What Has Been the Growth of the Blockchain Services Market So Far?
The blockchain services market has seen considerable growth due to a variety of factors.
• In recent times, the blockchain services market volume has seen significant expansion. It is projected to swell from $6.63 billion in 2024 to $9.48 billion in 2025, flourishing at a compound annual growth rate (CAGR) of 42.9%.
The growth witnessed in the past is mainly due to the uptake of cryptocurrency, apprehensions around data security, clarity in supply chain processes, and smart contracts.
What Is the Forecasted Market Size and Growth Rate for The Blockchain Services Market Size Evolve over the Forecast Period?
The blockchain services market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, a meteoric ascent is anticipated for the blockchain services market size, which is projected to reach $40.95 billion by 2029, proliferating at a compound annual growth rate (CAGR) of 44.1%.
The acceleration during the forecast period is attributable to several factors such as the rise in decentralized finance (defi), nfts and digital assets, and advancements in supply chain and logistics, as well as healthcare data, government, and identity sectors. Forecasts for the period also anticipate prominent trends like enterprise blockchain adoption, solutions for interoperability, blockchain as a service (baas), defi, and web3.
What Are The Leading Drivers Of Growth In The Blockchain Services Market?
Blockchain services are gaining relevance as both government bodies and private sector players like banks and financial entities escalate their investment in blockchain technology. The introduction of new business structures emanates from the technology, finding applications in a multitude of sectors like remittance, cross-border payments, online banking, exchanges, trade financing, risk management, compliance and Know Your Customers (KYC). For instance, in July 2022, the Italian Ministry of Economic Development has expressed that from September onward, select blockchain initiatives will qualify for government subsidies amounting to $46 million. The forefront of objectives pursued by the Italian Government with respect to tech, research and innovation investments will feature a fund, with an allocated initial budget of 45 million euros or approximately $46 million. This fund will cater to costs that vary from 500 thousand euros ($512,150) to 2 million euros ($2,048,600). As organizations increasingly employ blockchain technology, the need for services to oversee the networks and infrastructure will bulge hence enhancing the demand for blockchain services and in turn spurring the growth of the blockchain services market.
What Are The Main Segments Of The Global Blockchain Services Market?
The blockchain services market covered in this report is segmented –
1) By Component: Tools, Services
2) By Application: Payments, Smart Contracts, Supply Chain Management, Governance, Risk, and Compliance Management, Identity Management, Other Applications
3) By End-use: BFSI, IT And Telecom, Healthcare, Retail, Manufacturing, Logistics, Government, Media And Entertainment, Energy and Utilities, Other End-Uses
Subsegments:
1) By Tools: Blockchain Development Tools, Blockchain Wallets, Blockchain APIs, Smart Contract Development Tools, Blockchain-As-A-Service (BaaS) Platforms
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Managed Services, Blockchain Training And Education Services
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What Emerging Trends Are Influencing The Growth Of The Blockchain Services Market?
The surge in quantum computing's role in the blockchain sector is becoming evident as it offers solutions to the challenges of providing blockchain services. By employing quantum-mechanical phenomena like superposition and quantum entanglement, quantum computing operates differently than conventional computing. Unlike traditional computers that use bits, quantum computing employs qubits, enabling the processing and storage of significant volumes of data at a significantly quicker rate and with less energy consumption. For example, International Business Machines Corporation, an American tech company, launched its Next-Generation IBM Quantum System Two featuring a 400 Qubit-Plus Quantum Processor in November 2022. This processor, possessing over three times the 127 qubits of the IBM Eagle processor launched in 2021, packs in the highest number of qubits in any IBM quantum processor. This component is capable of conducting complex quantum computations far surpassing the abilities of any traditional computer.
Who Are the Key Players In The Blockchain Services Market?
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.
What Is The Most Dominant Region In The Blockchain Services Market?
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
