Blockchain Technology Market size was valued at USD 6.12 Billion in 2021 and is expected to grow at a CAGR of 86.2% from 2022 to 2030. | IBM Corp., Microsoft Corp., The Linux Foundation, and Others
Growing demand for e-IDs has driven the expansion of blockchain technology. Platforms based on blockchain technology have a wide range of applications in countries with weak identification processes and in unregulated countries. At the national level, market demand-driven identity platform adoption of blockchain technology has been undertaken by many governments to promote secure transactions in the public and private sectors. Over the past few years, various governments have been using blockchain technology with e-citizenship programs. As a result, these countries have developed their own identity-related procedures and reduced bureaucracy. The technology has also helped digitize all kinds of public transactions through secure digital identities.
Blockchain technology has gained significant attention and recognition in recent years. It revolutionizes various industries, including healthcare. Blockchain, in simple terms, can be explained as a decentralized and transparent digital ledger that records and verifies transactions across multiple computers. Blockchain developers play a crucial role in creating and maintaining blockchain projects. In healthcare, blockchain has immense potential to enhance data security, interoperability, and patient privacy. It allows for the secure sharing and storage of sensitive medical records, ensuring that healthcare providers have access to accurate and up-to-date information. The implementation of blockchain in healthcare has the potential to streamline processes, reduce costs, and improve patient outcomes.
Market Dynamics:
Drivers:
Various identity platforms based on blockchain technology have numerous applications in both countries with weak and unregulated identity verification procedures. At the national level, the adoption of blockchain technology market demand-driven identification platforms have been carried out by various governments to promote transparent and secure transactions in the public and private sectors. Since 2018, various governments have used blockchain technology at the national level with their e-citizenship programs. Thus, these countries have developed identity-related procedures and successfully minimized bureaucracy. The technology has also helped digitize public transactions through secure digital identities. Additionally, the increasing capitalization of market-related cryptocurrencies has led to capital investments in several countries.
Restraints:
The only limitation of Blockchain technology is the sophisticated integration process. Companies also lack technical teams with expertise in this technology.
Key players:
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IBM Corp.
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Microsoft Corp.
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The Linux Foundation
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BTL Group Ltd.
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Chain, Inc.
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Circle Internet Financial Ltd.
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Deloitte Touche Tohmatsu Ltd.
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Digital Asset Holdings, LLC
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Global Arena Holding, Inc. (GAHI)
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Monax
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Ripple
Market Segmentation:
Blockchain Technology Market, By Component:
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Platform
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Services
Blockchain Technology Market, By Services:
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Technology Advisory and Consulting
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Development and Integration Services
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Support and Maintenance
Blockchain Technology Market, By Provider:
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Application
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Middleware
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Infrastructure
Blockchain Technology Market, By Type:
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Public
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Private
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Hybrid
Blockchain Technology Market, By organization size:
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Large Enterprises
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SMEs
Blockchain Technology Market, By application:
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Transportation and Logistics
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Agriculture and Food
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Manufacturing
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Energy and Utilities
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Healthcare and Life Science
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Media, Advertising and Entertainment
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Banking and Financial Services
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Insurance
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IT and Telecom
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Retail and Ecommerce
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Government
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Other application areas
Blockchain Technology Market, By Region:
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North America
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United States (US)
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Canada
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Europe
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Germany
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UK
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France
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Rest of Europe
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APAC
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China
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Japan
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Singapore
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ANZ
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Rest of APAC
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Middle East and Africa (MEA)
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UAE
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KSA
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Israel
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South Africa
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Rest of MEA
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Latin America
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Brazil
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Mexico
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Rest of Latin America
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Regional Analysis:
According to Blockchain Technology Market Trends, North America dominated the market in 2018 and was estimated at around USD XX million. Behind this growth is the faster adoption of these innovative blockchain technologies in most developed countries such as Canada and the United States. Additionally, increasing adoption of this technology in various verticals including retail, BFSI, government for digital identity sensing, wallet and payment solutions, smart contracts, etc. is expected to boost the blockchain technology market share.
Additionally, growing economic sectors in various developing countries such as India and China are estimated to stimulate regional growth of the blockchain industry in the Asia-Pacific region. The increasing utilization of blockchain technology in managing KYC or customer verification documents in banks in the Asia Pacific region is estimated to drive the growth of the blockchain market in this particular region. Additionally, increasing initiatives from research institutes and governments have led to the development of this technology. Laboratories are being developed in these countries to focus on advanced mathematics, the integration of vast amounts of data, and the advancement of this technology.
Scope of the Report:
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Report Metric |
Details |
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Market Size Available for Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Offering, Technology, Application, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, and LAMEA |
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Companies Covered |
IBM Corp., Microsoft Corp., Chain, Inc., Circle Internet Financial Ltd., Deloitte Touche Tohmatsu Ltd., The Linux Foundation, BTL Group Ltd., Digital Asset Holdings, LLC, Global Arena Holding, Inc. (GAHI), Monax, Ripple |
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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