The Blockchain Technology Market is on the verge of a remarkable transformation, poised to surge at an impressive CAGR of 44.3% from 2023 to 2033. This seismic growth will propel the market valuation to a staggering US$ 181.1 billion by 2033, a remarkable ascent from its 2023 valuation of US$ 4.6 billion. This meteoric rise signifies the profound impact and rising importance of blockchain technology in the digital landscape.

In 2022, blockchain technology accounted for approximately 5% of the global digital transformation market. Key factors driving this adoption include the opportunities it presents in data decentralization, data usage control, and encryption. One of the standout applications of blockchain technology is in supply chain management, which stands as the primary use case. Additionally, decentralized finance (DeFi) represents another significant domain leveraging the capabilities of blockchain technology to revolutionize the financial sector.

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Demands for Market Growth Key Players and Skilled Professionals Must Strategize

Due to advancements in technology and greater knowledge, businesses of all sizes have been more receptive to using blockchain technology. However, a significant barrier that businesses must overcome is the lack of qualified labour.

Important businesses must therefore concentrate on growing their network of seasoned staff by providing on-site maintenance and training services. By resolving challenges associated to trained labour, key organisations can assure smooth market progress during the forecasted time.

As the market enters a period of significant acceleration, both new entrants and established players compete for the top spot.

FMI forecasts a positive time of growth for key businesses, aided by the wide usefulness and stealthy product acceptance rate. In addition, blockchain technology investment could be a profitable option for newer players. Globally, the start-up sector in this sector is thriving. New variations have yet to flood the market. As a result, there is a limitless amount of room for exploration and creativity. Existing market players must consistently develop fresh and innovative items in order to avoid becoming immersed in the ocean of new market players acquiring rapid momentum among customers.

Key Takeaways from the Report :

From 2017 to 2022, the global blockchain technology market registered significant gains, experiencing an impressive CAGR worth 42.8%
During the forecast period, the United States market is expected to record a CAGR of 46.1% to attain a valuation of US$ 97.7 billion by 2033.
During the forecast period, the China blockchain market is anticipated to secure a CAGR of 33.9%.
By solution, the middleware segment dominates the market and is expected to witness a CAGR of 49.4% between 2023 and 2033.
By enterprise size, large enterprises dominate the market currently. It is predicted to capture a CAGR of 42.6% during the forecast period.
Key Market Developments:

In October 2020, Accenture and Digital Ventures jointly launched the world’s first fully featured procure-to-pay blockchain technology. This product aims to aid Thai firms in easing buying, transactions, and funding acquisition processes.

In April 2021, Oracle Corporation launched its latest Enterprise distributed ledger technology (DLT). It is aimed for application across diverse sectors, including healthcare, finance as well as logistics.

In March 2021, Amazon Web Services (AWS) announced the wide-scale availability of Ethereum. Ethereum is a popular decentralized blockchain technology. It facilitates peer-to-peer networking, where members can easily transact, not hindered by a central authority.

Key Players:

IBM
Amazon Web Services, Inc.
Microsoft
SAP
Oracle
Bitfury Group Limited
Cegeka
Guardtime
CONSENSYS
PixelPlex
LimeChain
Accubits Technologies
SoluLab
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Key Segments

By Solution:

Applications
Middleware
Blockchain Platforms
By Use Case:

Supply Chain Management
Digital Identity
Payments and Money
Trading, Commerce, and Exchange
Smart Contracts
Decentralized Finance
Others (Voting, Property Records, etc.)
By Enterprise Size:

Large Enterprises
SMEs
By Industry:

BFSI
Healthcare
Retail and e-commerce
Hospitality and Travel
Government
Media and Entertainment
Transportation and Logistics
Others (Food and Beverages, Real Estate, etc.)
By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
The Middle East & Africa (MEA)