Blockchain-oriented Services Industry | Forecast 2030
The global blockchain-oriented services industry generated over USD 29.09 billion in 2021 and is expected to grow at a CAGR of 41.3% over the forecast period. The market is segmented based on type, application, end users, and industry. BFSI segment held the largest share of blockchain-oriented services revenue. Leveraging blockchain technology in businesses can improve operational efficiency in BFSI sector. For instance, digital asset owners such as cryptocurrency holders can earn interest on their assets without giving up control of their assets. Contrary to the traditional system, wherein depositors rely on banks to hold assets, digital asset owners leverage non-custodial wallets to hold their funds, representing an account on the blockchain network.
Access the Global Blockchain-oriented Services Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
One of the key elements expected to drive the growth of the market include the growing investments from venture capital firms in blockchain-oriented services companies. Additionally, the legalization of cryptocurrency encourages investors and business owners to invest more in blockchain-oriented services market. BTL Group Ltd, Chain, Inc, Circle Internet Financial Limited, and DeloitteTouche Tohmatsu Limited are some of the key players spearheading the growth of these applications.
Decentralized Finance Market Growth & Trends
The global decentralized finance market size is expected to reach USD 231.19 billion by 2030, expanding at a CAGR of 46.0% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The Decentralized Finance (DeFi) market is experiencing significant growth in terms of revenue attributed to the rapid technological advancements and continuous innovation within the crypto industry. In addition, the market’s expansion is propelled by the high level of transparency and real-time settlement capabilities offered by DeFi networks.
In April 2023, Life DeFi, a prominent decentralized finance ecosystem, unveiled its latest collaboration with a Web3 infrastructure provider, Validation Cloud. This strategic partnership aims to empower retail users by enabling them to easily stake their digital assets directly from the Life DeFi Wallet mobile applications. Leveraging the robust validator nodes offered by Validation Cloud, this collaboration ensures a seamless, trustworthy, and secure staking experience for users of the Life DeFi platform.
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Blockchain Messaging Apps Market Growth & Trends
The global blockchain messaging apps market size is expected to reach USD 536.5 million by 2030, growing at a CAGR of 43.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising demand for data privacy and increasing advancements in Web 3.0 across the globe is anticipated to drive market growth. For instance, according to the Electric Capital Developer Report 2021, more than 18,416 monthly active Web3 developers are working on open-source crypto and Web 3.0 projects.
The rapid rise in access to the internet and frequent development in internet speed with the deployment of the 5G and 6G technologies are further expected to fuel the market’s growth. For instance, according to DataReportal 2022, around 5.07 billion people worldwide have access to and use the internet, equivalent to almost 63.5% of the total world’s population. Furthermore, the inadequate security offered by traditional messaging platforms is expected to create demand for blockchain messaging apps owing to their high-security feature.
Decentralized Identity Market Growth & Trends
The global decentralized identity market size is projected to reach USD 102.00 billion by 2030, growing at a CAGR of 90.3% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The rising need for interoperability between different identity systems is accentuating the acceptance of decentralized identity. In today’s interconnected world, individuals often interact with multiple platforms and services that have their separate identity systems.
Decentralized identity solutions provide a standardized framework for identity verification that can be seamlessly integrated across various platforms, enabling interoperability and enhancing user convenience. Furthermore, the impulse for self-sovereign identity is an important driver for market growth. Decentralized identity solutions empower individuals with self-sovereign identities, giving them the freedom to manage and share their identity information as they see fit.
Non-fungible Token Market Growth & Trends
The global non-fungible token market size is anticipated to reach USD 211.7 billion by 2030, registering a CAGR of 34.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for digital art worldwide is one of the major factors driving market growth. Digital art is defined as the art that is displayed or created using digital technologies. The growing use of cryptocurrency globally is also anticipated to drive market growth. This is because people use cryptocurrency to purchase digital assets. According to CoinMarketCap, as of February 2022, the total global capitalization of cryptocurrency is USD 1.76 trillion, making it equivalent to the world’s 8th largest economy. The market growth of non-fungible token (NFT) companies is further supported by the substantial funding they have raised.
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Web 3.0 Market Growth & Trends
The global web 3.0 market is anticipated to reach USD 33.53 billion by 2030. The market is expected to expand at a CAGR of 49.3% during the forecast period, according to a new report by Grand View Research, Inc. The ability of Web 3.0 to authorize the users to use the decentralized blockchain technology for accessing the decentralized applications is the major factor driving the market growth. Web 3.0 provides perception based on the users’ search content and allows them to control their data on websites.
Web 3.0 technology is also used in social network platforms that aim to improve the customer experience, such as how customers communicate, interact and form communities. Rising investments in Web 3.0 blockchain technology to expand its application is a significant factor driving the growth of the industry. For instance, according to the statistics of Venture Intelligence, a financial analysis company, Web 3.0 and crypto startups have raised more than USD 1 billion in funding across 43 deals in the first six months of 2022.
Competitive Landscape
The key players in the market are focused on strategies, such as mergers & acquisitions, partnerships, and collaboration to strengthen their market position. For instance, in December 2020, Ripple announced its partnership with Novatti, a fintech and digital payments company based in Australia. This partnership helped Novatti to enable real-time remittance between Asia and Australia. Additionally, they have obtained approvals to launch their products across various countries. In May 2019, Microsoft Corporation launched Azure Blockchain Services. The services helped users in the formation, management, and governance of consortium blockchain networks and allowed businesses to build applications based on the blockchain technology.
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