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Blockchain Global Market Report 2024 Analysis, Trends, Growth, Research And Forecast 2033
Blockchain Global Market Report 2024 Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Federated blockchain, also called as a consortium blockchain, is expected to be a major trend shaping the blockchain market in the forecast period. Federated blockchain is a private permission type of blockchain, which gives permission for multiple entities to have access to the network by voting or token system. Decentralization is maintained by the prior selection of the authority nodes by the organizations in the network which can exchange the data or information continuously. For example, in August 2022, Devon Energy Corporation, a US-based energy company joined Blockchain For Energy, a blockchain consortium made of industry experts from major energy companies. The consortium will help Devon Energy to advance and transform its management of transactions, records and data through collaboration and proactive development of new technologies.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Blockchain Market 2024 Key Insights:
• 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%.
• Global Demand For Blockchain Technology Across Industries
• Federated Blockchain In The Blockchain Market
• North America was the largest region in the blockchain market in 2023
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