Press release
Blockchain Market to Reach $403.36 Billion by 2030
Blockchain Market
According to the latest publication from Meticulous Research®, the blockchain market is projected to reach $403.36 billion by 2030, at a CAGR of 67.7% during the forecast period of 2023-2030. 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.
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.
Based on type, the global blockchain market is segmented into public, private, hybrid, and consortium. 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. 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.
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Based on organization size, the global blockchain market is segmented into large enterprises and small & medium-sized enterprises. 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 and enhance operational efficiency and the increasing demand for reliable blockchain solutions from SMEs.
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. The payments segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by 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.
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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. The healthcare & life sciences segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by 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. 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.
Key Players:
The key players profiled in the global blockchain market study include International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), 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.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/blockchain-market-5526
Key Questions Answered in the Report:
Which are the high-growth market segments in type, platform, organization size, application, sector, and geography?
What is the historical market size for blockchain across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, opportunities, and challenges in the global blockchain market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the global blockchain market?
What are the recent developments in the global blockchain market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global blockchain market, and how do they compete with other players?
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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