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Blockchain Market to Reach $403.36 Billion by 2030, Driven by Rising Demand for Secure and Transparent Transactions in the BFSI Sector and Growing Popularity of Cryptocurrency – Exclusive Report by Meticulous Research®
REDDING, Calif., Sept. 16, 2024 /PRNewswire/ — According to a new 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 projected to reach $403.36 billion by 2030, at a CAGR of 67.7% from 2023 to 2030.
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The growth of this market is mainly driven by the rising demand for secure and transparent transactions in the BFSI sector, the surging need to prevent data tampering in the healthcare sector, and the growing popularity of cryptocurrency. However, the high costs of blockchain implementation restrain the growth of this market.
Furthermore, SMEs’ focus on leveraging blockchain and the increasing adoption of blockchain among retailers are expected to create significant growth opportunities for the players in this market. However, regulatory uncertainties and the lack of interoperability between blockchain ecosystems are major challenges impacting market growth.
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Increasing Need to Prevent Data Tampering Driving the Adoption of Blockchain Technology in the Healthcare Sector
The growing popularity of cryptocurrency and the need to prevent data tampering in the healthcare sector are key factors increasing the adoption of blockchain technology. Cryptocurrencies, such as Bitcoin, have gained traction in recent years, showcasing the potential of decentralized digital currencies that rely on blockchain technology for secure and transparent transactions. Data integrity and security are of paramount importance in the healthcare sector. Medical records, clinical trial data, and patient information must be protected from unauthorized access, tampering, or alteration. With blockchain technology, healthcare organizations can securely store and share patient records, ensuring the security and integrity of sensitive information. The distributed nature of blockchain technology eliminates the reliance on a single centralized authority, reducing the risk of data manipulation or tampering. The players in this market are focused on launching new offerings for healthcare applications. For instance, in October 2020, IBM Watson Health (U.S.) launched a blockchain-powered digital health pass. This digital health initiative was aimed at allowing users to share their verified health status without exposing the data used to generate it.
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Blockchain Market Analysis: Key Findings
- By Type: In 2023, the public segment accounted for the largest share of 66.9% of the blockchain market. However, the private segment is expected to register the highest CAGR of 70.3% during the forecast period 2023–2030.
- By Platform: In 2023, the Ethereum segment accounted for the largest share of 53.8% of the blockchain market. However, the Hyperledger segment is expected to register the highest CAGR of 71.0% during the forecast period 2023–2030.
- By Organization Size: In 2023, the large enterprises segment accounted for the major share of 74.0% of the blockchain market. However, the small & medium-sized enterprises segment is expected to register the higher CAGR of 70.1% during the forecast period 2023–2030.
- By Application: In 2023, the payments segment accounted for the largest share of 25.2% of the blockchain market. Also, the payments segment is expected to register the highest CAGR of 69.3% during the forecast period 2023–2030.
- By Sector: In 2023, the BFSI segment accounted for the largest share of 41.2% of the blockchain market. However, the healthcare & life sciences segment is expected to register the highest CAGR of 80.2% during the forecast period 2023–2030.
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Blockchain Market Analysis by Segment with Projected CAGR (2023–2030)
|
Category |
2023 Largest Share |
% Share (2023) |
Highest CAGR (2023-2030) |
CAGR % (2023-2030) |
|
By Type |
Public Segment |
66.90 % |
Private Segment |
70.30 % |
|
By Platform |
Ethereum Segment |
53.80 % |
Hyperledger Segment |
71.00 % |
|
By Organization Size |
Large Enterprises Segment |
74.00 % |
Small & Medium Enterprises |
70.10 % |
|
By Application |
Payments Segment |
25.20 % |
Payments Segment |
69.30 % |
|
By Sector |
BFSI Segment |
41.20 % |
Healthcare & Life Sciences |
80.20 % |
Geographic Analysis:
Based on geography, the blockchain market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America accounted for the largest share of 38.9% of the blockchain market. This market is projected to reach $136. 4 Billion by 2030.
Financial service industries across North America are poised for transformative change, and leading corporations and start-ups are increasingly investing in fintech. The increasing use of technologies within business ecosystems, the growing number of financial firms, millennials’ preference for digital applications and services for task completion, the rising demand for high-speed apps, and the growing need for real-time data transfer capabilities are expected to support the growth of the blockchain market in North America over the forecast period.
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Furthermore, the presence of several blockchain providers across North America has also contributed to the region’s large market size. For instance, North America is home to some of the most popular blockchain development companies around the globe, including IBM and Amazon Web Services Inc. These companies are actively focusing on the development of innovative blockchain products. Additionally, governments in the region have undertaken several initiatives to support the adoption and raise awareness regarding blockchain technology.
In 2023, the U.S. accounted for the dominant share of 95.4% of the blockchain market in North America. The country’s large market share is mainly attributed to the increasing demand for decentralized financial solutions, the presence of leading blockchain development companies, and the increasing implementation of blockchain technology across retail, government, and BFSI organizations.
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The high potential for the widespread adoption of blockchain technology across the financial services sector, the increasing development of digital currencies and fast payment methods, and the emergence of cryptocurrencies such as bitcoin are driving the growth of the blockchain market in the U.S. Furthermore, research and investments in blockchain technology are creating notable brands such as Libra (Facebook), JPM coin (JPMorgan) and Gemini coin (Winklevoss brothers), broadening the scope of the blockchain market. Leading blockchain providers are implementing solutions across the U.S. to ensure safe & secure transactions. For instance, in April 2021, BitGo (U.S.) implemented blockchain solutions to enable security for CoinLoan (Estonia) clients across the U.S.
Asia-Pacific: The Fastest-growing Regional Market
Asia-Pacific is projected to register the highest CAGR of 71.5% during the forecast period. In 2023, China accounted for the largest share of the blockchain market in Asia-Pacific. Market growth in APAC is attributed to the surging demand for safe transactions across international borders, the growing number of crypto-related businesses, and rising disposable incomes. Government policies and initiatives incorporating blockchain technology in the public sector are also expected to create growth opportunities for the players in this market.
The Asia-Pacific region is a leading fintech powerhouse due to the presence of hotspots, including Hong Kong, Singapore, Melbourne, and Indonesia. The presence of Chinese fintech hubs across Beijing, Shanghai, and Shenzhen, the increasing number of fintech companies across India, and the growing demand for friction-free, peer-to-peer transactions are driving the growth of the blockchain market in APAC.
Governments in the region have recognized the potential of blockchain technology and have launched initiatives to support its development. For example, China has expressed a strong interest in blockchain and has invested heavily in research and development. Singapore has also created a conducive environment for blockchain start-ups through regulatory frameworks and funding. These government initiatives contribute to market growth in the region.
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The U.K. Continues to Dominate the Blockchain Market in Europe
In 2023, the U.K. accounted for the largest share of the blockchain market in Europe. Factors driving market growth in the U.K. include the strong presence of leading financial firms, supportive government initiatives, and advances in fintech.
Blockchain has driven innovation across industries in the U.K. The emergence of distributed ledger technologies, such as blockchain, is influencing industries in the U.K., owing to the rapid development and proliferation of blockchain applications across the country. For instance, in March 2021, the London Stock Exchange partnered with IBM Corporation (U.S.) to develop Turquoise, a blockchain-based platform for issuing digital securities. The platform streamlines post-trade processes, enhances transparency, and attracts new investors by leveraging the benefits of blockchain technology.
Furthermore, Walmart (U.S.) implemented a blockchain solution for tracking and tracing food products in its U.K. stores. This solution helps ensure food safety, improves efficiency, and builds consumer trust. Blockchain technology can also revolutionize healthcare systems by improving data management, patient privacy, and interoperability. In the U.K., the National Health Service (NHS) implemented blockchain in the MediLedger Project led by the NHS National Innovation Center (NIC). This project aims to leverage blockchain to share medical research data securely and efficiently. These factors contribute to market growth in the country.
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Blockchain Market: Competition Analysis
This report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted over the past 3–4 years. Major companies in the blockchain market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by leading companies in the blockchain market include product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the blockchain market include IBM 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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Blockchain Industry Overview: Latest Developments from Key Industry Players
- In January 2023, Amazon Web Services (U.S.) launched Avalanche to help bring blockchain technology to enterprises and governments. Avalanche is the first blockchain integrated with Amazon’s cloud-computing platform.
- In January 2023, Ava Labs (Brooklyn) partnered with Amazon Web Services (U.S.) to allow individuals and institutions to launch subnets that can operate as self-sufficient blockchain systems.
- In November 2022, Accenture plc collaborated with NTT DOCOMO (Japan) to accelerate the adoption and application of Web3 for addressing social issues.
- In October 2022, Oracle Corporation launched its Oracle Database 23c Beta, the new version of the world’s most widely used converged database that supports all data types, workloads, and development styles.
- In August 2022, Infosys Limited partnered with VMware (U.S.) to launch a blockchain-based vital records management solution.
- In May 2022, Keep Sea Blue (Athens), an international and independent association, collaborated with Oracle Corporation (U.S.) to use Oracle’s blockchain technology to fight plastic pollution and keep the Mediterranean clean.
- In November 2021, Infosys Finacle (India), a wholly-owned subsidiary of Infosys, collaborated with IBM Corporation (U.S.) to make the Finacle Digital Banking Solution available on Red Hat OpenShift and IBM Cloud with blockchain technology for Financial Services.
- In August 2021, IBM Corporation (U.S.) collaborated with NPTEL to offer a 12-week online course on blockchain architecture, design, and use cases.
- In January 2021, IBM Corporation (U.S.) partnered with Thai Reinsurance Public Company Limited (Thailand) to launch ASEAN’s first reinsurance smart contract platform using its blockchain and hybrid cloud technology.
- In January 2021, Microsoft Corporation (U.S.) collaborated with Invest India to empower tech start-ups. The start-ups shortlisted by Microsoft included Whrrl Fintech Solutions, a company that empowers farmers, traders, and producer companies on a blockchain platform to raise working capital to tide over lengthy crop cycles.
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Scope of the Report:
Blockchain Market Assessment—by Type
- Public
- Private
- Hybrid
- Consortium
Blockchain Market Assessment—by Platform
- Ethereum
- Hyperledger
- R3 Corda
- Polygon
- Solana
- BSC
- Terra
- Other Platforms
Blockchain Market Assessment—by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Blockchain Market Assessment—by Application
- Digital Currency
- Asset Protection & Transfer
- Identity Protection
- Payments
- Data Reconciliation & Sharing
- Track & Trace
- Certification
- Other Applications
Blockchain Market Assessment—by Sector
- BFSI
- Government
- Healthcare & Life Sciences
- Retail & E-commerce
- Energy & Utilities
- Professional Services
- Media & Entertainment
- Manufacturing
- Other Sectors
Blockchain Market Assessment—by Geography
- North America
- U.S.
- Canada
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Rest of Europe (RoE)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
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Blockchain Market Research Report Summary
|
Report Metrics |
Details |
|
Base year considered |
2022 |
|
Forecast period |
2023-2030 |
|
CAGR |
CAGR 67.70% |
|
Market Size |
$403.36 billion |
|
Segments Covered |
By Type (Public, Private, Hybrid, Consortium), Platform (Ethereum, Hyperledger, Polygon, Solana), Organization, Sector (BFSI, Government, Healthcare, Professional Services, Manufacturing), and Geography |
|
Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Companies covered |
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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The Trader Funds to Showcase Innovative Prop Trading Model at World of Trading 2024 in Frankfurt
HONG KONG, Nov. 18, 2024 /PRNewswire/ — The Trader Funds (hereinafter referred to as TTF), backed by the Magic Compass Group, a leading global fintech company, is excited to announce its participation in the upcoming World of Trading 2024, scheduled to take place on November 22-23 at the Frankfurt Trade Fair. As an Asian pioneer in prop trading models, TTF aims to bring its innovative solutions to the European market, recognizing the region’s potential for growth and the increasing demand for advanced trading technologies.
In recent years, Europe has emerged as a critical hub for financial innovation, and TTF is eager to leverage its expertise in proprietary trading to elevate the trading landscape for European clients. “We believe that our unique approach to prop trading can significantly contribute to the evolving market in Europe, providing prop traders with opportunities.” Alex Zhou, Chief Marketing Officer at TTF, as he unveiled insights about the upcoming event.
Experience the Future of Trading at the Event
Attendees of the World of Trading 2024 can anticipate an engaging and interactive experience at The Trader Funds exhibition booth. TTF will debut a cutting-edge virtual reality (VR) immersive trading simulation, allowing visitors to don VR devices and step into a simulated trading environment. This innovative approach not only demonstrates TTF’s commitment to advancing the trading experience but also provides a unique opportunity for traders to engage with the latest technologies in a fun and accessible way.
At the World of Trading conference, attendees will hear from two leading figures at The Trader Funds (TTF) under the Magic Compass Group. Alex Zhou, Chief Marketing Officer, will present “Catalyst for Capital: Unleashing the Potential of Proprietary Trading with TTF,” where he will unveil how TTF empowers traders through its robust platform and regulatory compliance. Following this, Yuri Zanoni, Marketing Director of TTF, will host an interactive seminar highlighting TTF’s unique offerings, including innovative account structures and the TTF Academy, designed to enhance traders’ skills and profitability. Together, these presentations promise to inspire and equip traders with the tools they need for success in the trading landscape.
In addition to the immersive VR experience and the sharing, TTF proudly announced a strategic partnership with a finance creator from Singapore, who will collaborate with the team at the event. This collaboration reflects TTF’s commitment to merging technology with creativity, fostering a community of informed and engaged traders.
Looking Ahead
With preparations underway for World of Trading 2024, The Trader Funds is poised to make a significant impact in the European financial sector. A team of experts will be present to welcome visitors and showcase how TTF’s cutting-edge technology can empower traders and investors in the prop trading industry. Stay tuned and make sure to catch them at Booth 6 to discover the future of trading with The Trader Funds!
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Fintech PR
IDB Invest Allocates $3.7 Billion from Sustainable Bonds to Drive Green and Social Impact
- Proceeds from 18 sustainable bonds issued were allocated to 109 green and social projects.
- Funds helped to finance 1.2 million MSMEs, create 145,000 jobs, and reduce over 11 million tons of greenhouse gas emissions.
BAKU, Azerbaijan, Nov. 18, 2024 /PRNewswire/ — IDB Invest launched its annual Sustainable Bond Allocation and Impact Report, marking the third round of proceeds allocation under its Sustainable Debt Framework. The report covers IDB Invest’s bond issuances from 2021 through 2023, showcasing the actual, cumulative impact of these investments in Latin America and the Caribbean. The report was announced during the UN Conference of the Parties on Climate Change (COP29).
According to the new report, of the cumulative $3.7 billion allocated from IDB Invest’s sustainable bond issuances, 56% supported social projects and 44% funded green projects. Notably, the largest share of funding supported projects focused on socioeconomic advancement and empowerment ($1.3 billion) and renewable energy ($1.2 billion).
The report highlights key metrics demonstrating the environmental and social impact, including reducing carbon emissions, increasing renewable energy, and expanding financing for underserved populations.
“Our projects address the region’s pressing challenges while fostering partnerships for innovation, economic growth, and social inclusion,” said James Scriven, CEO of IDB Invest. “From environmentally focused efforts like greenhouse gas reduction, wastewater management, and renewable energy, to socially-driven initiatives that provide access to clean water, create jobs, and support MSMEs, we’re driving positive change.”
An independent review by Sustainalytics confirmed the report meets IDB Invest’s Sustainable Debt Framework criteria and reporting commitments.
The report is a cornerstone of IDB Invest’s Sustainable Debt Framework, which enables IDB Invest to issue green, social and sustainability bonds aligned with the Green Bond Principles and the Social Bond Principles published by the International Capital Market Association.
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website idbinvest.org.
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Pioneering ETD Reporting product to enhance regulatory transparency for listed derivatives
NEW YORK, Nov. 18, 2024 /PRNewswire/ — Droit, a leading technology firm in computational law and regulation, today announces the launch of its Exchange Traded Derivatives (ETD) Reporting product—designed to enhance regulatory transparency and ensure compliance with global reporting requirements for listed derivatives.
Recent scrutiny of position-based reporting obligations to clearing agencies and exchanges has increased pressure on clearing firms to upgrade their reporting infrastructure. Both internal and external audits are pushing clearing firms to adopt stricter controls, ensuring completeness and accuracy akin to OTC transaction reporting standards.
ETD Reporting from Droit provides precise identification and management of reporting obligations for seamless quality assurance of reports pre- or post-submission. Initially focusing on high-risk clearing, collateral, and margin reports, the ETD Reporting product is set to expand beyond futures and options to support a broader range of listed instruments.
With regulators stepping up enforcement and issuing fines for misreporting, clearing firms face the dual challenges of handling vast volumes of trade and position data daily while navigating complex, diverse global regulatory requirements. Senior executives are also pressured to ensure a cohesive quality assurance process exists across their enterprise. Yet, many clearing brokers still rely on outdated, opaque systems that lack transparency and auditability.
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“Our new ETD Reporting product establishes a unified quality assurance process across Exchange Traded Derivative reports,” said Blythe Barber, Head of Business Development, Americas of Droit. “By using Droit for completeness and accuracy checks, clearing firms can adopt a single global process, significantly reducing the operational burden of current manual methods. Front and middle office teams can fully focus on client opportunities, confident that reporting obligations have been fulfilled.”
“ETD Reporting marks a key step in our strategy to expand our regulatory reporting products to listed derivatives,” said Brock Arnason, Founder and Chief Executive Officer of Droit. “Our clients have many regulatory reporting obligations across departments within their firms. By adding ETD Reporting to our product suite, we aim to provide one platform to advance global compliance and real-time controls, helping our clients navigate these challenges with confidence.”
About Droit
Droit is a technology firm at the forefront of computational law and regulation within finance and other domains. Founded in 2012, Droit counts many of the largest financial institutions as its clients. Its award-winning, patented platform Adept provides an implementation of regulatory rules reflecting industry consensus. The Adept platform processes tens of millions of inquiries a day, deciding in real-time which interactions are legally permissible across the globe. Adept is used by institutions to evaluate, with sub-millisecond latency, the full regulatory implications of any given interaction within their transactional infrastructure.
For more information visit droit.tech. To obtain more information about Droit’s products, please contact [email protected].
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Fintech PR4 days agoUniversal Consulting Opportunities (UCO), a Stellar MLS Subsidiary, Signs Agreement with NAR India As Advisor to Develop a National MLS
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Fintech PR4 days agoDC to VC – NatWest Cushon and Future Planet Capital Lead the Charge in UK Pension Access to British Innovation
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Fintech PR4 days agoNoble Corporation plc announces submission of request for removal from trading and official listing on Nasdaq Copenhagen
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Fintech PR4 days agoBlockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals