Blockchain For Business Apps Market by Application (Supply Chain Management, Digital Identity Management, Smart Contracts, Payments & Settlement Systems, and Others), by Provider (Blockchain Platform Providers, Blockchain-as-a-Service (BaaS) Providers, and Blockchain Consulting & Development Services Providers), by Organization Size (Small & Medium-Sized Enterprises (SMEs) and Large Enterprises) and by Industry Vertical (Finance, Healthcare, Supply Chain Management, Government, and Others) - Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The Blockchain for Business Apps Market size was valued at USD 5.31 billion in 2023 and is predicted to reach USD 42.72 billion by 2030 with a CAGR of 34.7% from 2024-2030. Blockchain for Business Apps refers to the use of blockchain technology in enterprise applications to improve security, efficiency, and transparency. Blockchain is a decentralized and distributed digital ledger technology that allows for secure, transparent, and tamper-proof transactions and records. Blockchain for business apps has the potential to transform various industries by improving efficiency, reducing costs, and increasing transparency and security. Also, blockchain can help to streamline and automate various business processes, reducing the need for manual intervention and increasing the speed of transactions. 

Market Dynamics and Trends

The rapid growth of e-commerce and retail industry is expected to aid in the expansion of the global market for blockchain for business apps. Tech companies across the globe are focusing on launching various new technologies such as Web 3.0 to help e-commerce and retail start-ups to scale their businesses and develop innovative solutions. For instance, in July 2022, KiwiTech launched a Web 3.0 “Center of Excellence” service. This launch was aimed to authorize the next-generation blockchain revolutions for start-up companies.

Moreover, the growing awareness concerning the privacy and security of personal data from cyber threats among consumers and enterprises has assisted in the development of blockchain for business apps market as blockchain provides advance safety protocols to prevent data thefts.

Furthermore, the increasing demand for 4G and 5G technologies, along with the adoption of blockchain technologies, is driving the growth of blockchain for business apps markets. Additionally, the introduction of new Web3 Apps and Web3 wallets, coupled with the integration of recent technological advancements in smart internet-enabled devices such as smartphones, smartwatches, automobiles, drones, and autonomous vehicles, is expected to further boost market expansion.

However, integrating blockchain solutions with existing legacy systems and processes can be complex and costly, requiring significant time, resources, and expertise, which may restrain businesses from adopting blockchain for their operations. On the other hand, the introduction of quantum-resistant blockchain presents significant growth opportunities for the blockchain for business applications market. With the rise of quantum computing technology, traditional blockchain systems may become vulnerable to security threats. Quantum-Resistant Blockchain addresses this concern by integrating cryptographic algorithms that are immune to quantum attacks, ensuring enhanced security for business applications. 

Market Segmentation and Scope of Study

The global blockchain for business apps market is segmented on the basis of application, provider, organization size, industry vertical, and geography. Based on application, the market is classified into supply chain management, digital identity management, smart contracts, payments and settlement systems, and others. Based on the provider, the market is segmented into blockchain platform providers, blockchain-as-a-service (BaaS) providers, and blockchain consulting & development services providers. On the basis of organization size, the market is categorized into small and medium-sized enterprises (SMEs) and large enterprises. On the basis of industry vertical, the market is divided into finance, healthcare, supply chain management, government, and others. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the global blockchain for business apps market share and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to the increasing adoption of advance technologies such as natural language processing (NLP) and artificial intelligence (AI) support in various organization’s operating systems. For instance, in September 2022, Starbucks tied up with Polygon Technology to launch its 200M USD latest Web 3.0 initiative “Odessey”. It is a non-fungible token (NFT) based loyalty program aimed to provide limited edition digital merchandise and NFTs to customers. Businesses in the region are embracing these technologies to enhance operational efficiency, streamline processes, and gain competitive advantages. The integration of NLP and AI capabilities with blockchain solutions enables organizations to leverage data insights, automate tasks, and drive innovation, positioning them at the forefront of blockchain adoption and market dominance.

Also, the influx of investment and venture capital funding in North America is significantly fueling the blockchain for business applications market. This financial support is fueling innovation and development in blockchain technology, encouraging startups and enterprises to explore and implement blockchain solutions. In quarter 1 of 2024, venture funding for American and Canadian companies reached USD 35.2 billion, marking a 14% increase from the previous quarter. With increased funding, companies can invest in research, development, and infrastructure, leading to the creation of more sophisticated and scalable blockchain applications tailored to various business needs. Additionally, the availability of capital attracts talent and expertise to the region, further accelerating the growth and adoption of blockchain solutions across industries.

On the other hand, Asia Pacific shows substantial growth in the global blockchain for business apps market trends owing to the supportive government initiatives and favourable regulatory environments in countries such as Singapore and Japan. In March 2023, Japan’s ruling Liberal Democratic Party issued a proposal, accompanied by various other ongoing private- and public-sector initiatives, signalling a strong interest in promoting investment and the growth of an internationally competitive Web3 business environment in Japan. Governments in these countries have recognized the potential of blockchain technology to enhance transparency, security, and efficiency in various sectors. They are actively promoting the adoption of blockchain through incentives, subsidies, and regulatory frameworks that facilitate its implementation. This proactive approach has encouraged businesses to explore blockchain solutions for improving processes, reducing costs, and gaining a competitive edge.

Moreover, the increasing internet penetration in countries such as China and India is fuelling the growth of the blockchain for business applications market. According to the State Council Information Office of the People's Republic of China, China is the world's largest internet population with 1.05 billion people actively using the internet in 2022. As more people gain access to the internet, businesses are exploring innovative ways to leverage blockchain technology for various applications such as supply chain management, financial transactions, and data security. This trend is driving the demand for blockchain solutions in the region, as businesses seek to enhance efficiency, transparency, and trust in their operations.

Competitive Landscape

Various market players operating in the blockchain for business apps market include Web3 Foundation (Polkadot), Polygon Technology, ConsenSys, Alchemy Insights Inc., Helium Systems Inc., Ocean Protocol Foundation Ltd., Zel Technologies Ltd., Livepeer Inc., KiwiTech, and Binance among others. These market players are adopting various strategies such as collaboration and business expansion to maintain their dominance in the global blockchain for business apps market.

For instance, in October 2022, Google Cloud and Coinbase launched new strategic collaboration to drive Web3 innovation. The collaboration involves Google Cloud as a strategic cloud provider to build advanced exchange and data services to process blockchain data at large. The collaboration aims to improve the global reach of cryptocurrency services by leveraging Google's premium fiber-optic network.

In addition, in June 2022, Global Wellness Institute launched web 3.0 initiative to explore the future intersections between technology and the multitrillion-dollar wellness economy. The initiative aims to introduce new technologies and virtual worlds together to deliver superior experience to consumers.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the blockchain for business apps market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the blockchain for business apps market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the blockchain for business apps market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Application

• Supply Chain Management

• Digital Identity Management

• Smart Contracts

• Payments & Settlement Systems

• Others

By Provider

• Blockchain Platform Providers

• Blockchain-as-a-Service (BaaS) Providers

• Blockchain Consulting & Development Services Providers 

By Organization Size

• Small & Medium-Sized Enterprises (SMEs) 

• Large Enterprises

By Industry Vertical 

• Finance

• Healthcare

• Supply Chain Management

• Government

• Others

By Region

• North America    

  • The U.S.

  • Canada

  • Mexico

• Europe    

  • The U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific    

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)    

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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