Blockchain Technology Market Size, Share & Trends Report

Blockchain Technology Market Size, Share & Trends Analysis Report By Type, By Component, By Application, By Enterprise Size, By End-use, By Offering, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-329-4
  • Number of Pages: 140
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2023
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the blockchain technology market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for blockchain technology market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of blockchain technology market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Blockchain Technology Market Categorization:

The blockchain technology market was categorized into seven segments, namely type (Public Cloud, Private Cloud, Hybrid Cloud), component (Application & Solution, Infrastructure & Protocols, Middleware), offering (Platform, Services), application (Digital Identity, Exchanges, Payments, Smart Contracts, Supply Chain Management), enterprise size (Large Enterprises, Small & Medium Enterprises), end-use (Banking & Financial Services, Government, Healthcare, Media & Entertainment, Retail & eCommerce, Transportation & Logistics, Travel, Manufacturing, IT & Telecom, Real Estate & Construction, Energy & Utilities), and region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Segment Market Methodology:

The blockchain technology market was segmented into type, component, offering, application, enterprise size, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The blockchain technology market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; China; Japan; Australia; India; South Korea; Brazil; Saudi Arabia; UAE; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Blockchain technology market companies & financials:

The blockchain technology market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Deloitte Touche Tohmatsu Limited is engaged in providing financial advisory solutions, risk auditing and management services, tax advisory services, and accounting services. The company also provides financial reporting and corporate governance services. Additionally, the company is known for offering consulting services pertinent to mergers and acquisitions under the purview of government regulations. It caters its services to incumbents of various industries and industry verticals, including banking, insurance, automotive, media, and oil & gas. The company’s clientele includes incumbents of various end-use industries, including consumer, life sciences & healthcare, financial services, energy, resources, industrial, media, technology, and telecommunications. The company has introduced a customized blockchain software platform called RUBIX for the BFSI industry. RUBIX is flexible enough to cater to the requirements of a particular industry and business process. It is designed to strengthen data storage platforms with enhanced capabilities and enable enterprise integrations by ensuring data security.

  • Global Arena Holding, Inc. is a provider of election technology software and hardware. The company has three subsidiaries, namely Global Election Services, Tidewater Energy Group Inc., and GAHI Acquisition Corp. Global Election Services was formed in February 2015 and is engaged in developing software systems using blockchain technology, mainly for conducting elections, and offering technology-enabled election services for organized labor associations. GAHI Acquisition Corp. was formed in May 2015 and is focused on exploring blockchain technologies for election balloting and voter registration.

  • IBM Corporation manufactures computer hardware and develops middleware and software. It provides support services in areas ranging from mainframe computers to nanotechnology. Its IBM Cloud is particularly getting popular among incumbents of various industries owing to its flexible software and secure hardware. IBM Corporation operates through five business segments, namely global business services, cognitive solutions, systems, global financing, and technology services & cloud platforms. IBM offers Watson, an intellectual computing platform capable of learning from interactions with people and computers, processing large volumes of big data, and interacting in various languages. Its research and development operations differentiate it from its competitors. The company invests around 7% of its total annual revenue in R&D and focuses on high-value and high-growth opportunities. At IBM Research, scientists focus on developing advanced technologies such as blockchain, artificial intelligence, nanotechnology, quantum computing, cloud computing, and post-silicon computing architectures and providing these technologies to various government agencies and end-use industries.

  • Interbit provides blockchain technology solutions capable of providing advanced trading and settlements in financial services, energy, and other industry verticals. The company also offers professional consulting services for the strategic and effective utilization of blockchain technology to enhance business performance. Moreover, the company conducts periodical workshops and provides Proof of Concept (POC) to promote blockchain technology. The company, along with Visa, a financial services company, has developed a prototype payment gateway named Interbit, which is designed to enable secure, fast, and auditable interbank payments. Interbit boasts a multi-chain and virtualized structure drawn from proprietary technologies, such as Hyperconvergence, Hypervisor, and Chainception.

  • Microsoft Corporation is a manufacturer of personal computers and developer and licensor of computer software. The company also offers operating systems, servers, cross-device productivity applications, desktop and server management tools, business solution applications, video games, and various software development tools along with gaming and entertainment consoles, tablets, electronics accessories, and other intelligent devices. The company’s operating business segments include personal computing, intelligent cloud, and productivity and business processes. The intelligent cloud segment offers hybrid, private, and public cloud services required by modern businesses. The productivity and business processes segment covers products and services offered as part of the company’s productivity, information, and communication services spanning across a myriad of platforms and devices. The company’s clientele for its Azure blockchain service includes J.P. Morgan, Singapore Airlines, and Starbucks Corporation, among others.

  • Ripple is engaged in offering financial settlement solutions at lower operational costs, enabling banks to carry out instant and direct transactions. The company was established in 2012 as OpenCoin, Inc. and was renamed as Ripple in September 2013. In 2015, Ripple got associated with the Federal Government’s Faster Payments Task Force Steering Committee and formed a strategic partnership with W3C’s Web Payments Working Group to promote the concept of Internet of Value in the global commerce industry. The company aims to form a strategic partnership with major banks, such as Santander, UniCredit, CIBC, ReiseBank, National Bank of Abu Dhabi (NBAD), and UBSto improve cross-border payment processing. It has received funding from pioneer investors such as Seagate Technology, Google Ventures, Andreessen Horowitz, and Santander Bank. Apart from its headquarters in San Francisco, the company has offices in New York and Sydney (Australia) and two subsidiaries in the U.K. The company’s clientele includes SBI Remit Co., Ltd.; PNC Financial Services Group, Inc.; Banco Santander S.A.; InstaReM India Pvt. Ltd.; MoneyGram; and American Express Company.

  • Monax Industries specializes in turning contracts into a digital database, enabling businesses to track the commitments on a real-time basis. The company is focused on harnessing a combination of blockchain technology, active agreements, and a business process modeling engine. The Monax Platform is created to shift business legal obligations into the digital world. The Monax Platform is powered by the company’s proprietary backend, such as modern APIs, data-driven, Zapier integration, and blockchain native. Notable companies using the Monax platform are Platinum and Zircon Tech.

  • The Linux Foundation is a nonprofit organization that offers tools, training, and events to scale any open source project. It develops open-source technologies and hosts multiple projects related to networking, consumer electronics, enterprise IT, embedded systems, and cloud computing, among other areas. The company is also engaged in the development of Hyperledger to provide advanced blockchain technologies by identifying cross-industry features compatible with the distributed ledgers’ business transactions. The Linux Foundation has more than 1,000 corporate members across Asia Pacific, the Americas, and the EMEA regions. These members include companies using open-source technologies, such as IBM Corporation; AT&T; Cisco Systems, Inc.; Fujitsu Ltd.; Hitachi Ltd.; Intel Corporation; Microsoft Corporation; NEC Corporation; and Oracle Corporation.

  • Circle Internet Financial Limited offers a distributed ledger technology platform called iMessage, which provides a fast and secure digital payment processing solution at lower costs. The company is financed by major investors, including IDG China, Breyer Capital, Goldman Sachs, Baidu, CreditEase, Accel, and General Catalyst. The company has a global presence with offices in London, Boston, San Francisco, and Dublin. Its product portfolio includes USDC Tokenizer, SeedInvest, and Circle Trade. The company also offers a crypto investment mobile app called Circle Invest, which can be downloaded from App Store and Google Play.

  • DXC Technology Company provides information technology services & solutions across North America, Australia, Asia Pacific, and Europe. In 2017, the company was renamed to DXC Technology Company post its merger with Hewlett Packard Enterprise Company (HPE). The company operates through three segments, namely Global Infrastructure Services (GIS), Global Business Services (GBS), and the United States Public Sector (USPS). The GIS segment offers cloud and platform services, Internet of Things, mobility and workplace services, and security solutions. The GBS segment offers a range of technology solutions and services in areas such as consulting, cloud applications and enterprise, business process, analytics, and application management, development, testing, and modernization. The company offers its services and solutions to various industries/sectors such as manufacturing, healthcare, and telecommunications. DXC Technology Company has established over 250 associations with global market players, including its strategic partners AWS, Lenovo, Microsoft Corporation, Oracle Corporation, IBM Corporation, and HPE.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Blockchain Technology Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2017 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Blockchain Technology Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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