Blockchain Market by Component (Platforms, Services (Managed, Professional)), Provider, Type (Public, Private, Hybrid, Consortium), Deployment Mode (Cloud, On-Premises), Organization Size, Vertical and Region - Global Forecast to 2029
The global blockchain market size is projected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. The combination of AI and IoT, and blockchain technology drives significant growth by securing data and ensuring tamper-proof records.
Scope of the Report
Years Considered for the Study
2018-2029
Base Year
2023
Forecast Period
2024-2029
Units Considered
USD (Billion)
Segments
Component, Provider, Type, Deployment Mode, Organization Size, Vertical, And Region
Regions covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
"By Component, services Segment expected to grow at higher CAGR during the forecast period"
The demand for blockchain professional services is rising alongside blockchain adoption. These services include consulting, development & integration, and support & maintenance. Providers like IBM, AWS, and Accenture offer expertise in navigating the complexities of blockchain technology, from strategic planning to custom application development and ongoing maintenance. This comprehensive support empowers businesses to leverage blockchain's potential for innovation and operational efficiency. blockchain professional services can offer ongoing support, including security audits and node management, ensuring a smooth operation and security of an organization's blockchain implementation. By collaborating with these professionals, businesses can navigate the intricacies of blockchain technology, maximizing its potential for their specific needs.
"By Organization Size, SMEs segment is expected to grow at higher CAGR during forecast period"
SMEs face high barriers to entry and low protection from market forces. The operational costs are also high because of the several intermediaries for trading across regions. This restrains the expansion of implementation in small and medium-sized enterprises (SMEs) with limited funding. In situations like these, blockchain technology can be useful as it enables the enterprises to reduce costs by eliminating these intermediaries. SMEs can also leverage blockchain technology to automate manual or semi-automated activities such as payroll, inventory management, and invoicing in their routine day-to-day operations.
Breakdown of primaries
The study contains insights from various industry experts, from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-level Executives- 40% and Managerial and Other Levels - 60%
By Region: North America - 38%, Asia Pacific - 26%, Europe - 21%, Middle East and Africa - 10%, Latin America - 5%
Major vendors in the global blockchain market include AWS (US), Oracle (US), IBM (US), Huawei (China), Accenture (Ireland), TCS (India), Google (US), Alibaba (China), Microsoft (US), OVHcloud (France), SAP (Germany), and HPE (US) and other players in the blockchain market.
The study includes an in-depth competitive analysis of the key players in the blockchain market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the blockchain market and forecasts its size by Component (platform and services), by Provider (Application Providers, Infrastructure Providers and Middleware Providers), by Type (Public, Private, Hybrid, Consortium), by Deployment Mode (Cloud, On-Premise, Hybrid), by Organization Size (SMEs, Large enterprise), by Application (Transportation & Logistics, Agriculture & Food, Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Media, Advertising & Entertainment, Banking & Financial Services, Insurance, IT & Telecom, Retail & eCommerce, Government, Real Estate & Construction, Other Applications). The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall blockchain market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (Increasing venture capital funding and investments in blockchain technology, growing demand in retail, SCM, and banking applications for secure and transparent transactions, simplification of processes along with transparency, security, and immutability, high adoption of blockchain solutions for payments, smart contracts, and digital identities, and lower operational costs), restraints (Uncertain regulatory and compliance environment and high costs of implementing blockchain technology), opportunities (Increasing government initiatives to boost demand for blockchain platforms and services, amalgamation of blockchain, loT, and Al, rising demand for real-time data analysis, enhanced visibility, and proactive maintenance, and potential of blockchain technology in novel industries), and challenges (Security, privacy, and control of blockchain transactions and limited availability of technical skillsets to implement blockchain technology)
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the blockchain market.
Market Development: Comprehensive information about lucrative markets - the report analyses the blockchain market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the blockchain market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in blockchain market strategies, including AWS (US), Oracle (US), IBM (US), Huawei (China), and Accenture (Ireland).
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 REGIONS COVERED
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
1.8 RECESSION IMPACT
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Breakup of primary profiles
2.1.2.2 Key industry insights
2.2 DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
2.3.1 REVENUE ESTIMATES
2.4 MARKET FORECAST
2.5 RESEARCH ASSUMPTIONS
2.6 LIMITATIONS & RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BLOCKCHAIN MARKET
4.2 BLOCKCHAIN MARKET, BY COMPONENT
4.3 BLOCKCHAIN MARKET, BY SERVICE
4.4 BLOCKCHAIN MARKET, BY PROVIDER
4.5 BLOCKCHAIN MARKET, BY TYPE
4.6 BLOCKCHAIN MARKET, BY DEPLOYMENT MODE
4.7 BLOCKCHAIN MARKET, BY ORGANIZATION SIZE
4.8 BLOCKCHAIN MARKET, BY KEY REGION AND VERTICAL
4.9 BLOCKCHAIN MARKET: INVESTMENT SCENARIO
5 MARKET OVERVIEW AND INDUSTRY TRENDS
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Increasing venture capital funding and investments in blockchain technology
5.2.1.2 Growing demand for secure and transparent transactions in retail, SCM, and banking applications
5.2.1.3 Need for simplification, transparency, security, and immutability of processes
5.2.1.4 High adoption of blockchain solutions for payments, smart contracts, and digital identities
5.2.1.5 Low operational costs offered
5.2.2 RESTRAINTS
5.2.2.1 Uncertain regulatory and compliance environment
5.2.2.2 High cost of implementing blockchain technology
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing government initiatives to boost demand for blockchain platforms and services
5.2.3.2 Amalgamation of blockchain, IoT, and AI
5.2.3.3 Rising demand for real-time data analysis, enhanced visibility, and proactive maintenance
5.2.3.4 Potential of blockchain technology in novel industries
5.2.3.4.1 Blockchain gaming
5.2.3.4.2 Seafood tracking
5.2.3.4.3 Trucking
5.2.4 CHALLENGES
5.2.4.1 Security, privacy, and control of blockchain transactions
5.2.4.2 Limited availability of technical skillsets to implement blockchain technology
5.3 CASE STUDY ANALYSIS
5.3.1 KEY CASE STUDIES
5.3.1.1 Smart Dubai Initiative' used blockchain technology for smart transformation
5.3.1.2 Rockefeller Foundation established 'ID2020' with support from Accenture
5.3.1.3 Blockchain technology enabled retailers to manage their supply chain and inventory cost-effectively
5.3.1.4 Estonian government adopted blockchain technology eSolutions
5.3.1.5 Blockchain helped businesses create framework of linked data records through immutable ledger
5.3.1.6 IBM partnered with Walmart (US) to track pork in China and mangoes in US to ensure food safety
5.3.1.7 Retailers implemented blockchain solutions to ensure customer identification documents are independently checked and verified
5.3.1.8 Warranteer Digital offered blockchain application for retailers to improve overall efficiency
5.3.1.9 IBM collaborated with Maersk to develop global trade digitalization platform
5.3.2 OTHER CASE STUDIES
5.3.2.1 IBM Blockchain helped Home Depot streamline supply chain