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Blockchain Technology Market Outlook, Trends, Analysis 2024

Blockchain Technology Market (Type - Public Blockchain, Private Blockchain, and Consortium Blockchain; Application - Financial Services and Non-financial Sector) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024

Global Blockchain technology Market: Snapshot

The global blockchain technology market is developing at a rapid rate and is predicted to observe high growth in the coming few years. The increasing number of innovations and the rising awareness among consumers regarding the benefits of using blockchain technology to accelerate the growth of the market in the near future.

As per a new market research by Transparency Market Research, in 2015, the global market for blockchain technology was worth US$315.9 mn and the market is projected to reach a value of US$20 bn by the end of 2024. The market is predicted to register a whopping 58.90% CAGR between 2016 and 2024.

Rise in Use of Blockchain Technology in Diverse Industries to Enhance Market Growth

The adoption of blockchain technology helps in creating a transparency and simplified the business processes, owing to which, the market is predicted to observe a high growth in the next few years. In addition to this, the increasing popularity of blockchain as a service and the low cost of ownership are estimated to encourage the growth of the global blockchain technology market in the next few years. On the other hand, the changing regulatory status and the non-availability of a common set of standard are likely to hamper the growth of the overall blockchain technology market in the next few years. Nonetheless, the increasing adoption of the blockchain technology for smart contracts, payments, and digital identities is estimated to offer potential growth opportunities for the market players in the near future.

The global market for blockchain technology has been categorized on the basis of application into the financial sector and non-financial sector. In the last few years, the banking sector is growing at a tremendous rise, thanks to which, the financial segment is estimated to enhance the growth of this segment in the next few years. Moreover, the increasing investments in the financial sector and the increasing adoption of blockchain technology are further predicted to enhance the market growth in the coming few years.

blockchain technology market

Increasing Investments in Blockchain Technology to Support Market Growth

Among the regional segments, North America market for blockchain technology is growing at a healthy pace and is likely to hold a key share of the market in the near future. The strong growth of this region can be attributed to the increasing investments for the development of this technology in this field. In addition to this, the increasing contribution from the U.S. and the rising acceptance of new technology are estimated to support the growth of the North America market in the near future. Furthermore, Asia Pacific is predicted to exhibit a favorable growth rate in the near future, owing to the rapid economic development of India, China, and Japan. Moreover, the development of the financial sector in this region is another factor propelling the market growth.

The global market for Blockchain technology has witnessed a substantial rise in the last few years, owing to which the market is predicted to observe a healthy competition in the coming few years. The existence of well-known players operating in the market and the rising focus on the introduction of the new products are projected to support the growth of the market in the near future. In addition to this, the entry of new players and a significant rise in the number of strategic collaborations are projected to encourage market growth. Some of the key players operating in the blockchain technology market across the globe are R3, Digital Asset Holdings LLC, Ripple, IBM Corporation, Deloitte Touche Tohmatsu Limited, Microsoft Corporation, Chain Inc., and Consensus Systems (ConsenSys).

The emergence of blockchain technology as a pioneer across the BFSI sector may serve as a prominent growth generator. The enhancement of the firms operating across the BFSI sector and the development of innovative products and services may bring extensive growth opportunities for the blockchain technology market.

  • The growing popularity of blockchain technology as a means of creating simplified and transparent business processes may bring extensive growth prospects for the blockchain technology market. The burgeoning adoption of blockchain technology for digital identities, smart contracts, and payments may bring promising growth for the blockchain technology market.
  • The rising investments from various investors and firms in the blockchain technology market following the escalating popularity may bring prodigious growth. The significant number of collaborations, partnerships, joint ventures, mergers, and acquisitions may also prove to be a great growth multiplier for the blockchain technology market.
  • Rapid digitalization in the banking and finance sector has led to extensive growth across the blockchain technology market. Initiatives like Digital India and other government initiatives to boost digitization across the BFSI industry may serve as growth pillars for the blockchain technology market.
  • Apart from finance, the ubiquitous utilization of blockchain technology across the healthcare sector and public sector applications may add extra stars of growth, Furthermore, the use of blockchain technology in cryptocurrency may prove to be a robust growth pillar. The popularity of cryptocurrency is rising rapidly, eventually promoting growth. The focus of the players in the blockchain technology market to innovate and introduce new features and upgrades for added convenience may bring exponential growth.
  • The COVID-19 outbreak has a negligible effect on the blockchain technology market. In contrast, the influence and popularity of digitalization has grown considerably during the pandemic to promote contactless payments. Thus, this aspect may increase the growth rate of the blockchain technology market substantially.

Global Blockchain Technology Market

By Type
  • Public blockchain
  • Private blockchain
  • Consortium blockchain

By Application
  • Financial services
  • Non-financial sector

By Geography
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia
  • Middle East and Africa
    • GCC
    • South Africa
  • South America
    • Brazil
    • Argentina

    1. Preface
         1.1. Research Scope and Market Segmentation
         1.2. Research Highlights

    2. Assumptions and Research Methodology

    3. Executive Summary : Blockchain Technology Market 

    4. Market Overview
         4.1. Introduction
                4.1.1. Definition
                4.1.2. Market Evolution
         4.2. Market Dynamics
                4.2.1. Drivers
                4.2.2. Restraints
                4.2.3. Opportunity
         4.3. Porter’s Five Force Analysis
         4.4. Global Blockchain Technology Market Analysis and Forecasts, 2014 – 2024
         4.5. Market Revenue Projections,2014-2024 (US$ Mn)
         4.6. Key Market Indicator

    5. Global Blockchain Technology Market Analysis and Forecasts, By Type
         5.1. Introduction & Definition
         5.2. Key Findings 
         5.3. Key Trends
         5.4. Global Blockchain Technology Market Size (US$ Mn) and Forecast ,By Type, 2014 – 2024 
                5.4.1. Public blockchain
                5.4.2. Private blockchain
                5.4.3. Consortium blockchain
         5.5. Global Blockchain Technology Market Value Share Analysis, By Type, 2014 – 2024 
         5.6. Global Blockchain Technology Market Analysis, By Type, 2016 and 2024
         5.7. Market Attractiveness By Type

    6. Global Blockchain Technology Market Analysis and Forecasts, By Application
         6.1. Introduction & Definition
         6.2. Key Findings 
         6.3. Key Trends
         6.4. Global Blockchain Technology Market Size (US$ Mn) and Forecast , By Application, 2014 – 2024 
                6.4.1. Financial services
                6.4.2. Non-financial sector
         6.5. Global Blockchain Technology Market Value Share Analysis, By Application, 2014 – 2024 
         6.6. Global Blockchain Technology Market Analysis, By Application, 2016 and 2024
         6.7. Market Attractiveness By Application

    7. Global Blockchain Technology Market Analysis and Forecasts, By Region
         7.1. Key Findings
         7.2. Blockchain Technology Market CAGR (2016 – 2024) Analysis, By Country
         7.3. Global Blockchain Technology Market Size (US$ Mn) and Forecast, By Region, 2014–2024 
                7.3.1. North America
                7.3.2. Europe
                7.3.3. Asia Pacific
                7.3.4. Middle East and Africa
                7.3.5. South America
         7.4. Market Attractiveness By Region

    8. North America Blockchain Technology Market Size and Forecast
         8.1. Key Findings
         8.2. Market Overview
         8.3. North America Blockchain Technology Market Size (US$ Mn) and Forecast By Type, 2014 – 2024 
                8.3.1. Public blockchain
                8.3.2. Private blockchain
                8.3.3. Consortium blockchain
         8.4. North America Blockchain Technology Market Size (US$ Mn) and Forecast By Application, 2014 – 2024 
                8.4.1. Financial services
                8.4.2. Non-financial sector
         8.5. North America Blockchain Technology Market Size (US$ Mn) and Forecast By Country, 2014 – 2024 
                8.5.1. The U.S.
                8.5.2. Canada
                8.5.3. Rest of North America
         8.6. North America Blockchain Technology Market Attractiveness Analysis 
                8.6.1. By Type
                8.6.2. By Application
                8.6.3. By Country

    9. Europe Blockchain Technology Market Size and Forecast
         9.1. Key Findings
         9.2. Key Trends
         9.3. Europe Blockchain Technology Market Size (US$ Mn) and Forecast By Type, 2014 – 2024 
                9.3.1. Public blockchain
                9.3.2. Private blockchain
                9.3.3. Consortium blockchain
         9.4. Europe Blockchain Technology Market Size (US$ Mn) and Forecast By Application, 2014 – 2024 
                9.4.1. Financial services
                9.4.2. Non-financial sector
         9.5. Europe Blockchain Technology Market Size (US$ Mn) and Forecast By Country, 2014 – 2024 
                9.5.1. The U.K.
                9.5.2. Germany
                9.5.3. France
                9.5.4. Rest of Europe
         9.6. Europe Blockchain Technology Market Attractiveness Analysis 
                9.6.1. By Type
                9.6.2. By Application
                9.6.3. By Country

    10. Asia Pacific Blockchain Technology Market Size and Forecast
         10.1. Key Findings
         10.2. Key Trends
         10.3. Asia Pacific Blockchain Technology Market Size (US$ Mn) and Forecast By Type, 2014 – 2024 
                10.3.1. Public blockchain
                10.3.2. Private blockchain
                10.3.3. Consortium blockchain
         10.4. Asia Pacific Blockchain Technology Market Size (US$ Mn) and Forecast By Application, 2014 – 2024 
                10.4.1. Financial services
                10.4.2. Non-financial sector
         10.5. Asia Pacific Blockchain Technology Market Size (US$ Mn) and Forecast By Country, 2014 – 2024 
                10.5.1. India
                10.5.2. China
                10.5.3. Japan
                10.5.4. Australia
                10.5.5. Rest of Asia Pacific
         10.6. Asia Pacific Blockchain Technology Market Attractiveness Analysis 
                10.6.1. By Type
                10.6.2. By Application
                10.6.3. By Country

    11. Middle East and Africa (MEA) Blockchain Technology Market Size and Forecast
         11.1. Key Findings
         11.2. Key Trends
         11.3. Middle East and Africa (MEA) Blockchain Technology Market Size (US$ Mn) and Forecast By Type, 2014 – 2024 
                11.3.1. Public blockchain
                11.3.2. Private blockchain
                11.3.3. Consortium blockchain
         11.4. Middle East and Africa (MEA) Blockchain Technology Market Size (US$ Mn) and Forecast By Application, 2014 – 2024 
                11.4.1. Financial services
                11.4.2. Non-financial sector
         11.5. Middle East and Africa (MEA) Blockchain Technology Market Size (US$ Mn) and Forecast By Country, 2014 – 2024 
                11.5.1. GCC
                11.5.2. South Africa
                11.5.3. Rest of MEA
         11.6. Middle East and Africa (MEA) Blockchain Technology Market Attractiveness Analysis 
                11.6.1. By Type
                11.6.2. By Application
                11.6.3. By Country

    12. South America Blockchain Technology Market Size and Forecast
         12.1. Key Findings
         12.2. Key Trends
         12.3. South America Blockchain Technology Market Size (US$ Mn) and Forecast By Type, 2014 – 2024 
                12.3.1. Public blockchain
                12.3.2. Private blockchain
                12.3.3. Consortium blockchain
         12.4. South America Blockchain Technology Market Size (US$ Mn) and Forecast By Application, 2014 – 2024 
                12.4.1. Financial services
                12.4.2. Non-financial sector
         12.5. South America Blockchain Technology Market Size (US$ Mn) and Forecast By Country, 2014 – 2024 
                12.5.1. Brazil
                12.5.2. Argentina
                12.5.3. Rest of South America
         12.6. South America Blockchain Technology Market Attractiveness Analysis 
                12.6.1. By Type
                12.6.2. By Application
                12.6.3. By Country

    13. Competition Landscape
         13.1. Market Player – Competition Matrix
         13.2. Market Share Analysis By Company (2015)
         13.3. Company Profiles 
                13.3.1. Microsoft Corporation
                          13.3.1.1. Company details
                          13.3.1.2. Company description
                          13.3.1.3. Business Overview
                          13.3.1.4. SWOT analysis
                          13.3.1.5. Financials
                          13.3.1.6. Strategic overview
                13.3.2. Deloitte Touche Tohmatsu Limited
                          13.3.2.1. Company details
                          13.3.2.2. Company description
                          13.3.2.3. Business Overview
                          13.3.2.4. SWOT analysis
                          13.3.2.5. Financials
                          13.3.2.6. Strategic overview
                13.3.3. IBM Corporation
                          13.3.3.1. Company details
                          13.3.3.2. Company description
                          13.3.3.3. Business Overview
                          13.3.3.4. SWOT analysis
                          13.3.3.5. Financials
                          13.3.3.6. Strategic overview
                13.3.4. R3
                          13.3.4.1. Company details
                          13.3.4.2. Company description
                          13.3.4.3. Business Overview
                          13.3.4.4. SWOT analysis
                          13.3.4.5. Financials
                          13.3.4.6. Strategic overview
                13.3.5. Chain Inc.
                          13.3.5.1. Company details
                          13.3.5.2. Company description
                          13.3.5.3. Business Overview
                          13.3.5.4. SWOT analysis
                          13.3.5.5. Financials
                          13.3.5.6. Strategic overview
                13.3.6. Consensus Systems (ConsenSys)
                          13.3.6.1. Company details
                          13.3.6.2. Company description
                          13.3.6.3. Business Overview
                          13.3.6.4. SWOT analysis
                          13.3.6.5. Financials
                          13.3.6.6. Strategic overview
                13.3.7. Ripple
                          13.3.7.1. Company details
                          13.3.7.2. Company description
                          13.3.7.3. Business Overview
                          13.3.7.4. SWOT analysis
                          13.3.7.5. Financials
                          13.3.7.6. Strategic overview
                13.3.8. Digital Asset Holdings, LLC
                          13.3.8.1. Company details
                          13.3.8.2. Company description
                          13.3.8.3. Business Overview
                          13.3.8.4. SWOT analysis
                          13.3.8.5. Financials
                          13.3.8.6. Strategic overview
                13.3.9. Credits
                          13.3.9.1. Company details
                          13.3.9.2. Company description
                          13.3.9.3. Business Overview
                          13.3.9.4. SWOT analysis
                          13.3.9.5. Financials
                          13.3.9.6. Strategic overview
         13.4. Contributors
                13.4.1. Hyperledger Project
                13.4.2. Ethereum Foundation

    14. Key Takeaways

    List of Tables

    Table 1: Blockchain Technology Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024
    Table 2: Global Blockchain Technology Market Size (US$ Mn) and Forecast, By Application, 2014–2024 
    Table 3: Global Blockchain Technology Market Size (US$ Mn) and Forecast, By Region, 2014–2024
    Table 4: North America Blockchain Technology Market Size (US$ Mn) and Forecast, By Type, 2014–2024
    Table 5: North America Blockchain Technology Market Size (US$ Mn) and Forecast, By Application, 2014–2024
    Table 6: North America Blockchain Technology Market Size (US$ Mn) and Forecast, By Country, 2014–2024
    Table 7: Europe Blockchain Technology Market Size (US$ Mn) and Forecast, By Type, 2014–2024
    Table 8: Europe Blockchain Technology Market Size (US$ Mn) and Forecast, By Application, 2014–2024
    Table 9: Europe Blockchain Technology Market Size (US$ Mn) and Forecast, By Country, 2014–2024 (US$ Mn)
    Table 10: Asia Pacific Blockchain Technology Market Size (US$ Mn) and Forecast, By Type, 2014–2024
    Table 11: Asia Pacific Blockchain Technology Market Size (US$ Mn) and Forecast, By Application, 2014–2024
    Table 12: Asia Pacific Blockchain Technology Market Size (US$ Mn) and Forecast, By Country, 2014–2024
    Table 13: Middle East and Africa Blockchain Technology Market Size (US$ Mn) and Forecast, By Type, 2014–2024
    Table 14: Middle East and Africa Blockchain Technology Market Size (US$ Mn) and Forecast, By Application, 2014–2024
    Table 15: Middle East and Africa Blockchain Technology Market Size (US$ Mn) and Forecast, By Country, 2014–2024
    Table 16: South America Blockchain Technology Market Size (US$ Mn) and Forecast, By Type, 2014–2024
    Table 17: South America Blockchain Technology Market Size (US$ Mn) and Forecast, By Application, 2014–2024
    Table 18: South America Blockchain Technology Market Size (US$ Mn) and Forecast, By Country, 2014–2024

    List of Figures

    Figure 1: Blockchain Technology Market Revenue Projections, 2014 - 2024 (US$ Mn)
    Figure 2: Global Blockchain Technology Market Value Share Analysis, By Type, 2016 and 2024
    Figure 3: Public Blockchain Technology Market (US$ Mn & %)
    Figure 4: Private Blockchain Technology Market (US$ Mn & %)
    Figure 5: Consortium Blockchain Technology Market (US$ Mn & %)
    Figure 6: Blockchain Technology Market Attractiveness Analysis, By Type
    Figure 7: Global Blockchain Technology Market Value Share Analysis, By Application, 2016 and 2024
    Figure 8: Blockchain Technology for Financial Services Market (US$ Mn & %)
    Figure 9: Blockchain Technology for Non-financial Sector Market (US$ Mn & %)
    Figure 10: Blockchain Technology Market Attractiveness Analysis, By Application
    Figure 12: Blockchain Technology Market Attractiveness Analysis, By Region
    Figure 13: North America Blockchain Technology Market Size (US$ Mn) and Forecast, 2016 – 2024
    Figure 14: North America Blockchain Technology Market Revenue Share Analysis, By Type, 2016 and 2024
    Figure 15: North America Blockchain Technology Market Revenue Share Analysis, By Application, 2016 and 2024
    Figure 16: North America Blockchain Technology Market Revenue Share Analysis, By Country, 2016 and 2024
    Figure 17: North America Blockchain Technology Market Attractiveness Analysis, By Type
    Figure 19: North America Blockchain Technology Market Attractiveness Analysis, By Country
    Figure 18: North America Blockchain Technology Market Attractiveness Analysis, By Application
    Figure 20: Europe Blockchain Technology Market Size (US$ Mn) and Forecast, 2016 – 2024
    Figure 21: Europe Blockchain Technology Market Revenue Share Analysis, By Type, 2016 and 2024
    Figure 22: Europe Blockchain Technology Market Revenue Share Analysis, By Application, 2016 and 2024
    Figure 23: Europe Blockchain Technology Market Revenue Share Analysis, By Country, 2016 and 2024
    Figure 24: Europe Blockchain Technology Market Attractiveness Analysis, By Type
    Figure 26: Europe Blockchain Technology Market Attractiveness Analysis, By Country
    Figure 25: Europe Blockchain Technology Market Attractiveness Analysis, By Application
    Figure 27: Asia Pacific Blockchain Technology Market Size (US$ Mn) and Forecast, 2016 – 2024
    Figure 28: Asia Pacific Blockchain Technology Market Revenue Share Analysis, By Type, 2016 and 2024
    Figure 29: Asia Pacific Blockchain Technology Market Revenue Share Analysis, By Application, 2016 and 2024
    Figure 30: Asia Pacific Blockchain Technology Market Revenue Share Analysis, By Country, 2016 and 2024
    Figure 31: Asia Pacific Blockchain Technology Market Attractiveness Analysis, By Type
    Figure 33: Asia Pacific Blockchain Technology Market Attractiveness Analysis, By Country (Rest of APAC)
    Figure 32: Asia Pacific Blockchain Technology Market Attractiveness Analysis, By Application
    Figure 34: Middle East and Africa Blockchain Technology Market Size (US$ Mn) and Forecast, 2016 – 2024
    Figure 35: Middle East and Africa Blockchain Technology Market Revenue Share Analysis, By Type, 2016 and 2024
    Figure 36: Middle East and Africa Blockchain Technology Market Revenue Share Analysis, By Application, 2016 and 2024
    Figure 37: Middle East and Africa Blockchain Technology Market Revenue Share Analysis, By Country, 2016 and 2024
    Figure 38: Middle East and Africa Blockchain Technology Market Attractiveness Analysis, By Type
    Figure 40: Middle East and Africa Blockchain Technology Market Attractiveness Analysis, By Country
    Figure 39: Middle East and Africa Blockchain Technology Market Attractiveness Analysis, By Application
    Figure 41: South America Blockchain Technology Market Size (US$ Mn) and Forecast, 2016 – 2024
    Figure 42: South America Blockchain Technology Market Revenue Share Analysis, By Type, 2016 and 2024
    Figure 43: South America Blockchain Technology Market Revenue Share Analysis, By Application, 2016 and 2024
    Figure 44: South America Blockchain Technology Market Revenue Share Analysis, By Country, 2016 and 2024
    Figure 45: South America Blockchain Technology Market Attractiveness Analysis, By Type
    Figure 47: South America Blockchain Technology Market Attractiveness Analysis, By Country
    Figure 46: South America Blockchain Technology Market Attractiveness Analysis, By Application
    Figure 48: Global Blockchain Technology Market Share Analysis, By Company (2015)

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Blockchain Technology Market Outlook, Trends, Analysis 2024

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