Press release
The Growing Significance Of Blockchain Services: A Key Catalyst Accelerating Global Blockchain Services Market Growth in 2025
Blockchain Services Market
How Large Will the Blockchain Services Market Size By 2025?
The market size of blockchain services has seen a remarkable increase over the previous years. It is projected to rise from $6.75 billion in 2024 to $9.7 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 43.6%. Factors such as the embrace of cryptocurrency, concerns over data security, transparency in the supply chain, and the implementation of smart contracts can be credited for the growth witnessed during the historic period.
How Big Is the Blockchain Services Market Size Expected to Grow by 2029?
In the ensuing years, the blockchain services market size is predicted to experience a tremendous transformational growth. It is projected to reach a staggering $39.87 billion in 2029, manifesting a compound annual growth rate (CAGR) of 42.4%. The surge in this period is credited to factors such as decentralized finance (defi), NFTs and digital assets, supply chain and logistics, healthcare data, government and identity. Key trends for the forecast period comprise enterprise blockchain acceptance, interoperability solutions, blockchain as a service (baas), defi, and web3.
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Which Key Market Drivers Powering Blockchain Services Market Expansion and Growth?
The rising importance of blockchain services, fueled by increased funding from both governmental bodies and private entities such as banks and financial bodies, underscores the growth in blockchain technology. This technology paves the way for burgeoning business models in several fields, including cross-border transactions, remittance, exchanges, online banking, trade financing, customer knowledge (KYC), and risk and compliance through its decentralized applications. To illustrate, in July 2022, the Italian Ministry of Economic Development announced that from September onward, certain blockchain initiatives would become eligible to request up to $46 million in government grants. The fund is part of the Italian government's dedication to invest in technology, research, and innovation, with an initial budget of 45 million euros (approximately $46 million at the publication time), covering costs that range from 500 thousand euros ($512,150) to 2 million euros ($2,048,600). The need for services to manage the network and infrastructure will surge with the increasing utilization of blockchain technology in organizations. This, in turn, will drive the demand for blockchain services, thereby propelling market growth in blockchain services.
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Which Fast-Growing Trends Are Poised to Disrupt the Blockchain Services Market?
The quantum computing process is becoming increasingly prevalent within the blockchain sector, providing solutions to difficulties faced in the delivery of blockchain services. Quantum computing relies on the principles of quantum mechanics such as superposition and quantum entanglement to carry out computations. It operates through the use of qubits that allow for the storage and processing of significant amounts of data at high speed with lower energy usage, a stark contrast to traditional computers that rely on bits. For instance, in November 2022, the US technology firm, International Business Machines Corporation unveiled its Next-Generation IBM Quantum System Two featuring a quantum processor of over 400 qubits. This processor, branded as IBM Osprey, with greater than three times the 127 qubits present on the 2021 IBM Eagle processor, holds the record of the most qubits on any IBM quantum processor. This mechanism has the capacity to perform complex quantum calculations that surpass the abilities of any classic computer system.
What Are the Emerging Segments in the Blockchain Services Market?
The blockchain servicesmarket 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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Who Are the Global Leaders 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 are the Top Profitable Regional Markets for the Blockchain Services Industry?
Asia-Pacific was the largest region in the blockchain services market in 2024. 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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