Blockchain Technology Market Growth & Trends
The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 87.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is also expected to drive the market’s growth.
The growing use of cryptocurrency worldwide is also anticipated to drive the market growth. This is because cryptocurrencies such as Ethereum and Bitcoin operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits such as easy transactions, inflation hedges, and enhanced security. According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021.
In June 2023, QuickNode teamed up with Chainlink Labs in a collaborative effort to foster the expansion of blockchain ecosystems. Their joint mission involves furnishing a robust and secure core infrastructure to facilitate the seamless scalability of blockchain projects. QuickNode extended its support to the developer community by sponsoring the Chainlink Spring 2023 Hackathon. This initiative aims to empower Web3 builders by enhancing their skill sets and enabling them to use blockchain infrastructure efficiently.
The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to COVID-19 are expected to create a demand for blockchain technology among e-commerce companies. E-commerce companies use blockchain technology for supply chain management.
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Blockchain Technology Market Report Highlights
In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The accessibility and ease of deployment provided by public cloud services make them attractive to a wide range of organizations, from startups to large enterprises, facilitating broader adoption of blockchain technology
In terms of component, the infrastructure & protocol segment dominated the market in 2022 and is expected to witness significant growth over the forecast period. The demand for the infrastructure & protocol is high among network developers as it helps them develop customized networks for their clients
In terms of application, the digital identity segment is expected to emerge at the highest CAGR during the forecast period. The rise of online services, e-commerce, and remote work has accelerated the demand for robust digital identity solutions. Blockchain’s ability to enhance security, privacy, and user control over personal information aligns with these evolving needs
In terms of enterprise size, the large enterprise segment dominated the market in 2022. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels accentuated the segment growth
In terms of end-use, the financial services segment dominated the market in 2022. The increasing investment in blockchain technology by finance service providers propelled the segment’s growth
The Asia Pacific region’s large and rapidly expanding population, including a significant number of tech-savvy millennials, has created a vast user base and market for blockchain applications. This demographic is increasingly open to innovative financial services, such as cryptocurrencies and digital wallets, which are gaining traction in the region
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