What is the Historical Analysis of the Blockchain Market Size?
The blockchain market has seen considerable growth due to a variety of factors.
• The size of the blockchain market has seen a significant upsurge in the past few years. It's anticipated to escalate from $28.93 billion in 2024 to $49.18 billion in 2025, achieving a compound annual growth rate (CAGR) of 70.0%.
The remarkable growth during the historical period can be credited to the rise of bitcoin, the acceptance of cryptocurrency, the initiation of coin offerings (ICOs), enterprise exploration and the launch of smart contracts.
How Will The Blockchain Market Size Evolve In The Foreseeable Future?
The blockchain market is expected to maintain its strong growth trajectory in upcoming years.
• In the consecutive years, the blockchain market size is projected to witness a tremendous growth, reaching $216.82 billion by 2029 with a 44.9% compound annual growth rate (CAGR). This growth during the forecast period can be linked to factors such as environmental sustainability initiatives, progress in smart contracts, focus on privacy, security, and solutions for interoperability, along with adoption from government and institutions. Notable trends in the future include asset tokenization, decentralized finance (DEFI), NFTs and digital ownership, improved scalability, and corporate acceptance.
Which Drivers Are Accelerating Growth In The Blockchain Market?
The surge in blockchain's popularity across different sectors and industries is predicted to bolster market growth. With its origin rooted in the world of cryptocurrencies as a decentralized ledger, blockchain's major breakthrough has been in the area of financial services - lending safety, transparency, and security to digital transactions. This technology has been leveraged by companies such as Circle and BitPesa for conducting international transfers. In addition, areas like supply chain management, healthcare, government operations, and more have realized its potential. Dubai has innovated by carrying out all government-based financial transactions via blockchain, making it the first-ever blockchain-powered government. Beauhurst, in September 2024, highlighted that there are 546 companies, both dormant and active, in the UK's blockchain sector. With this sector still in its nascent stage, a substantial 60.4% of these firms are in the seed stage, with 20.6% in the venture stage and a mere 3.0% having reached the growth stage. A majority of the firms (86.8%) are concentrating on the development of application software, while 33.7% have a significant presence in the fintech sector. Hence, the broad range of blockchain applications across various industries is foreseen to fuel the growth of the blockchain market.
What Are The Core Segments Of The Globa Blockchain Market?
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 And IT, Government
Subsegments:
1) By Private: Permissioned Blockchain, Consortium Blockchain
2) By Public Permissionless Blockchain, Open Source Blockchain
3) By Hybrid: Combination Of Private And Public Elements, Interoperability Solutions
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Which Emerging Trends Are Reshaping The Blockchain Market?
The blockchain market is projected to be strongly influenced by the trend of federated blockchains, also known as consortium blockchains, during the forecast period. This type of blockchain functions as a private permission system, authorizing multiple parties to access the network through a voting or token mechanism. The network's decentralization is preserved by pre-determining the authority nodes by network organizations, which facilitates constant data or information exchange. For instance, in August 2022, Blockchain for Energy, a consortium of industry experts from leading energy firms, welcomed a new member, Devon Energy Corporation. This association is expected to revolutionize Devon Energy's transaction, records and data management via collaboration and proactive creation of new technologies.
Who Are the Key Players in the Blockchain Market?
Major companies operating in the blockchain market include:
• 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
What are the Regional Insights into the Blockchain Market?
North America was the largest region in the blockchain market in 2024. 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.
