Blockchain Market is to Touch $1,235.7 Billion by 2030; Surge in the Use of Blockchain for Cross-Border Payments and Growing Interest in Blockchain for Enhancing Cybersecurity Measures Propel Market Growth.

The Blockchain Market size is estimated to reach $1,235.7 billion by 2030, growing at a CAGR of 28.1% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Blockchain Market – By Type (Public Blockchain, Private Blockchain, Consortium Blockchain and Hybrid Blockchain), By Application (Contract Management, Payment Systems, Provenance, Procurement, Streamlined Business, Improved Transparency, Ownership Transfer, Asset Tracking, Inventory Control), By End-Use Industry (Supply Chain Management, Marketing and Advertising, Drugs and Healthcare, Energy and Utilities, Commerce and Retail, Logistics, Environmental Services and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Enhanced efficiency and cost reduction through smart contracts and Increasing investments in blockchain technology by venture capitalists are fueling the growth of the Blockchain industry during the forecast period.

North America accounted for the largest share of 35.0% of the Blockchain Market in 2023. The Blockchain Market is driven by robust technological infrastructure supports rapid adoption of blockchain solutions across various sectors. The financial industry's increasing interest in decentralized finance (DeFi) and digital currencies fuels market growth. Additionally, North America's strong emphasis on cybersecurity enhances the appeal of blockchain for secure transactions. Innovation hubs and significant venture capital investments further accelerate development. Regulatory advancements and governmental support for blockchain technology also play a crucial role in driving market expansion in the region.

The growing interest in blockchain for enhancing cybersecurity measures is driven by the technology's inherent capabilities to offer decentralized, immutable, and transparent data management. Blockchain's distributed ledger system provides a robust framework for preventing unauthorized access and ensuring data integrity by creating a tamper-proof record of transactions. This decentralized approach mitigates single points of failure, making it significantly more difficult for malicious actors to compromise sensitive information. Additionally, the integration of blockchain with advanced cryptographic techniques enhances encryption and authentication processes, thereby strengthening overall cybersecurity posture. These attributes make blockchain an attractive solution for organizations seeking to bolster their defenses against increasingly sophisticated cyber threats.

The expansion of blockchain technology in digital identity verification systems is driven by the increasing need for secure and immutable identity solutions. Blockchain’s decentralized nature enhances the reliability and security of digital identity management by providing a tamper-proof ledger that significantly reduces the risk of identity theft and fraud. As organizations and governments seek to streamline authentication processes and improve user privacy, blockchain offers a robust framework for creating verified digital identities that can be easily validated across various platforms. This growing adoption is further fueled by the demand for efficient, scalable solutions that protect personal data and comply with stringent regulatory requirements. 

Key companies profiled in the Blockchain Market are AWS, SAP, IBM, Intel, Infosys Ltd, Microsoft Corp, Oracle Corp, TCS, Accenture, Wipro Ltd and Others.