Blockchain - Industry - Europe Market, Share and Trends 2023-2028

Summary of Blockchain

The blockchain industry across Europe has experienced significant growth over the past few years, evolving beyond its early associations with cryptocurrency speculation. An increasing number of enterprises are now exploring blockchain solutions to address challenges in areas like supply chain management, digital identity, and cross-border payments. Some major European countries—including the United Kingdom, Germany, and France—have emerged as active hubs for blockchain development and adoption.

Based on our estimates, we can say that the regional European blockchain industry is forecasted to be a $74.47 billion industry in 2029 from $13.6 billion in 2023 with a CAGR of 31.01 %.

Blockchain technology is gaining significant interest across a wide range of industries in Europe as companies explore ways to streamline operations, reduce costs and add transparency. For example— several major European retailers and logistics firms are testing blockchain solutions to gain better end-to-end visibility into international supply chains spanning multiple countries. This can help address issues such as counterfeiting, track recalls more efficiently and enable more accurate planning and allocation of inventory.

Digital identity is another promising area as online services continue to proliferate. Blockchain can facilitate secure, decentralized identity verification and reduce the risk of fraud. For instance— governments and other organizations are investigating how to leverage blockchain to issue verifiable credentials confirming qualifications or access to services for citizens across borders.

Recent Trends and Insights

According to a recent insights– over 25% of large European companies have at least one blockchain project in production or testing. Supply chain management continues to be a major focus area that is seen to have companies experimenting with blockchain to increase supply chain visibility, traceability and efficiency.

Digital identity is another promising application as more services move online. In addition— blockchain payments networks are being developed and tested to enable faster, cheaper cross-border transfers compared to legacy systems. Several major banks are partnering to explore blockchain-based remittance corridors within Europe and globally.

In financial services— blockchain payments networks are being piloted to enable faster, lower-cost cross-border transfers compared to legacy systems like SWIFT. Several major European banks are partnering on projects exploring the use of blockchain and stablecoins for remittance corridors within the region as well as globally. There is hope that these initiatives could help reduce costs and processing times for payments to other areas of the world.

The growth of these enterprise use cases has spurred significant innovation in blockchain infrastructure across Europe. Technology hubs in countries like the UK, Germany and France are driving development of scalability solutions, privacy-preserving protocols and other foundational elements to support complex business applications of distributed ledger technology on an international scale.

Product Insights

To support growing enterprise demand, major blockchain protocols have undergone extensive development and testing of scalability upgrades. For example— the Ethereum Foundation has invested heavily in its Serenity upgrade to enable widespread business use of smart contracts.

There has also been significant venture funding of specialized European blockchain platforms and application development companies focused on privacy, scalability and industry-specific solutions.

Europe Blockchain Market Infrastructure and protocols provider sub-segment had the largest market size among providers and is anticipated to lead this market during forecast period however it is application and solution provider segment that is projected to grow at a higher CAGR during the forecast period.

Banking, Financial Services, and Insurance (BFSI) sub-segment is projected to have the largest shares during the forecast period, whereas it is the media and entertainment vertical that is projected to grow at the highest rate. Large enterprises held the maximum share while small and medium-sized enterprises (SMEs) accounted for the highest growth in this market.

Key Companies

Some major players within this vast domain of industry are

• Microsoft Corporation
• IBM
• Accenture
• Deloitte
• Cap Gemini
• Cognizant
• Infosys
• Tata Communication Services
• Virtusa Polaris
• Wipro
• 3 N-iX
• Bitfury

Regional Analysis

Within Europe– countries like the United Kingdom, Germany and France have emerged as leaders in blockchain adoption. They have attracted a high concentration of blockchain companies and significant venture capital investment. For example— the UK and Germany are home to over 60 active blockchain accelerators and incubators.

European governments are also supporting blockchain initiatives through pilot over 60 active blockchain accelerators and incubators. European governments are also supporting blockchain initiatives through pilot programs, research funding, and regulatory frameworks. This involvement helps legitimize the industry and pave the way for broader adoption across the region.

There has also been significant venture capital investment in specialized European blockchain platforms and companies developing industry-specific applications. For instance— the UK-based firm Guardtime has raised over $20 million to advance its hybrid blockchain-based solutions for healthcare data security and clinical trials. In Germany– Blockchain Bundesld has invested in 40 startups working in areas like renewable energy, mobility and banking.

Countries across Europe have emerged as leaders in blockchain adoption due to vibrant technology ecosystems and government support initiatives. For example— the UK and Germany are home to over 60 active blockchain accelerators and incubators supporting startups. Governments provide funding for blockchain research and development through programs like the UK’s £10 million allocation for distributed ledger projects. Regulators also engage in pilot programs and consultation to develop appropriate frameworks.

This combination of private sector innovation and public sector involvement helps legitimize blockchain technology and pave the way for broader commercial adoption. As global standards emerge and interoperability increases, industry experts predict the region’s blockchain industry will continue to flourish across multiple sectors of the economy.

Market Segmentation

By Type:

• Public blockchain
• Private blockchain
• Consortium or hybrid blockchain

By End User:

• BFSI
• Retail & e-Commerce
• Healthcare & Life Sciences
• Transportation & Logistics
• Government
• Media & Entertainment
• Travel & Hospitality
• Others

By Enterprise Size:

• Large Industries
• Small & Medium Industries

By Country:

• Germany
• United Kingdom
• France
• Italy
• Russia
• Netherlands
• Switzerland

Our Methodology

We have offered a well-founded review of the European regional Blockchain Industry market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.