Blockchain-Oriented Services Industry: A Transformative Force In The Services Sector

Global blockchain-oriented services industry databook is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

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 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.

The rise of Decentralized Finance (DeFi) will create new business opportunities for traditional banks and other financial service providers in the coming years. As the use cases for decentralized finance expand and gain traction, financial institutions will have the potential to integrate comprehensive solutions. This could include offering asset securitization and financing to institutional clients within decentralized finance protocols. Furthermore, financial firms may develop specialized services tailored for Web 3.0 enterprises and entrepreneurs, such as compliance solutions, risk management, or insurance underwriting for DeFi protocols.

Access the Global Blockchain-oriented Services Industry Data Book from 2023 to 2030, compiled with details by Grand View Research

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 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 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. 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 Insights

The global non-fungible token market size was valued at USD 20.44 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 34.2% from 2023 to 2030. The growing demand for digital art worldwide is one of the major factors driving the 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 cryptocurrency is used by people 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. In August 2022, during a community event broadcast live, Collective Proof, a non-fungible token, announced that it had successfully raised USD 50 million in a Series A funding round. The funding round, led by a16z, saw the participation of several prominent investors, including Seven Seven Six, Collab+Currency, True Ventures, Flamingo DAO, SV Angel, and VaynerFund. This substantial investment comes as Proof prepares to launch its upcoming NFT collection, further solidifying its position in the NFT market.

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Web 3.0 Blockchain Market Insights

The global Web 3.0 blockchain market size was USD 1.73 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 47.1% from 2023 to 2030. 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.

Numerous companies across the globe are also focusing on launching Web 3.0 practices to help startups scale their businesses and develop innovative solutions. For instance, in July 2022, KiwiTech, an innovation ecosystem company, launched a Web 3.0 Center of Excellence service to empower the next-generation blockchain innovations for startup companies. Such a launch of services is expected to create lucrative growth opportunities for the market during the forecast period.

Key players operating in the blockchain-oriented services industry are –

• Compound Labs, Inc. • MakerDAO • Aave • Signal • Cyber Dust • Crypviser • Microsoft Corporation • Accenture plc • Wipro Limited • YellowHeart, LLC. • Cloudflare, Inc. • Funko • Helium Systems Inc. • Kusama • Livepeer, Inc.