Meticulous Research®—a leading global market research company, published a research report titled, ‘ Blockchain Market by Type (Public, Private, Hybrid, Consortium), Platform (Ethereum, Hyperledger, Polygon, Solana), Organization, Sector (BFSI, Government, Healthcare, Professional Services, Manufacturing), and Geography - Global Forecast to 2030.’
According to the latest publication from Meticulous Research®, the blockchain market is projected to reach $403.36 billion by 2030, at a CAGR of 67.7% during the forecast period of 2023–2030. The growth of this market is attributed to the rising demand for secure and transparent payments in the BFSI sector, the increasing need to prevent data tampering in the healthcare sector, and the growing popularity of cryptocurrency. Furthermore, the increasing adoption of blockchain among SMEs and retailers is expected to create significant opportunities for this market.
However, the high implementation costs hamper the growth of this market. In addition, regulatory uncertainty and lack of interoperability between blockchain ecosystems are major challenges to the growth of this market.
The global blockchain market is segmented based on type, platform, organization size, application, sector, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on type, the global blockchain market is segmented into public, private, hybrid, and consortium. The private segment is projected to register the highest CAGR during the forecast period. Private blockchains enable enterprises to efficiently handle confidential information, trade secrets, business records, and intellectual property areas. The rising demand for robust network structures in enterprises drives the adoption of private blockchains due to their stability and scalability. These benefits contribute to the growth of this segment.
Based on platform, the global blockchain market is segmented into Ethereum, Hyperledger, R3 Corda, Polygon, Solana, BSC, Terra, and other platforms. The Hyperledger segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the benefits offered by this platform, including flexibility, scalability, and interoperability, making it well-suited for a wide range of use cases. Further, it helps organizations build robust, industry-specific applications, platforms, and hardware systems.
Based on organization size, the global blockchain market is segmented into large enterprises and small & medium-sized enterprises. The small & medium-sized enterprises segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need to address specific business problems and enhance operational efficiency and the increasing demand for reliable blockchain solutions from SMEs.
Based on application, the global blockchain market is segmented into digital currency, asset protection & transfer, identity protection, payments, data reconciliation & sharing, track & trace, certification, and other applications. The payments segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the growing demand for secure and reliable transactions, the increasing demand for secure and effective payment processing platforms, and the need to reduce the role of intermediaries.
Based on sector, the global blockchain market is segmented into BFSI, government organizations, healthcare & life sciences, retail & e-commerce, energy & utility, professional services, media & entertainment, manufacturing, and other sectors. The healthcare & life sciences segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising need to secure the integrity of individuals' information, reduce the duration of the pre-authorization process, and enable patients to receive the necessary and informed care more efficiently.
Based on geography, the global blockchain market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to growing customer demand for effective digital payment services, the presence of well-established presence fintech companies, and the growing popularity of cryptocurrency in the region. Furthermore, the increasing adoption of virtual currency in Asian countries drives the growth of the blockchain market.
The key players profiled in the global blockchain market study include International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Infosys Limited (India), Accenture plc (Ireland), Wipro Limited (India), Blockchain.com (U.K.), Circle Internet Financial Limited (U.S.), Ripple (U.S.), Tata Consultancy Services Limited (India), Intel Corporation (U.S.), Chainalysis Inc. (U.S.), Coinbase (U.S.), and BitGo (U.S.).
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