Press release
Blockchain Market Size Projected To Reach $216.82 Billion By 2034 With A Cagr Of 44.9%
Blockchain Market Size
What Is the Blockchain Market Size and Projected Growth Rate?
The scale of the blockchain market has seen massive expansion in the past few years. It's slated to rise from $28.93 billion in 2024 up to $49.18 billion in 2025, reflecting a compound yearly growth rate (CAGR) of 70.0%. This significant growth during the earlier period is due to factors such as the rise of bitcoin, the embracing of cryptocurrency, the onset of initial coin offerings (ICOs), the exploration by enterprises, and the initial launch of smart contracts.
Anticipated to witness substantial expansion in the coming years, the blockchain market size is projected to surge to $216.82 billion by 2029, delivering a compound annual growth rate (CAGR) of 44.9%. Variety of drivers such as advancements in smart contracts, strengthened focus on privacy and security, efforts towards environmental sustainability, solutions for interoperability, as well as adoption by governments and institutions, are accountable for the expansion during the forecast period. Asset tokenization, decentralized finance (DEFI), digital ownership through NFTs, improved scalability, and increased adoption in the corporate world are major trends to observe throughout the forecasted timeframe.
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What Are the Major Segments in the 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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What Are The Driving Blockchain Market Evolution?
The expanding need for blockchain technology in various industries and governmental sectors is predicted to be a key driver of market growth. Blockchain's utility as a decentralized database has made it the foundation for digital currencies, providing a means for financial transactions to be conducted securely, transparently, and digitally. Blockchain technology is employed by firms such as Circle and BitPesa for international remittances. Recently, this technology has also been embraced by other sectors like supply chains, healthcare, and government entities. In Dubai, blockchain technology is utilized for all government-related financial transactions, making it the world's first blockchain-powered government. Beauhurst reported in September 2024 that 546 operative and inoperative firms were functioning in the UK's blockchain sector. With the industry still developing, around 60.4% of these firms are categorized as being in the seed stage, further, 20.6% are at the venture stage, and a mere 3.0% have reached the growth stage. The largest portion of these businesses (86.8%) are bent on building application software, and an impressive 33.7% are also involved in the fintech industry. Therefore, the diversity of blockchain applications across different industries is projected to fuel the growth of the blockchain market.
Which Firms Dominate The Blockchain Market Segments?
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 Trends Are Expected to Dominate the Blockchain Market in the Next 5 Years?
The consortium blockchain, also known as federated blockchain, is anticipated to significantly influence the blockchain market trend during the forecast period. This type of blockchain, which is a private permission form, allows numerous entities to join the network either through voting or a token system. Despite the centralization of authority nodes selection by organizations present in the network, the feature of decentralization is retained. These authority nodes are responsible for uninterrupted data or information exchange. An illustration of this was when Devon Energy Corporation, an American energy company, partnered with the industry experts from big energy firms to form the Blockchain for Energy consortium in August 2022. This alliance will facilitate the transformation and enhancement of Devon Energy's transaction, records, and data management systems by adopting innovative technologies and fostering collaborative efforts.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Blockchain Market?
2. What is the CAGR expected in the Blockchain Market?
3. What Are the Key Innovations Transforming the Blockchain Industry?
4. Which Region Is Leading the Blockchain Market?
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