Blockchain Technology Market is driven by Growing Interest in Blockchain Among Financial Institutions

Blockchain Technology Industry Overview

The global blockchain technology market size was valued at USD 5.92 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 85.9% from 2022 to 2030. The market growth can be attributed to the increasing venture capital funding in blockchain technology companies. For instance, in May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.

The legalization of cryptocurrency encourages businesses and investors to invest more in blockchain technology. Furthermore, it also encourages the market players to make more efforts to improve their services to gain a competitive edge. These efforts made by the companies are expected to make blockchain technology more effective and efficient in the near future. DeFi is an emerging financial technology based on blockchain, which reduces the control banks have on financial services and money. The growing strategic initiatives in the decentralized finance space are expected to drive market growth over the forecast period. For instance, in July 2021, Square, a payment company, announced that it is launching a business dedicated to DeFi using bitcoin.

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

This initiative is expected to help the company strengthen its market position. The acceptance of cryptocurrency as a payment by companies, such as PayPal and Xbox, is expected to drive market growth. Various restaurants are entering into partnerships with cryptocurrency solution providers to provide cryptocurrency-based payments to their customers. For instance, in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.

Various companies are making efforts to integrate Artificial Intelligence (AI) capabilities with blockchain to enhance their offerings, creating new opportunities for market growth. For instance, in September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed toward developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.

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Blockchain Technology Industry Segmentation

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

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

• Public Cloud
• Private Cloud
• Hybrid Cloud

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

• Application & Solution
• Infrastructure & Protocols
• Middleware

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

• Digital Identity
• Exchanges
• Payments
• Smart Contracts
• Supply Chain Management
• Others

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

• Large Enterprises
• Small & Medium Enterprises

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

• Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail
• Transportation & Logistics
• Travel
• Others

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

• North America
• Europe
• Asia Pacific
• South America

• MEA (Middle East & Africa)

Market Share Insights:

January 2022: Mphasis, an information and technology company, announced its collaboration with CrossTower, a cryptocurrency exchange solution provider. The collaboration is aimed at creating a Center of Excellence focused on Web 3.0 and blockchain-based products, which will be launched and traded on the CrossTower platform.

March 2019: Circle Internet Financial Limited completed the acquisition of SeedInvest, an equity crowdfunding platform. The acquisition was aimed at delivering a token marketplace that would allow individuals and businesses to raise capital and interact with investors through the open crypto infrastructure.

Key Companies profiled:

Some prominent players in the global Blockchain Technology Industry include

• IBM Corp.
• Microsoft Corp.
• The Linux Foundation
• BTL Group Ltd.
• Chain, Inc.
• Circle Internet Financial Ltd.
• Deloitte Touche Tohmatsu Ltd.
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc. (GAHI)
• Monax
• Ripple

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