Blockchain Technology Market to Partake Significant Development during 2024 - 2030
Blockchain Technology Market Overview
The global blockchain technology market size is projected to grow from USD 3.71 billion in 2022 to USD 137.8 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 67.54% during the forecast period. Blockchain technology is a distributed digital ledger that records transactions in an append-only mode. The market growth is driven by factors like increasing venture capital funding, growing cryptocurrency market cap and Initial Coin Offering (ICO), faster transactions, and greater transparency and immutability enabled by blockchain.
Industry Latest News
Some of the latest developments in the blockchain technology market include:
- In January 2023, Deloitte launched a new blockchain platform called WideBase to facilitate supply chain tracking across global trade lanes.
- In December 2022, Ernst & Young (EY) expanded its suite of blockchain solutions with the EY OpsChain Traceability tool to enable greater transparency across fragmented supply chains.
- In November 2022, Amazon Web Services (AWS) announced AWS SIM Sandbox that allows creation of scalable blockchain networks for testing.
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Market Opportunities
Key opportunities that are driving adoption of blockchain technology include:
- Supply Chain Management: Improving transparency, traceability and auditability across supply chains
- Identity Management: Securely managing digital identities and controlling information sharing
- Healthcare Information Exchange: Enabling seamless exchange of healthcare information
- Financial Services Infrastructure: Faster payments processing, trading settlement efficiency
- IoT Ecosystem Enablement: Device identity management, data sharing and monetization
Market Segmentation
The blockchain technology market is segmented by provider, application, organization size, industry vertical and region. Key provider segments are application and solution providers, middleware providers and infrastructure providers. Key application segments are supply chain management, payments & transactions, smart contracts, identity management, compliance management and others including digital advertising and data security. Key verticals adopting blockchain are BFSI, retail & e-commerce, healthcare, transportation & logistics and government among others.
Key Companies
Some major companies operating in the global blockchain technology companies include:
- IBM
- Microsoft
- Amazon Web Services
- SAP
- Intel
- Oracle
- Huawei
- R3
- Blockchain Foundry
- Stratis Group
Leading providers are making significant investments in R&D, global expansion, partnerships and acquisitions to strengthen their blockchain capabilities and launch innovative solutions for diverse industries. Market competition is expected to intensify as new startups enter the space.
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