Blockchain Testing Service Market Size, Share, Growth, And Industry Analysis, By Type (Functional Testing, Integration Testing, Security Testing and Performance Testing), By Application (Large Enterprises and SMEs), Regional Forecast To 2031

Updated On: 08 April 2024

Blockchain Testing Service Market Report Overview

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The global blockchain testing service market size was USD 4.15 billion in 2021. As per our research, the market is expected to reach USD 110.86 billion in 2031, exhibiting a CAGR of 36.31% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the blockchain testing service market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Blockchain has become a ground-breaking method for enabling secure commercial transactions in the age of cutting-edge technologies. Organizations can easily track assets, communicate information, and work effectively thanks to blockchain technology. Blockchain testing has now become crucial as more and more companies and organizations adopt this technology. Testing services for blockchains allow for the evaluation of an application's integration, performance, and security. As a result, a successful blockchain solution can be introduced because it ensures the removal of the application's expensive faults. In order to give organizations a competitive edge and increase ROI, blockchain testing tools ensure simple implementation of the newest technology.

Due to the emergence of cryptocurrencies and other tech-oriented industries beginning to integrate this new potent technology, blockchain technology has received a lot of attention in recent years. Additionally, the advent of federated blockchain may have an impact on how industries such as supply chain management, organizational records security, and others are viewed in the future. The adoption of blockchain testing services will increase over the coming years as more tech companies implement the blockchain as a service (BaaS) functionality.

COVID-19 Impact: Rise in Demand for Testing Services due to Growing Utilization of Mobile and Penetration of the Internet

The COVID-19 pandemic has greatly increased individual’s dependency on online enterprises. Many industries, including manufacturing, retail, healthcare, and life sciences, were using the internet to offer customers the services they needed. Vendors had seen a rise in demand for testing services for the efficient operation of their apps. Many governments requested improved telecommunications policies and social segregation from public and private enterprises in response to the escalating COVID-19 proliferation. Since then, several organizations have adopted the use of email on a home server and digital methods of conducting business. People were increasingly drawn to and encouraged to utilize blockchain as a result of the increasing use of mobile and the penetration of the internet. These accelerating trends and the decentralized computing environment make businesses vulnerable to privacy concerns, pushing the requirement for blockchain services.

Latest Trends

"Two Parties Microtransaction Possible with the Utilization of Smart Contracts Combined with Blockchain"

By 2022, it's anticipated that the use of smart contracts, which combine IoT devices with blockchain technology, will make it possible for two parties to conduct microtransactions, and will become more common. Moreover, according to a recent PWC analysis, by 2020, 77 percent of financial companies plan to integrate blockchain technology into a system or process that is already in use. These figures illustrate the growing importance of blockchain technology and the demand for blockchain testing services.

Blockchain Testing Service Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Functional Testing, Integration Testing, Security Testing and Performance Testing

• By Application Analysis

Based on application, the market can be divided into Large Enterprises and SMEs

Driving Factors

"Growing Use of these Services in the Financial Institutions for a Variety of Applications "

Following the introduction of Bitcoin, demand for blockchain testing services increased along with the growth of blockchain technology. A variety of financial institutions are now using this technology to carry out transactions. The use of blockchain services for a range of business purposes, such as payments and digital identification, has skyrocketed over the past two to three years. Blockchain testing services are becoming more popular as a result of a large number of firms entering the market and starting to develop blockchain-based solutions.

"Use of the Blockchain Services to Eliminate any Chance of Fraud as it Allows Members to Observe the Whole Transaction"

Due to the increased transparency offered by blockchain services, transactions and other financial activity are now more transparent and free of any corrupt practices. Every transaction is permanently recorded and has a time and date stamp. This practically eliminates any chance for fraud by allowing members to observe the whole history of a transaction. Additionally, blockchain keeps account of all transfers and other activities. It enables the direct sharing of provenance information with customers.

Restraining Factors

"Lack of Testing Tools and Absence of Skilled Workers are Factors Hindering the Market Broadening"

Lack of testing tools is one of the biggest obstacles. For any blockchain framework, there are currently just a few testing tools available; as a result, employing the incorrect tool may result in issues. Lack of specialized workers is another problem in the blockchain ecosystem. Blockchain technology hasn't been widely adopted among software developers because it is still a young technology in the tech industry. These factors are hindering the expansion of the blockchain testing service market growth during the forecast period.

Blockchain Testing Service Market Regional Insights

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"North America Dominated the Regional Market as Wide Variety of Businesses in the Region Utilize these Services "

In 2021, the worldwide blockchain testing service market share was dominated by the North America regional market, which also contributed significantly to the total income generated worldwide. The regional market is expanding as a result of the region's businesses using blockchain services more frequently. Blockchain testing services are becoming necessary as businesses in the government, retail, and BFSI adopt payment and wallet systems, smart contracts, and digital identity detection systems. Additionally, one of the key elements highlighting the expansion of the regional industry is the rise in cryptocurrency adoption among North American consumers.

On the other hand, throughout the course of the forecast period, the market in Asia Pacific is anticipated to develop at the fastest CAGR. The adoption of blockchain technology has been encouraged by the governments of nations such as Japan, China, and India, which has led to a rise in the need for testing services. this is mostly because this solution offers numerous industry advantages including high transparency and better efficiency.

Key Industry Players

"Key Players are Focusing on a Variety of Strategies to Grasp a Larger Market Share"

The market is severely fragmented in terms of the competitive environment. In order to enhance their market positions, the market's companies are concentrating on techniques such as mergers and acquisitions. Additionally, they are spending money on R&D initiatives to increase their product line. In order to broaden their geographic reach and boost their clientele at the same time, they are also working with regional leaders. In order to stay one step ahead of one another and keep their dominance in the industry, competitors employ all of these methods in addition to others.

List of Market Players Profiled

• Whiteblock (U.S.)
• ThinkSys (U.S.)
• Augusta HiTech (India)
• ScienceSoft (U.S.)
• TestFort (U.S.)
• TestingXperts (U.S.)
• Blockgeeks (Canada)
• Cigniti (India)
• Softeq (U.S.)
• QualiTest (U.K.)
• Nagarro (Germany)

Report Coverage

This report covers the blockchain testing service market. The CAGR expected to be in during the forecast period, and also the USD value in 202 and what it is expected to be in 2027. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.