Overview and Scope
Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.
Sizing and Forecast
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 in the historic period can be attributed to bitcoin’s emergence, cryptocurrency adoption, initial coin offerings (icos), enterprise exploration, smart contracts introduction.
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 growth in the forecast period can be attributed to environmental sustainability efforts, smart contract evolution, focus on privacy and security, interoperability solutions, government and institutional adoption. Major trends in the forecast period include tokenization of assets, decentralized finance (defi), nfts and digital ownership, enhanced scalability, enterprise adoption.
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Segmentation & Regional Insights
The blockchain market covered in this report is segmented –
1) By Type: Private, Public, Hybrid
2) By Provider: Application, Middleware, Infrastructure
3) By Application: BFSI, Telecom & IT, Government
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.
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Major Driver Impacting Market Growth
The growing demand for blockchain technology in industries and the public sector is expected to drive the growth of the market. Blockchain has been the base for cryptocurrencies since it is a decentralized database, therefore, it has found its most important use in financial services for making digital transactions safe, secure, and transparent. Companies like Circle and BitPesa use blockchain technology for international overseas payments. Now, it has also found its use in the supply chain, healthcare, government, and other sectors. In Dubai, all the government-related financial transactions are taking place through blockchain technology making it the first government to be powered with blockchain. For instance, in June 2021, China issues guidelines for blockchain development within the country, aiming to become world’s most advanced blockchain tech by 2025. For this, China will build 3-5 internationally competitive backbone enterprises along with additional innovation-leading enterprises creating 3-5 blockchain industry development clusters in the country. This indicates that there is a massive demand for blockchain technology in industries of the country and world. Therefore, the demand for blockchain across industries is expected to drive the blockchain technology market.
Key Industry Players
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
The blockchain market report table of contents includes:
- Executive Summary
- Blockchain Market Characteristics
- Blockchain Market Trends And Strategies
- Blockchain Market – Macro Economic Scenario
- Global Blockchain Market Size and Growth
- Blockchain Market Segmentation
- Blockchain Market Regional And Country Analysis
……………
- Key Mergers And Acquisitions In The Blockchain Market
- Blockchain Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Blockchain Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Blockchain Market, Segmentation By Provider, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Blockchain Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Amazon Web Services Inc. Financial Performance
Table 75: International Business Machines Corporation Financial Performance
Table 76: Block.one Inc. Financial Performance
Table 77: Factom Inc. Financial Performance
Table 78: Coinbase Global Inc. Financial Performance
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