Blockchain-Oriented Services Industry To Grow As Of Leveraging Blockchain Technology In Businesses

Blockchain-oriented services industry data book covers 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.

Grand View Research’s 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 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.

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.

Order your copy of the Free Sample of Blockchain-oriented Services Industry Data Book, published by Grand View Research

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.

The rise of blockchain technology has paved the way for decentralized identity solutions. Blockchain provides a transparent and immutable ledger that can securely store and verify identity information. This eliminates the requirement for intermediaries and creates a trustless environment where identity verification can be done directly between parties, reducing costs and improving efficiency. Moreover, the increasing demand for frictionless and seamless user experiences is accentuating the acceptance of decentralized ID worldwide.

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 market growth can be attributed to the rising demand for digital artworks. Furthermore, the expansion of the market is driven by the global surge in demand for NFTs, driven by their distinctiveness, transparency, and other notable characteristics. Unlike traditional assets, NFTs are indivisible and cannot be divided among multiple owners, ensuring the authenticity and security of ownership for buyers, protecting them from counterfeit NFTs. The increasing interest in digital ownership and the desire to establish unique digital identities have played a significant role.

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 growth can be attributed to the rising demand for data privacy through the decentralized identity of Web 3.0 and the technological advancements on the internet. The rapid rise in the popularity of digital assets such as cryptocurrencies, along with the deployment of the 5G and 6G technologies, is further expected to contribute to the growth.

Furthermore, the growing usage of connected devices, along with the improved transaction processes, are further supporting the growth of the Web 3.0 blockchain industry. The rising adoption of Web 3.0 cryptocurrencies to automate transactions over the internet is also anticipated to drive the industry’s growth. At the same time, trading cryptocurrencies in Web 3.0 offers better benefits, such as decentralization and growth potential.

Go through the table of content of Blockchain-oriented Services Industry Data Book to get a better understanding of the Coverage & Scope of the study.

Blockchain-oriented Services Industry Data Book Competitive Landscape

The key players in the market are focused on strategies, such as mergers & acquisitions, partnerships, and collaboration to strengthen their market position.

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.