REDDING, Calif., Sept. 16, 2024 /PRNewswire/ — According to the latest market research report titled ‘Blockchain Market by Type (Public, Private, Hybrid, Consortium), Platform (Ethereum, Hyperledger, Polygon, Solana), Organization Size, Sector (BFSI, Government, Healthcare, Professional Services, Manufacturing), and Geography — Global Forecast to 2030,’ the blockchain market is set to experience phenomenal growth over the next several years.

Projections indicate that the global blockchain market will soar to an impressive $403.36 billion by 2030, demonstrating a remarkable compound annual growth rate (CAGR) of 67.7% from 2023 to 2030.

The escalating need for secure and transparent transactions within the Banking, Financial Services, and Insurance (BFSI) sector is a primary driver of this market’s expansion. The healthcare industry is also increasingly adopting blockchain technology to prevent data tampering and ensure data integrity. Additionally, the rising popularity of cryptocurrencies like Bitcoin showcases the potential of decentralized digital currencies that rely on blockchain for secure transactions.

However, the high costs associated with implementing blockchain technology remain a significant barrier to its widespread adoption. Despite this, small and medium-sized enterprises (SMEs) are focusing on leveraging blockchain to gain a competitive edge, while retailers are increasingly embracing this technology to enhance customer experiences and operational efficiencies. These trends are expected to create substantial growth opportunities for market players.

The lack of regulatory clarity and interoperability between different blockchain systems presents notable challenges. These issues hinder seamless integration across various platforms and sectors, complicating efforts to fully harness blockchain’s potential.

In healthcare, the need to safeguard medical records, clinical trial data, and patient information against unauthorized access or tampering is paramount. Blockchain technology provides a robust solution by enabling secure storage and sharing of sensitive information. Its distributed ledger system reduces reliance on centralized authorities, thereby minimizing the risk of data manipulation. For instance, IBM Watson Health launched a blockchain-powered digital health pass in October 2020, allowing users to share their verified health status without exposing underlying data.

The report’s key findings highlight the dominance of public blockchains in 2023, capturing 66.9% of the market share. However, private blockchains are anticipated to grow at the fastest rate, with a projected CAGR of 70.3% during the forecast period. Ethereum remains the leading platform, holding 53.8% of the market share in 2023, although Hyperledger is expected to see the highest growth rate at 71.0%.

Large enterprises currently dominate the blockchain market by organization size, with a 74.0% share in 2023. Nevertheless, SMEs are poised for rapid growth, with a CAGR of 70.1%. In terms of applications, payment solutions lead the market with a 25.2% share in 2023 and are expected to maintain the highest growth rate at 69.3%.

Geographically, North America is at the forefront of blockchain adoption, accounting for 38.9% of the market in 2023 and projected to reach $136.4 billion by 2030. The region’s growth is driven by increased fintech investments, technological integration within business ecosystems, and a strong preference for digital applications among millennials. Leading companies like IBM and Amazon Web Services are pivotal in advancing blockchain innovation in North America.

In Asia-Pacific, rapid adoption is fueled by the demand for secure international transactions and a burgeoning crypto business landscape. China leads the regional market, supported by government policies promoting blockchain integration in various sectors. The region’s fintech hubs in Hong Kong, Singapore, Melbourne, and Indonesia further bolster market growth.

Europe’s blockchain market is dominated by the U.K., where financial firms’ strong presence and supportive government initiatives drive innovation. For instance, the London Stock Exchange partnered with IBM to develop Turquoise, a blockchain-based platform for digital securities issuance.

The report also provides a detailed competitive analysis, profiling key players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Amazon Web Services Inc., Infosys Limited, Accenture plc, Wipro Limited, Blockchain.com, Circle Internet Financial Limited, Ripple, Tata Consultancy Services Limited, Intel Corporation, Chainalysis Inc., Coinbase, and BitGo.

Recent developments include Amazon Web Services’ launch of Avalanche in January 2023 to integrate blockchain with its cloud-computing platform and Ava Labs’ partnership with AWS to facilitate self-sufficient blockchain systems.

The report concludes with an extensive assessment of various market segments by type (public, private, hybrid, consortium), platform (Ethereum, Hyperledger, Polygon), organization size (large enterprises, SMEs), application (digital currency, asset protection), sector (BFSI, government), and geography (North America, Europe).

For more detailed insights and custom research reports tailored to specific needs, visit https://www.meticulousresearch.com.

Explore additional reports on emerging trends and market forecasts:
– Blockchain in Manufacturing Market
– Blockchain in Retail Market
– Blockchain Gaming Market
– And many more available on our website.

For more information or inquiries:
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001
USA: +1-646-781-8004
Europe: +44-203-868-8738
APAC: +91 744-7780008
Email: [email protected]
Website: https://www.meticulousresearch.com