Blockchain Technology Market Is Projected To Grow Robustly By 2030

Blockchain Technology Industry

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.

Gather more insights about the market drivers, restrains and growth of the Global Blockchain Technology market

Blockchain Technology Market Segments Highlights:

The public cloud segment dominated the market in 2022 and accounted for more than 61.0% share of the global revenue. Public cloud providers offer a scalable and cost-effective infrastructure for deploying blockchain solutions.
The infrastructure & protocols segment dominated the market in 2022 and accounted for more than 61.0% share of the global revenue.
The payments segment dominated the market in 2022 and accounted for more than 44.0% share of the global revenue. Blockchain technology improves payment system efficiency, minimizes operating costs, and offers transparency.
The large enterprises segment dominated the market in 2022 and accounted for more than 67.0% share of the global revenue. Large enterprises operating in sectors such as insurance, financial services, healthcare, and supply chain are increasingly making efforts to digitalize their offerings, which is creating a demand for blockchain technology among them.
The financial services segment dominated the market in 2022 and accounted for more than 37.0% share of the global revenue. Blockchain technology in BFSI is leveraged for managing financial transactions taking place in businesses.
North America dominated the blockchain technology market in 2022 and accounted for over 37.0% share of the global revenue.

Blockchain Technology Market Report Segmentation

Grand View Research has segmented the global blockchain technology market based on type, component, offering, application, enterprise size, end-use, and region:

Blockchain Technology Type Outlook (Revenue, USD Million, 2017 - 2030)