Press release
The Growing Significance Of Blockchain Services: Powering Innovation and Expansion in the Blockchain Services Market by 2025
Blockchain Services
What Is the Expected CAGR for the Blockchain Services Market Through 2025?
The market size for blockchain services has experienced astronomical expansion in the past few years. Its growth is projected to escalate from $6.63 billion in 2024 to $9.48 billion in 2025, reflecting a compound annual growth rate (CAGR) of 42.9%. Factors like the surge in cryptocurrency use, issues around data security, demands for supply chain transparency, and the advent of smart contracts contributed to this remarkable growth during the historical period.
What's the Projected Size of the Global Blockchain Services Market by 2029?
The market for blockchain services is anticipated to experience significant expansion in the coming years. By 2029, the market is projected to reach $40.95 billion, with a notable compound annual growth rate (CAGR) of 44.1%. This growth trajectory in the forecasting period can be attributed to factors such as decentralized finance (defi), NFTs and digital assets, supply chain and logistics, healthcare data, government, and identity. Key trends expected during the forecast period encompass enterprise-level adoption of blockchain, interoperability solutions, blockchain as a service (baas), defi, and web3.
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Top Growth Drivers in the Blockchain Services Industry: What's Accelerating the Market?
The growing relevance of blockchain services is also driven by the escalating investment in blockchain technology by both governmental organizations and private entities, including financial institutions. This technology has been a catalyst for the creation of novel business models in fields like cross-border transactions, remittances, exchanges, digital banking, trade finance, KYC practices, and risk and compliance, thanks to its decentralized application. To illustrate, in July 2022, the Italian Ministry of Economic Development announced that from September, certain blockchain initiatives would be able to seek government subsidies amounting to a maximum of $46 million. The funds, amounting to an initial budget of 45 million euros (approximately $46 million), are consonant with the Italian authorities' investment goals in technology, research, and innovation and are intended to cover costs between 500 thousand and 2 million euros ($512,150 - $2,048,600). With the rise in the utility of blockchain technology across organizations, a corresponding demand for services to manage these networks and infrastructures will naturally follow. This is predicted to surge the demand for blockchain services and will most likely stimulate the growth of the blockchain services market.
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What Trends Will Shape the Blockchain Services Market Through 2029 and Beyond?
Quantum computing is increasingly becoming a mainstay in the blockchain sector, offering solutions to challenges encountered in the provision of blockchain services. This computational process relies on quantum-mechanical phenomena such as superposition and quantum entanglement. Unlike traditional computers that employ bits, quantum computing harnesses the power of qubits, enabling the storage and computation of voluminous amounts of data at an exponential speed while consuming less energy. For example, US-based tech giant, International Business Machines Corporation, in November 2022, launched the Next-Generation IBM Quantum System Two equipped with a 400 Qubit-Plus Quantum Processor. This marked a significant improvement from the 127 qubits in the IBM Eagle processor introduced the previous year. The IBM Osprey processor currently boasts the highest number of qubits among IBM quantum processors. This processor has an enhanced capacity to execute complex quantum calculations, far beyond the reach of any conventional computer.
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 Top Companies are Driving Growth in the Blockchain Services Market?
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.
Which Regions Will Dominate the Blockchain Services Market Through 2029?
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
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