Blockchain Global Market Report 2024

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.