Decentralized Finance, Blockchain Messaging Apps, Decentralized Identity, Non-fungible Token
Blockchain-oriented Services Industry| Forecast 2030
Blockchain-oriented Services Industry Data Book – Decentralized Finance, Blockchain Messaging Apps, Decentralized Identity, Non-fungible Token, Web 3.0 Blockchain Market
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.
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 Insights
The global decentralized finance market size was valued at USD 13.61 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 46.0% from 2023 to 2030. The widespread acceptance of Decentralized Finance (DeFi) has brought about a significant revolution in the financial sector, becoming a key driver for market growth. Over the past few years, the integration of DeFi with decentralized blockchain platforms has gained immense popularity. The increasing adoption of decentralized finance can be attributed to its capability to remove intermediaries from financial processes. Particularly in the insurance industry, the impact of DeFi has been remarkable, as it addresses the challenges posed by complex procedures, paperwork, and audit systems in traditional systems. By leveraging decentralized finance platforms, the insurance industry has become more efficient, thereby contributing to the market’s overall growth.
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Blockchain Messaging Apps Market Insights
The global blockchain messaging apps market size reached a valuation of USD 22.3 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 43.6% from 2022 to 2030. The growth of the market is attributed to its decentralized end-to-end encryption technology providing high security to the users. The blockchain messaging apps have no central server that stores text messages or as a relay between the sender or receiver, thus preventing interception or a record. The adoption of blockchain messaging apps is attributed to the growing privacy and security concerns for other traditional messaging apps. The end-to-end or encryption in transit technology includes the service providers between the message delivery process, whereas, in blockchain messaging, no service provider is involved in the message delivery process.
Decentralized Identity Market Insights
The global decentralized identity market size was estimated at USD 647.80 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 90.3% from 2023 to 2030. Privacy and security concerns have become increasingly prominent in today’s digital landscape. With traditional centralized identity systems, individuals have limited control over their data, which raises concerns about data breaches and unauthorized access. Decentralized identity (ID) solutions offer a more secure and privacy-centric approach by enabling individuals to own and control their digital identities.
Non-fungible Token Market Insights
The global non-fungible token market size was estimated at USD 26.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 34.5% from 2024 to 2030. non-fungible token (NFTs) are assets that have been tokenized via a blockchain. These unique cryptographic tokens that exist on the blockchain cannot be replicated, and they can represent individual identities, property rights, and more. The rising adoption of cryptocurrencies, growing traction around Web 3.0, metaverse, and decentralized finance, and increasing popularity of non-fungible token marketplaces are contributing to the market’s growth.
Web 3.0 Market Insights
The global Web 3.0 market size was valued at USD 2.25 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 49.3% from 2024 to 2030.The Web 3.0 industry is poised for significant growth, driven by several key factors such as increasing need for data privacy facilitated by the decentralized identity of Web 3.0 and advancements in internet technology. Additionally, the rapid rise in the adoption of digital assets such as cryptocurrencies, coupled with the ongoing deployment of the 6G and 5G technologies, is further anticipated to contribute to the growth. The booming world of digital assets and cryptocurrencies is finding synergy with Web 3.0. Integration of blockchain, DeFi (Decentralized Finance), and NFTs (Non-Fungible Tokens) within Web 3.0 applications is unlocking new possibilities for online transactions, ownership, and value creation. This convergence is expected to drive adoption and innovation across various sector.
Blockchain-oriented services Industry Segmentation
Blockchain-oriented services Industry, By Type
Blockchain-oriented services Industry, By Application
Blockchain-oriented services Industry, By End User
Blockchain-oriented services Industry, By Industry
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