Blockchain Market

The global blockchain market size is projected to grow from USD 20.1 billion in 2024 to USD 248.9 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 65.5% during the forecast period. The expansion of blockchain is propelled by the increasing venture capital funding and investments in blockchain technology.

Additionally, the demand for blockchain in retail, supply chain management and banking applications is growing for secure and transparent transactions.

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What is blockchain?

Blockchain is a digitally distributed, decentralized, and shared database. Enterprises use it to identify, track, and trace every transaction on the enterprise blockchain network. These transactions are documented in a chain of connected blocks. Blockchain technology allows for safe information exchange while maintaining process transparency and immutability for all parties involved.

Competitive overview:

The blockchain market is led by some of the globally established players, such as AWS (US), Oracle (US), IBM (US), Huawei (China), Accenture (Ireland), TCS (India), Google (US), Alibaba (China), Microsoft (US), OVHcloud (France), SAP (Germany), and HPE (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.

Amazon Web Services (AWS) is a subsidiary of Amazon which provides on-demand cloud computing platforms to individuals, governments, and companies. AWS offers services such storage, computing, networking, database, analytics, application services, deployment, mobile, developer tools, and IoT tools. In blockchain, AWS offers Amazon Managed Blockchain (AMB) Query is a fully managed service that enables organizations to set up and manage a scalable blockchain network smoothly. Amazon Quantum Ledger Database (QLDB) is a fully managed ledger database which enables organizations to easily analyze network activity outside the network and gain insights into trends. The company operates globally with a strong foothold in the Americas, Europe, Middle East & Africa, and Asia Pacific. AWS focuses on expanding its reach in the emerging markets by offering products through regional distributors, channel partners, resellers, service partners, and technology partners.

Oracle, is a global provider of enterprise software and cloud solutions. The company provides a comprehensive suite of products and services, including database management, cloud applications, and enterprise software. Oracle's solutions portfolio extends to ERP, CRM, and supply chain management systems, catering to diverse industries such as finance, healthcare, retail, and manufacturing. Oracle’s Blockchain Platform provides secure, scalable solutions for managing business transactions. With a global presence, Oracle delivers solutions to clients worldwide, driving operational efficiency across various sectors such as automotive, consumer goods, construction and engineering among others.

According to MnM’s approach to evaluating the market, most businesses are using various organic and inorganic growth tactics to maintain their position in the evolving market. These strategies cover deals like alliances, acquisitions, collaborations, and partnerships. Moreover, various organizations are focusing on organic growth strategies to provide blockchain solutions to the end consumers, such strategies are boosting market revenue.

Related Reports:

Blockchain Market by Component (Platforms, Services (Managed, Professional)), Provider, Type (Public, Private, Hybrid, Consortium), Deployment Mode (Cloud, On-Premises), Organization Size, Vertical and Region - Global Forecast to 2029

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