The blockchain market size has grown exponentially in recent years. It will grow from $17.21 billion in 2023 to $29.35 billion in 2024 at a compound annual growth rate (CAGR) of 70.6%. The growth observed during the historic period can be attributed to the emergence of Bitcoin, the adoption of cryptocurrencies, the rise of Initial Coin Offerings (ICOs), exploration by enterprises, and the introduction of smart contracts.
The blockchain market size is expected to see exponential growth in the next few years. It will grow to $161.14 billion in 2028 at a compound annual growth rate (CAGR) of 53.1%. The anticipated growth in the forecast period can be attributed to efforts towards environmental sustainability, the evolution of smart contracts, an increased focus on privacy and security, solutions for interoperability, and growing adoption by governments and institutions. Major trends expected in the forecast period encompass the tokenization of assets, the rise of decentralized finance (DeFi), the prominence of NFTs and digital ownership, improved scalability, and increased adoption by enterprises.
The market for blockchain technology is anticipated to witness growth driven by the increasing demand across industries and the public sector. Initially used as the foundation for cryptocurrencies, blockchain has evolved beyond the realm of financial services, finding applications in supply chain, healthcare, government, and various sectors. Dubai, for instance, has adopted blockchain for all government-related financial transactions, marking it as the first government powered by blockchain. China has also issued guidelines aiming to become a global leader in blockchain technology by 2025. This widespread adoption across industries is expected to fuel the demand for blockchain technology.
The blockchain market is expected to experience growth propelled by the rising adoption of bitcoin. As a decentralized digital cryptocurrency, bitcoin operates on a peer-to-peer network, relying on blockchain as its foundational technology. The transparency, security, and trust provided by blockchain are integral to the functioning of bitcoin. Global adoption of Bitcoin and cryptocurrencies surged by over 880% in a year, as indicated by data from the Global Crypto Adoption Index by Chainalysis. This increasing adoption of bitcoin contributes significantly to the growth of the blockchain market.
Scalability issues pose a challenge to the blockchain market's efficiency. The dependence on the number and distribution of nodes in the network impacts the network's health, with larger blocks leading to faster increases in blockchain size. Scalability concerns are evident in Bitcoin, where a limited transaction processing rate and block size result in a high number of unconfirmed transactions. This scalability challenge hampers the growth of the blockchain technology market.
A notable trend shaping the blockchain market is the emergence of federated blockchain, also known as consortium blockchain. This private permission type of blockchain grants access to multiple entities through voting or token systems while maintaining decentralization through the prior selection of authority nodes. Companies such as Devon Energy Corporation have joined blockchain consortia, such as Blockchain For Energy, to advance transaction, record, and data management through collaborative development of new technologies.
Major players in the blockchain market are concentrating on innovative technologies and products, such as ConnectionChain technology, to enhance the security of cross-border transactions. ConnectionChain facilitates the automatic execution of a single-consistent transaction by connecting multiple blockchains through a smart contract extension. For example, Fujitsu Limited launched ConnectionChain technology to build Web3 services, providing flexible and secure connectivity across multiple economies.
In March 2022, Midpoint Holdings Ltd., engaged in peer-to-peer foreign exchange, acquired Blockchain World Ltd., a Luxembourg-based blockchain technology company. This acquisition positions Midpoint to expand its products and partnership opportunities in the evolving blockchain landscape.
Major companies operating in the blockchain market report are Amazon Web Services Inc., International Business Machines Corporation, Block.one Inc., Factom Inc., Coinbase Global Inc., Canaan Inc., Altoros Americas LLC, Circle Internet Financial Limited, Riot Blockchain Inc., ConsenSys LLC, Ripple Labs Inc., BTL Group Ltd., R3 LLC, Deqode Solutions Pvt. Ltd., Bitfury Group Limited, Payward Inc., ChromaWay AB, Venture Aviator Inc., SoftwareMill Sp. z o.o., Espeo Software Sp. z o.o., Blockchain Intelligence Group Inc., SoluLab Inc., Intellectsoft LLC, Accubits Technologies Inc., OpenLedger ApS, LeewayHertz Technologies Private Limited, Inn4Science LLC, 4IRE Labs Corporation, Primechain Technologies Pvt. Ltd., Galaxy Digital Holdings Ltd., Titanium Blockchain Infrastructure Services Inc., Blockchangers, Synsoft Global Technologies Pvt. Ltd., SheerChain Ltd., Bitmain Technologies Ltd., Binance Holdings Limited, Chainalysis Inc., Coinme Inc., BlockFi Lending LLC, Microsoft Corporation, Intel Corporation, Oracle Corporation, SAP SE. North America was the largest region in the blockchain market in 2023. Asia-Pacific was the second largest region in the global blockchain market share. The regions covered in the blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The primary types of blockchain are private, public, and hybrid. In a private blockchain, only one organization has control over the network. The application of blockchain technology extends across various sectors, including BFSI (Banking, Financial Services, and Insurance), telecom and IT, and government applications. This technology is facilitated through applications, middleware, and infrastructure.
The blockchain market research report is one of a series of new reports that provides blockchain market statistics, including blockchain industry global market size, regional shares, competitors with a blockchain market share, detailed blockchain market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain industry. This blockchain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The countries covered in the blockchain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The blockchain market includes revenues earned by entities by offering blockchain technologies. Blockchain is a technology that involves implementing a distributed database accessible to all users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible. The blockchain technology is used to create digital contracts and in domains such as financial, healthcare and insurance. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The blockchain market size is expected to see exponential growth in the next few years. It will grow to $161.14 billion in 2028 at a compound annual growth rate (CAGR) of 53.1%. The anticipated growth in the forecast period can be attributed to efforts towards environmental sustainability, the evolution of smart contracts, an increased focus on privacy and security, solutions for interoperability, and growing adoption by governments and institutions. Major trends expected in the forecast period encompass the tokenization of assets, the rise of decentralized finance (DeFi), the prominence of NFTs and digital ownership, improved scalability, and increased adoption by enterprises.
The market for blockchain technology is anticipated to witness growth driven by the increasing demand across industries and the public sector. Initially used as the foundation for cryptocurrencies, blockchain has evolved beyond the realm of financial services, finding applications in supply chain, healthcare, government, and various sectors. Dubai, for instance, has adopted blockchain for all government-related financial transactions, marking it as the first government powered by blockchain. China has also issued guidelines aiming to become a global leader in blockchain technology by 2025. This widespread adoption across industries is expected to fuel the demand for blockchain technology.
The blockchain market is expected to experience growth propelled by the rising adoption of bitcoin. As a decentralized digital cryptocurrency, bitcoin operates on a peer-to-peer network, relying on blockchain as its foundational technology. The transparency, security, and trust provided by blockchain are integral to the functioning of bitcoin. Global adoption of Bitcoin and cryptocurrencies surged by over 880% in a year, as indicated by data from the Global Crypto Adoption Index by Chainalysis. This increasing adoption of bitcoin contributes significantly to the growth of the blockchain market.
Scalability issues pose a challenge to the blockchain market's efficiency. The dependence on the number and distribution of nodes in the network impacts the network's health, with larger blocks leading to faster increases in blockchain size. Scalability concerns are evident in Bitcoin, where a limited transaction processing rate and block size result in a high number of unconfirmed transactions. This scalability challenge hampers the growth of the blockchain technology market.
A notable trend shaping the blockchain market is the emergence of federated blockchain, also known as consortium blockchain. This private permission type of blockchain grants access to multiple entities through voting or token systems while maintaining decentralization through the prior selection of authority nodes. Companies such as Devon Energy Corporation have joined blockchain consortia, such as Blockchain For Energy, to advance transaction, record, and data management through collaborative development of new technologies.
Major players in the blockchain market are concentrating on innovative technologies and products, such as ConnectionChain technology, to enhance the security of cross-border transactions. ConnectionChain facilitates the automatic execution of a single-consistent transaction by connecting multiple blockchains through a smart contract extension. For example, Fujitsu Limited launched ConnectionChain technology to build Web3 services, providing flexible and secure connectivity across multiple economies.
In March 2022, Midpoint Holdings Ltd., engaged in peer-to-peer foreign exchange, acquired Blockchain World Ltd., a Luxembourg-based blockchain technology company. This acquisition positions Midpoint to expand its products and partnership opportunities in the evolving blockchain landscape.
Major companies operating in the blockchain market report are Amazon Web Services Inc., International Business Machines Corporation, Block.one Inc., Factom Inc., Coinbase Global Inc., Canaan Inc., Altoros Americas LLC, Circle Internet Financial Limited, Riot Blockchain Inc., ConsenSys LLC, Ripple Labs Inc., BTL Group Ltd., R3 LLC, Deqode Solutions Pvt. Ltd., Bitfury Group Limited, Payward Inc., ChromaWay AB, Venture Aviator Inc., SoftwareMill Sp. z o.o., Espeo Software Sp. z o.o., Blockchain Intelligence Group Inc., SoluLab Inc., Intellectsoft LLC, Accubits Technologies Inc., OpenLedger ApS, LeewayHertz Technologies Private Limited, Inn4Science LLC, 4IRE Labs Corporation, Primechain Technologies Pvt. Ltd., Galaxy Digital Holdings Ltd., Titanium Blockchain Infrastructure Services Inc., Blockchangers, Synsoft Global Technologies Pvt. Ltd., SheerChain Ltd., Bitmain Technologies Ltd., Binance Holdings Limited, Chainalysis Inc., Coinme Inc., BlockFi Lending LLC, Microsoft Corporation, Intel Corporation, Oracle Corporation, SAP SE. North America was the largest region in the blockchain market in 2023. Asia-Pacific was the second largest region in the global blockchain market share. The regions covered in the blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The primary types of blockchain are private, public, and hybrid. In a private blockchain, only one organization has control over the network. The application of blockchain technology extends across various sectors, including BFSI (Banking, Financial Services, and Insurance), telecom and IT, and government applications. This technology is facilitated through applications, middleware, and infrastructure.
The blockchain market research report is one of a series of new reports that provides blockchain market statistics, including blockchain industry global market size, regional shares, competitors with a blockchain market share, detailed blockchain market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain industry. This blockchain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The countries covered in the blockchain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The blockchain market includes revenues earned by entities by offering blockchain technologies. Blockchain is a technology that involves implementing a distributed database accessible to all users over a network. Each user can add a new data record (block), with a timestamp that cannot be altered. Each new block forms a part of the universally acceptable depository. The blockchain technology maintains the authentication of data by restricting changes in the older data blocks while allowing the users to continue adding new data blocks thus, making the manipulation of data such as faking documents or transactions and other information, impossible. The blockchain technology is used to create digital contracts and in domains such as financial, healthcare and insurance. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Blockchain Market Characteristics3. Blockchain Market Trends and Strategies32. Global Blockchain Market Competitive Benchmarking33. Global Blockchain Market Competitive Dashboard34. Key Mergers and Acquisitions in the Blockchain Market
4. Blockchain Market - Macro Economic Scenario
5. Global Blockchain Market Size and Growth
6. Blockchain Market Segmentation
7. Blockchain Market Regional and Country Analysis
8. Asia-Pacific Blockchain Market
9. China Blockchain Market
10. India Blockchain Market
11. Japan Blockchain Market
12. Australia Blockchain Market
13. Indonesia Blockchain Market
14. South Korea Blockchain Market
15. Western Europe Blockchain Market
16. UK Blockchain Market
17. Germany Blockchain Market
18. France Blockchain Market
19. Italy Blockchain Market
20. Spain Blockchain Market
21. Eastern Europe Blockchain Market
22. Russia Blockchain Market
23. North America Blockchain Market
24. USA Blockchain Market
25. Canada Blockchain Market
26. South America Blockchain Market
27. Brazil Blockchain Market
28. Middle East Blockchain Market
29. Africa Blockchain Market
30. Blockchain Market Competitive Landscape and Company Profiles
31. Blockchain Market Other Major and Innovative Companies
35. Blockchain Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Blockchain Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on blockchain market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for blockchain? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Private; Public; Hybrid
2) By Provider: Application; Middleware; Infrastructure
3) By Application: BFSI; Telecom & IT; Government
Key Companies Mentioned: Amazon Web Services Inc.; International Business Machines Corporation; Block.one Inc.; Factom Inc.; Coinbase Global Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Amazon Web Services Inc.
- International Business Machines Corporation
- Block.one Inc.
- Factom Inc.
- Coinbase Global Inc.
- Canaan Inc.
- Altoros Americas LLC
- Circle Internet Financial Limited
- Riot Blockchain Inc.
- ConsenSys LLC
- Ripple Labs Inc.
- BTL Group Ltd.
- R3 LLC
- Deqode Solutions Pvt. Ltd.
- Bitfury Group Limited
- Payward Inc.
- ChromaWay AB
- Venture Aviator Inc.
- SoftwareMill Sp. z o.o.
- Espeo Software Sp. z o.o.
- Blockchain Intelligence Group Inc.
- SoluLab Inc.
- Intellectsoft LLC
- Accubits Technologies Inc.
- OpenLedger ApS
- LeewayHertz Technologies Private Limited
- Inn4Science LLC
- 4IRE Labs Corporation
- Primechain Technologies Pvt. Ltd.
- Galaxy Digital Holdings Ltd.
- Titanium Blockchain Infrastructure Services Inc.
- Blockchangers
- Synsoft Global Technologies Pvt. Ltd.
- SheerChain Ltd.
- Bitmain Technologies Ltd.
- Binance Holdings Limited
- Chainalysis Inc.
- Coinme Inc.
- BlockFi Lending LLC
- Microsoft Corporation
- Intel Corporation
- Oracle Corporation
- SAP SE
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 29.35 Billion |
| Forecasted Market Value ( USD | $ 161.14 Billion |
| Compound Annual Growth Rate | 53.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 43 |
