Blockchain Services Global Market Report 2024

The blockchain services market size has grown exponentially in recent years. It will grow from $4.7 billion in 2023 to $6.75 billion in 2024 at a compound annual growth rate (CAGR) of 43.6%. The growth observed during the historical period can be ascribed to factors such as the widespread adoption of cryptocurrencies, heightened concerns related to data security, the drive for greater transparency within supply chains, and the increasing use of smart contracts.

The blockchain services market size is expected to see exponential growth in the next few years. It will grow to $27.39 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%. Anticipated growth in the upcoming period can be attributed to several key factors, including the expansion of decentralized finance (DeFi), the rising prominence of non-fungible tokens (NFTs) and digital assets, advancements in supply chain and logistics, the increasing utilization of blockchain in healthcare data management, and government and identity applications. Moreover, significant trends expected to shape this period involve the growing adoption of blockchain solutions by enterprises, initiatives to enhance interoperability between various blockchain platforms, the utilization of Blockchain as a Service (BaaS) models, and the continued development and integration of DeFi and Web3 technologies.

The blockchain services market is experiencing a surge in importance due to increased investments in blockchain technology by both government entities and private financial institutions. This growing adoption of blockchain technology has led to the emergence of innovative business models across various sectors, including cross-border payments, remittance, internet banking, trade finance, Know Your Customers (KYC), and risk and compliance. As a noteworthy example, in July 2022, the Italian Ministry of Economic Development announced a substantial government subsidy program for eligible blockchain projects, aligning with their commitment to technology, research, and innovation investments. The initial budget for this fund is set at 45 million euros, approximately $46 million, catering to project expenses ranging from 500 thousand euros to 2 million euros. The expanding utilization of blockchain technology within organizations is expected to drive demand for services managing network infrastructure, thereby stimulating growth in the blockchain services market.

The primary components in the realm of blockchain services are tools and services. These services cater to various functions, including payments, smart contracts, supply chain management, governance, risk and compliance management, and identity management. They find applications across diverse industries like banking, financial services, and insurance (BFSI), information technology, telecommunications, healthcare, retail, manufacturing, logistics, government, media and entertainment, as well as energy and utilities. Risk and compliance management, a key facet, entails the proactive identification and analysis of potential risks, followed by measures to mitigate or prevent them.

The blockchain services market research report is one of a series of new reports that provides blockchain services market statistics, including blockchain services industry global market size, regional shares, competitors with a blockchain services market share, detailed blockchain services market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain services industry. This blockchain services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The blockchain services market is poised to receive a significant boost from the increasing adoption of Bitcoin. Bitcoin, a decentralized digital cryptocurrency, relies on blockchain services to support its fundamental operations. These services facilitate secure and transparent transactions on a peer-to-peer network without the need for central authority. Blockchain services play a pivotal role in storing, validating, and transmitting Bitcoin transactions, ensuring the security, transparency, and decentralization that underpin the cryptocurrency's operation. For instance, according to the Global Crypto Adoption Index data from Chainalysis, global adoption of Bitcoin and cryptocurrency experienced an 880% surge in one year, as of August 2021. This substantial increase in Bitcoin adoption is a driving force behind the growth of the blockchain services market.

The scalability challenge within blockchain technology represents a significant hindrance to the blockchain services market. The efficiency and performance of the blockchain network are impacted by the number and geographical distribution of nodes within the network. Larger block sizes result in a faster expansion of the blockchain, which can lead to a reduction in solo mining activities and an accumulation of transactions. For example, Bitcoin scalability issues have arisen due to the limited transaction processing rate, influenced by the growth in the number of transactions and the constrained block size. High transaction counts coincide with Bitcoin reaching new multi-month highs, as evidenced by data from Blockchain.com's mempool transaction count. In October 2021, Bitcoin reached a threshold of $13,745, nearly matching its previous peak in June 2019 at $13,970. This scaling challenge associated with a surge in transaction volumes poses a constraint on the blockchain services market's growth.

Quantum computing is gaining popularity in the blockchain space that will help overcome the problems faced in providing blockchain services. Quantum computing is a process that uses quantum-mechanical phenomena like superposition and quantum entanglement for computing. Quantum computing utilizes qubits that help in the storage and processing of a large amount of data exponentially fast with less energy consumption, unlike conventional computers that use bits for the same process. For instance, in November 2022, International Business Machines Corporation, a US-based technology corporation unveiled Next-Generation IBM Quantum System Two with a 400 Qubit-Plus Quantum Processor. With more than triple the 127 qubits on the IBM Eagle processor, which was introduced in 2021, IBM Osprey has the most qubits of any IBM quantum processor. This processor has the ability to perform intricate quantum computations that are well beyond the capabilities of any classical computer.

Major companies operating in the blockchain market are focusing on developing innovative technology and products, such as ConnectionChain technology, to enhance the safety of cross-border transactions. ConnectionChain is a blockchain technology that enables the automatic execution of a single-consistent transaction by connecting multiple blockchains with a smart contract extension. For instance, in June 2023, Fujitsu Limited, a Japan-based information and communications technology company, launched a blockchain collaboration technology to build Web3 services. The technology, called ConnectionChain, enables flexible, secure connectivity across multiple economies. Fujitsu’s Web3 acceleration platform integrates ConnectionChain to enable flexible, secure connectivity across multiple economies.

In February 2022, Bharti Airtel, an India-based telecommunications company, announced that it had acquired a strategic stake in Aqilliz Pte Ltd., a blockchain-as-a-service company for an undisclosed amount. Aqilliz provides blockchain-based solutions for digital advertising and marketing, and the acquisition will allow Airtel to leverage Aqilliz's technology to enhance its own offerings.

Major companies operating in the blockchain services market include International Business Machines Corporation, Amazon.com Inc., Microsoft Corporation, Oracle Corporation, SAP SE, Stratis Platform Ltd., Baidu Inc., Huawei Technologies Co. Ltd., Accenture plc, Deloitte Touche Tohmatsu Limited, Infosys Limited, Hewlett Packard Enterprise Company, Waves Platform AG, Amazon Web Services Inc., KPMG International Cooperative, ConsenSys AG, Cognizant Technology Solutions Corporation, NTT Data Corporation, Capgemini SE, Wipro Limited, Mphasis Limited, PricewaterhouseCoopers International Limited (PwC), Tata Consultancy Services Limited, TO THE NEW Digital, Ernst & Young Global Limited, L&T Infotech Limited, Alibaba Group Holding Limited, OpenXcell Technolabs Pvt. Ltd., LTIMindtree Ltd., Ardor Nxt Group, BTC Korea.com Co. Ltd., Blockchain Luxembourg S.A., Dragonchain Inc., Inveniam LLC, Bloq Inc., Skuchain Inc., LeewayHertz Technologies Private Limited, Altoros Americas LLC, Appinventiv Technologies Pvt. Ltd.

Asia-Pacific was the largest region in the blockchain services market in 2023. North America was the second largest region in the blockchain services market. The regions covered in the blockchain services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the blockchain services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The blockchain services market includes revenues earned by entities by proving blockchain services for companies engaged in building blockchain applications. The blockchain technology is used to create digital contracts in domains such as financial, healthcare and insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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