Press release
Global Blockchain Services Market Projected to Surpass $40.95 Billion by 2029 with 44.1% Annual Growth
Blockchain Services Market Size
The size of the blockchain services market has seen significant expansion over the past few years. It is projected to increase from $6.63 billion in 2024 to $9.48 billion in 2025, with a compound annual growth rate (CAGR) of 42.9%. The substantial growth during the historical period can be linked to factors such as the adoption of cryptocurrency, concerns over data security, transparency in the supply chain, and the use of smart contracts.
In the upcoming years, the blockchain services market is anticipated to experience a massive surge in size. It is projected to expand to $40.95 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 44.1%. The surge during the predictive period can be associated with factors such as decentralized finance (defi), non-fungible tokens (NFTs) and digital assets, supply chain and logistics, health care data, government, and identity. The predominant trends throughout the forecasted period comprise enterprise blockchain adoption, interoperability solutions, Blockchain as a Service (BaaS), defi, and Web3.
What Is Contributing to the Growth of the Blockchain Services Market?
As blockchain services become more significant, both government entities and private sectors such as banks and financial institutions are continually investing in blockchain technology. This technology has opened a new scope of business models in various sectors including cross-border payments, remittance, exchanges, internet banking, trade financing, Know Your Customers (KYC), and risk and compliance through its decentralized applications. For example, the Italian Ministry of Economic Development announced in July 2022 that some blockchain projects could apply for government subsidies of up to $46 million starting from September. These subsidies are part of the Italian government's commitment towards investment in technology, research, and innovation. With an initial budget of 45 million euros, roughly $46 million at the time of announcement, the fund will cover expenses and costs between 500 thousand euros ($512,150) and 2 million euros ($2,048,600). The surge in the application of blockchain technology in various organizations necessitates services to maintain the networks and infrastructure. This will consequently heighten the demand for blockchain services and stimulate the growth of the blockchain services market.
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Which Key Market Leaders Are Driving Blockchain Services Industry Growth?
Major companies operating in the blockchain services market include International Business Machines Corporation, Amazon.com Inc., Microsoft Corporation, Oracle Corporation, SAP SE, Stratis Platform Ltd., Baidu Inc., Huawei Technologies Co. Ltd., accenture* plc, Deloitte Touche Tohmatsu Limited, Infosys Limited, Hewlett Packard Enterprise Company, Waves Platform AG, Amazon Web Services Inc., KPMG International Cooperative, ConsenSys AG, Cognizant Technology Solutions Corporation, NTT Data Corporation, Capgemini SE, Wipro Limited, Mphasis Limited, PricewaterhouseCoopers International Limited (PwC), Tata Consultancy Services Limited, TO THE NEW Digital, Ernst & Young Global Limited, L&T Infotech Limited, Alibaba Group Holding Limited, OpenXcell Technolabs Pvt. Ltd., LTIMindtree Ltd., Ardor Nxt Group, BTC Korea.com Co. Ltd., Blockchain Luxembourg S.A., Dragonchain Inc., Inveniam LLC, Bloq Inc., Skuchain Inc., LeewayHertz Technologies Private Limited, Altoros Americas LLC, Appinventiv Technologies Pvt. Ltd.
What Are the Emerging Trends in the Blockchain Services Industry?
Quantum computing is becoming increasingly relevant in the blockchain sector, potentially resolving the challenges encountered in offering blockchain services. Quantum computing employs quantum-mechanical phenomena like superposition and quantum entanglement to compute. In contrast to the bits of traditional computers, quantum computing uses qubits, which facilitate the storage and computation of enormous data volumes at an exponential speed and lower energy consumption. For example, in November 2022, the US-based tech firm International Business Machines Corporation launched its Next-Generation IBM Quantum System Two, equipped with a sophisticated 400 Qubit-Plus Quantum Processor. This is over three times the 127 qubits present in the 2021 IBM Eagle processor. With its abundant qubits, IBM Osprey outperforms all other IBM quantum processors. The processor is capable of executing complex quantum calculations far exceeding what any classical computer can do.
What Are the Main Segments in the Blockchain Services Market?
The blockchain services market covered in this report is segmented -
1) By Component: Tools, Services
2) By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Other Applications
3) By End-use: BFSI, IT And Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media And Entertainment, Energy and Utilities, Other End-Uses
Subsegments:
1) By Tools: Blockchain Development Tools, Blockchain Wallets, Blockchain APIs, Smart Contract Development Tools, Blockchain-As-A-Service (BaaS) Platforms
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Managed Services, Blockchain Training And Education Services
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Which Geographic Area Leads the Blockchain Services Market?
Asia-Pacific was the largest region in the blockchain services market in 2023. North America was the second largest region in the blockchain services market. The regions covered in the blockchain services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Blockchain Services Global Market Report?
- Market Size Analysis: Analyze the Blockchain Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Blockchain Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Blockchain Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Blockchain Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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