Press release
Global Blockchain Market: Significant Growth to $216.82 Billion by 2029 with CAGR of 44.9%, Key Drivers and Emerging Trends
Blockchain Market Growth
What Is The Projected Market Size Of The Global Blockchain Market And Its Growth Rate?
•The Blockchain market witnessed exponential growth in recent years. From $28.93 billion in 2024, it is forecasted to reach $49.18 billion in 2025, marking a CAGR of 70.0%. The historic growth can be attributed to factors such as the emergence of Bitcoin, adoption of cryptocurrency, Initial Coin Offerings (ICOs), enterprise exploration, and the introduction of smart contracts.
•It is projected that the Blockchain market will continue its rapid expansion, growing to $216.82 billion in 2029 at a CAGR of 44.9%. The growth in the forecast period is expected to be driven by environmental sustainability efforts, evolution of smart contracts, emphasis on privacy and security, development of interoperability solutions, and adoption by governments and institutions.
What Is Driving The Growth In The Blockchain Market?
The increasing demand for blockchain across various industries and the public sector is expected to drive the market growth. As a decentralized database, blockchain has become the backbone of cryptocurrencies, marking its significant use in financial services for making digital transactions safe, secure, and transparent. Companies like Circle and BitPesa employ blockchain technology for international overseas payments. Today, it is also used in industries like healthcare, government, supply chain and more. For example, in Dubai, all government-related financial transactions are conducted through blockchain tech, making it the first government to be powered by blockchain. As per a September 2024 report by Beauhurst, 546 companies operate in the UK's blockchain sector, depicting the growing demand for blockchain across industries, fuelling market growth.
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Who Are the Key Players Driving Blockchain Market Growth?
Key contributors 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., and many more.
What Are The Key Trends In The Blockchain Market?
Major trends that could shape the Blockchain market in the forecast period include:
•Tokenization of assets,
•Decentralized finance (DeFi),
•Non-Fungible Tokens (NFTs) and digital ownership,
•Enhanced scalability,
•Enterprise adoption.
What Are The Segments Of The Global Blockchain Market?
The Blockchain Market is segmented based on:
•Type: Private, Public, Hybrid
•Provider: Application, Middleware, Infrastructure
•Application: BFSI, Telecom And IT, Government
Which Region Leads The Blockchain Market?
North America was the largest region in the Blockchain Market in 2024, with Asia-Pacific following as the second largest. The regions covered in the blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Blockchain Market Global Market Report?
- Market Size Analysis: Analyze the Blockchain Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Blockchain Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Blockchain Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Blockchain Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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