Blockchain Technology Market Trends, Demand To 2031

(MENAFN- Straits Research) Blockchain technology is a data format that uses databases connected via peer-to-peer nodes to record and distribute transaction records, or blocks, in a public ledger. Companies and investors are encouraged to increase their blockchain Technology investments due to the legal recognition of cryptocurrencies. Additionally, it spurs industry players to put in more effort to improve their offerings to differentiate themselves from their competitors. Blockchain technology will soon become more effective and efficient thanks to the company's actions.
Market Dynamics
Increasing Acceptance of Cryptocurrency Drives the Global Market
One of the primary elements supporting the popularity of cryptocurrencies is the lack of a requirement for a financial institution to start and authenticate transactions. Instead, blockchain technology enables any coin owner to send the necessary amount to the other party as long as they are connected to the same network. Eliminating responsible third parties speed up the process and improves the transaction's efficiency. Blockchain transactions are more securely secured than traditional databases, making them superior for auditing and verification while preventing data changes. Such a system eliminates the conventional hazards associated with online financial transactions.
Instant Settlement of Financial Transactions Creates Tremendous Opportunities
The adoption of blockchain technology is projected to change the settlement process and reduce settlement time by providing a clear indicator of the participant's current condition in the overall approval process and allowing the participant to witness the sequence of required papers. A lengthy settlement process increases the possibility of a capital tie-up, but blockchain technology can ensure a speedier settlement window and lower trading expenses. Additionally, it might help reduce counterparty risk and improve the settlement procedure's overall performance. In other words, by reducing the settlement duration from T+3 to T+0, blockchain technology is crucial in enhancing operational and financial efficiency.
Regional Analysis
North America is the most significant global blockchain technology market shareholder and is expected to grow at a CAGR of 81.5% during the forecast period. Blockchain-based startups' growth in North America is driving the market's expansion. Currently, states all around the United States are encouraging blockchain technology. For instance, Colorado passed a bipartisan law exempting cryptocurrency from security regulations. Like this, Oklahoma passed a law allowing the use of cryptocurrencies as a form of short-term value within the state's governmental bodies. In at least ten states in the U.S., including Hawaii and Maryland, the authorities have restricted the usage of cryptocurrencies. Various states in the U.S. are attempting to encourage businesses to adopt cutting-edge technologies. For instance, Arizona chose the regulatory sandbox model to foster emerging technologies like blockchain, fintech, and cryptocurrencies.
Europe is expected to grow at a CAGR of 81.9%, generating USD 378,437.34 million during the forecast period. Since bitcoin is not accepted as money or has the same value as fiat currency in the U.K., banks have not yet developed a central bank digital currency. But, the EEA Member States, the E.U., and the European Commission jointly established the European Blockchain Partnership to create a unified E.U. blockchain strategy and a European blockchain infrastructure for public services. Additionally, European countries are pursuing the adoption of blockchain technology. An example is the Austrian Blockchain Center, established to research blockchain applications in energy, logistics, the internet of things, and others.
Asia-Pacific is anticipated to grow significantly over the forecast period. Cryptocurrencies are regulated in Asia-Pacific countries, including Singapore, Hong Kong, Japan, Thailand, and Malaysia. According to a survey by Ernst & Young, consumer products companies in Asia and the Pacific are expected to utilize blockchain technology within the next ten years. A blockchain-based stock exchange is also expected to be operational in Japan by 2022. With the help of blockchain technology, SBI Holdings and Sumitomo Mitsui Financial Group will introduce a digital stock market that will enable investors to transact online. The Japanese government is trying to speed up the implementation of blockchain technology in that nation.
Key Highlights

The global blockchain technology market was valued at USD 5,880.1 million in 2021. It is projected to reach USD 1,314,038.89 million by 2030, growing at a CAGR of 82.4% during the forecast period (2022-2030).
Based on type, the global blockchain technology market is bifurcated into public, private, and hybrid. The public segment is the highest contributor to the market and is expected to grow at a CAGR of 83.1% during the forecast period.
Based on components, the global blockchain technology market is bifurcated into application and solution, infrastructure and protocols, and middleware. The infrastructure and protocols segment owns the highest market share and is expected to grow at a CAGR of 81.5% during the forecast period.
Based on application, the global blockchain technology market is bifurcated into digital identity, exchanges, payments, smart contracts, supply chain management, and others. The payments segment is the highest contributor to the market and is expected to grow at a CAGR of 80.9% during the forecast period.
Based on enterprise size, the global blockchain technology market is bifurcated into large enterprises and small and medium enterprises. The small and medium enterprises segment owns the highest market share and is expected to grow at a CAGR of 83.7% during the forecast period.
Based on end-user, the global blockchain technology market is bifurcated into financial services, government, healthcare, media and entertainment, retail, transportation and logistics, travel, and others. The financial services segment is the highest contributor to the market and is expected to grow at a CAGR of 80.4% during the forecast period.
North America is the most significant global blockchain technology market shareholder and is expected to grow at a CAGR of 81.5% during the forecast period.

Competitive Players
The global blockchain technology market's major key players are Deloitte Touche Tohmatsu Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., IBM Corporation, Interbit, Microsoft Corporation, Oracle, Ripple, Monax Industries, Limited, The Linux Foundation, and Circle Internet Financial Limited.
Market News

In May 2022, TimesPro and the Indian Institute of Management (IIM) Nagpur launched the inaugural batch of the Post Graduate Certificate Programme in Blockchain Technology to equip learners in developing critical thinking abilities and strong fundaments in blockchain to provide innovative solutions for varied sectors.
In August 2022, Digital Asset Holdings announced a changing mindset: The new normal for blockchain use cases.

Global Blockchain Technology Market: Segmentation
By Type

Public
Private
Hybrid

By Components

Application and Solution
Infrastructure and Protocols
Middleware

By Applications

Digital Identity
Exchanges
Payments
Smart Contract
Supply Chain Management,
Others

By Enterprise Size

Large Enterprises
Small and Medium Enterprises

By End-User

Financial Services
Government
Healthcare
Media and Entertainment
Retail
Transportation and Logistic
Travel
Others

By Regions

North America
Europe
Asia-Pacific
LAMEA

MENAFN26072024004597010339ID1108485091