Blockchain Distributed Ledger Market Opportunities and Strategies to 2033

This report describes and explains the blockchain distributed ledger market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global blockchain distributed ledger market reached a value of nearly $17.12 billion in 2023, having grown at a compound annual growth rate (CAGR) of 76.7% since 2018. The market is expected to grow from $17.12 billion in 2023 to $149.72 billion in 2028 at a rate of 54.3%. The market is then expected to grow at a CAGR of 44% from 2028 and reach $925.84 billion in 2033.

Growth in the historic period resulted from the rise in data security concerns, growth in the retail sector, increased demand for transparency in transactions and data sharing, increased adoption in supply chain management and increasing investments in digital transformation. Factors that negatively affected growth in the historic period include initial cost of deploying blockchain solutions.

Going forward, the growing adoption of digital currencies, expansion of the e-commerce industry, increase in cross-border transactions, growth in the financial sector and favorable government initiatives will drive the market. Factors that could hinder the growth of the blockchain distributed ledger market in the future include the limited availability of skilled personnel and technical expertise.

The blockchain distributed ledger market is segmented by type into private blockchain, public blockchain and other types. The public blockchain market was the largest segment of the blockchain distributed ledger market segmented by type, accounting for 56.7% or $9.7 billion of the total in 2023. Going forward, the other types segment is expected to be the fastest growing segment in the blockchain distributed ledger market segmented by type, at a CAGR of 62.3% during 2023-2028.

The blockchain distributed ledger market is segmented by application into payments, smart contracts, supply chain management, compliance management, trade finance and other applications. The supply chain management market was the largest segment of the blockchain distributed ledger market segmented by application, accounting for 26.7% or $4.56 billion of the total in 2023. Going forward, the smart contracts segment is expected to be the fastest growing segment in the blockchain distributed ledger market segmented by application, at a CAGR of 59.4% during 2023-2028.

The blockchain distributed ledger market is segmented by end-use industry into BFSI, government and public sector, manufacturing, retail and e-commerce, transportation and logistics, healthcare and other end-use industries. The BFSI market was the largest segment of the blockchain distributed ledger market segmented by end-use industry, accounting for 34.2% or $5.85 billion of the total in 2023. Going forward, the healthcare segment is expected to be the fastest growing segment in the blockchain distributed ledger market segmented by end-use industry, at a CAGR of 65.8% during 2023-2028.

The blockchain distributed ledger market is segmented by component into solutions and services. The solutions market was the largest segment of the blockchain distributed ledger market segmented by component, accounting for 64% or $10.96 billion of the total in 2023. Going forward, the solutions segment is expected to be the fastest growing segment in the blockchain distributed ledger market segmented by component, at a CAGR of 56.1% during 2023-2028.

North America was the largest region in the blockchain distributed ledger market, accounting for 39.8% or $6.81 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the blockchain distributed ledger market will be Western Europe and South America, where growth will be at CAGRs of 62.4% and 59.4% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 59.1% and 56.7% respectively.

The global blockchain distributed ledger market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.16% of the total market in 2023. NTT DATA Corporation was the largest competitor with a 0.56% share of the market, followed by International Business Machines Corporation with 0.54%, Microsoft Corp. with 0.51%, SAP SE with 0.51%, Capgemini SE with 0.50%, Oracle Corporation with 0.46%, Hewlett Packard Enterprise (HPE) Co with 0.34%, Intel Corporation with 0.27%, Amazon.com Inc. with 0.26% and Accenture plc with 0.20%.

The top opportunities in the blockchain distributed ledger market segmented by type will arise in the public blockchain segment, which will gain $63.48 billion of global annual sales by 2028. The top opportunities in the blockchain distributed ledger market segmented by application will arise in the supply chain management segment, which will gain $39.3 billion of global annual sales by 2028. The top opportunities in the blockchain distributed ledger market segmented by end-use industry will arise in the BFSI segment, which will gain $43.83 billion of global annual sales by 2028. The top opportunities in the blockchain distributed ledger market segmented by component will arise in the solutions segment, which will gain $90.57 billion of global annual sales by 2028. The blockchain distributed ledger market size will gain the most in the USA at $47.69 billion.

Market-trend-based strategies for the blockchain distributed ledger market include focus on enhancing commercial operations through advanced blockchain platforms for improved trade efficiency, introduction of comprehensive solutions for efficient management of digital assets and currencies, strategic partnerships and acquisitions among major players to enhance product offerings and investments in blockchain-based fund administration platforms enhancing cost efficiency and automation.

Player-adopted strategies in the blockchain distributed ledger market include focus on expanding business through new project developments, strategic partnerships to better serve the industry and to strengthen market position and strengthening operational capabilities through new product launches.

To take advantage of the opportunities, the analyst recommends the blockchain distributed ledger companies to focus on enhancing trade efficiency with advanced blockchain platforms, focus on providing comprehensive digital asset management solutions, focus on blockchain-based fund administration platforms, focus on public blockchain technologies, focus on smart contracts in supply chain management, focus on solutions segment for market growth, focus on expanding distribution channels through strategic partnerships, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on the BFSI segment for end-user targeting.