry interest in exploring blockchain’s potential on a larger scale.
Blockchain Market Segmentation:
By Component
- Platform/Solution
- Blockchain as a Service (BaaS)
By Type
- Public
- Private
- Hybrid
- Consortium
By Application
- Digital Identity
- Payments
- Smart Contracts
- Supply Chain Management
- Internet of Things
- Others
By Deployment
- Proof of Concept
- Pilot
- Production
By Industry
- BFSI
- Energy & Utilities
- Government
- Healthcare and Life Sciences
- Manufacturing
- Telecom
- Media & Entertainment
- Retail & Consumer Goods
- Travel and Transportation
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By Component, Platform/Solution Dominates Blockchain Market, BaaS to See Fastest Growth
In 2023, the Platform/Solution segment held the largest share of revenue in the blockchain market, a reflection of its crucial role and provision to enterprises with tools and infrastructure needed to build and deploy blockchain applications. This category includes comprehensive blockchain platforms that allow the enterprise to create custom blockchain solutions in several areas such as digital identity, supply chain tracking, and financial services.
The Blockchain as a Service (BaaS) segment is expected to experience the largest CAGR during the forecasted period, driven by the growing demand for cloud-based blockchain solutions.
By Region, North America Leads Blockchain Market, APAC Set for Fastest Growth
North America dominated the blockchain market in 2023, capturing 37% of the market share. This is mostly based on early adoption of the blockchain technology in the region, underpinned by strong technological infrastructure and a friendly regulatory environment. The United States is home to some of the world's leading blockchain companies, and many enterprises in industries such as finance, healthcare, and supply chain have integrated blockchain solutions.
The Asia Pacific region, however, is poised for the fastest growth in the blockchain market, with an estimated CAGR of 67.05% from 2024 to 2032. Countries like China, India, Japan, and South Korea are making substantial investments in blockchain technology.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Blockchain Market Segmentation, by Component
8. Blockchain Market Segmentation, by Industry
9. Blockchain Market Segmentation, by Type
10. Blockchain Market Segmentation, by Application
11. Blockchain Market Segmentation, By Deployment
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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