Blockchain Technologies Global Market Report 2024

The blockchain technologies 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 factors such as the adoption and transactions involving cryptocurrencies, the enhancement of supply chain transparency and traceability, the implementation of smart contracts and automation, the facilitation of cross-border payments and remittances, and the development of digital identity and authentication systems.

The blockchain technologies 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 the expansion of decentralized finance (DeFi), the prominence of non-fungible tokens (NFTs) and digital assets, the application of blockchain in healthcare for enhanced data security, considerations related to environmental, social, and governance (ESG) factors, and the integration with the Internet of Things (IoT). Major trends expected in the forecast period encompass the utilization of blockchain in supply chain management, increased adoption by governments and institutions, the implementation of layer 2 scaling solutions, cross-industry collaborations, and the ongoing trend of tokenization of assets.

The blockchain technologies market is anticipated to experience growth, driven by favorable government initiatives globally. Governments, both in advanced and developing economies, are actively formulating policies and frameworks to adopt blockchain technology. An example of this is the Indian Government's collaboration with 5ire, an India-based blockchain platform, and Network Capital, an India-based mentorship and career exploration platform. The initiative aims to foster innovation and entrepreneurship in India through the launch of a blockchain module. Such supportive government initiatives are expected to boost the demand for blockchain technologies in the forecast period.

The blockchain technologies market is poised for growth due to the expanding manufacturing sector. The manufacturing sector, a key segment of the economy involved in goods production, is witnessing transformation through the integration of blockchain technology. It enhances supply chain management, quality control, and compliance monitoring in manufacturing processes. Blockchain facilitates automated processes through smart contracts, ensures transparency in product lifecycle management, and secures records for warranties and after-sales services. In 2021, the United States National Institute of Standards and Technology reported that the manufacturing sector contributed $2.3 trillion to the U.S. GDP, representing 12.0% of the total GDP, and employed 14.7 million people, constituting 9.6% of total U.S. employment. This growth in the manufacturing sector is a driving force for the blockchain technologies market.

Blockchain technology is witnessing increased investment from companies across various industries due to its efficiency in data management. Key sectors such as healthcare, banking and finance, digital assets, and various government departments are experiencing robust growth in blockchain adoption. Major players such as VISA, Facebook, Microsoft, and Amazon are making early investments to integrate blockchain into their daily operations. The technology's utilization in creating smart contracts expedites payment processes and offers support for stock exchange investments. In 2021, the Associated Press announced the availability of its sports, race call, and economic datasets to leading blockchains through Chainlink, enabling secure interaction with real-world data through smart contracts.

The application of blockchain is expanding into back-office processes in industries ranging from traditional banking and insurance to food production and pharmaceuticals. For instance, in June 2023, Fujitsu, a Japan-based multinational information and communications technology company, concluded a successful year-long pilot project with the Asian Development Bank, enhancing cross-border securities settlement in regions such as ASEAN, Japan, China, and South Korea. The project demonstrated the potential for streamlined and secure transaction processes. Fujitsu's upcoming "Fujitsu Web3 Acceleration Platform," integrating "ConnectionChain," aims to facilitate secure connectivity across multiple economies, advocating for widespread blockchain adoption in various industries beyond finance, including distribution and manufacturing.

Major companies in the blockchain technologies market are concentrating on the development of advanced technological platforms. The introduction of Blockchain-Based Distributed Ledger Technology (DLT) platforms is a notable trend. An example is the collaboration between the National Securities Depository Limited (NSDL) and the Securities and Exchange Board of India (SEBI) in India, leading to the launch of a DLT platform. This platform, introduced to enhance security and governance monitoring in the corporate bonds market, focuses on instilling greater transparency and discipline by providing real-time tracking and recording of transactions.

In 2021, Midpoint Holdings Ltd made headlines with its announcement of acquiring the blockchain technology company Blockchain World Ltd for an undisclosed amount. Through this strategic move, Midpoint aims to enhance its consumer-facing platform within the digital assets space.

Major companies operating in the blockchain technologies market report are Microsoft Corporation, Huawei Technologies Co. Ltd., Amazon Web Services Inc., International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Infosys Limited, Coinbase Global Inc., Auxesis Group, Cegeka NV, Circle Internet Financial Limited, Celsius Network Ltd., Canaan Inc., BTL Group Ltd., Patron Technology Ltd., Riot Blockchain Inc., Ripple Labs Inc., R3 LLC, Bitfury Group Limited, Steemit Inc., Applied Blockchain Ltd., BlockCypher Inc., Blockpoint Inc., AlphaPoint Corp., Chain Inc., BigchainDB GmbH, TraDove Inc., Symbiont.io Inc., Blockchain Foundry Inc., Factom Inc., Menlo One Ltd., RecordsKeeper, Galaxy Digital Holdings Ltd., BlockFi Lending LLC, ConsenSys AG, MoonPay Limited, Lockheed Martin Corporation, Blockdaemon Corp. The Asia Pacific was the largest region in the blockchain technologies market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary types of blockchain technologies are public, private, and hybrid. A public blockchain is open to the public and allows anyone to join without special permission. Blockchain technologies are offered by application providers, middleware providers, and infrastructure providers, and they find applications in various sectors such as financial services, consumer or industrial electronics, technology, media and telecom, healthcare, transportation, and the public sector. Blockchain technologies are applied in diverse areas, including payments, exchanges, smart contracts, documentation, digital identity, supply chain management, and governance, risk, and compliance management.

The blockchain technologies market research report is one of a series of new reports that provides blockchain technologies market statistics, including blockchain technologies industry global market size, regional shares, competitors with a blockchain technologies market share, detailed blockchain technologies market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain technologies industry. This blockchain technologies 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 technologies 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.