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Blockchain Market: Major Trends Reshaping the Future of the Industry
Blockchain
What Is the Expected CAGR for the Blockchain Market Through 2025?
The size of the blockchain market has expanded rapidly in previous years. The market is expected to inflate from $28.93 billion in 2024 to an impressive $49.18 billion in 2025, boasting a compound annual growth rate (CAGR) of 70.0%. The historic growth of the blockchain market is primarily due to the rise of bitcoin, widespread acceptance of cryptocurrency, the launch of initial coin offerings (ICOs), the exploration of enterprise blockchain solutions, and the advent of smart contracts.
What's the Projected Size of the Global Blockchain Market by 2029?
In the coming years, it is anticipated that the blockchain market's magnitude will surge substantially, escalating to $216.82 billion by 2029 with a CAGR of 44.9%. The projected growth within this duration can be accredited to efforts towards environmental sustainability, the progression of smart contracts, an emphasis on security and privacy, interoperability solutions, and government and institutional incorporation. The forecast period is expected to see significant trends such as asset tokenization, decentralized finance (DEFI), NFTs and digital ownership, improved scalability, and business adoption.
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Top Growth Drivers in the Blockchain Industry: What's Accelerating the Market?
The surge in blockchain demand across various sectors and industries is predicted to propel market growth. Acting as the foundation for cryptocurrencies due to its decentralized nature, blockchain has found principal applications in financial services, providing safe, transparent, and secure digital transactions. Firms such as Circle and BitPesa are using blockchain technologies for global remittances. The technology is also being utilized in fields like supply chain, healthcare, government, and others. Dubai is spearheading this trend, with all government-related financial dealings being conducted via blockchain, making it the first government run on this technology. Beauhurst, for instance, stated in September 2024 that 546 active and dormant businesses are operating within the blockchain sector in the UK. Since the sector is still in its infancy, a remarkable 60.4% of these companies are categorized as seed stage, 20.6% are at the venture stage, and a meager 3.0% have attained the growth stage. Out of these, nearly 86.8% aim to develop application software, with a significant 33.7% also operating in the fintech sector. As such, the industry-wide demand for blockchain is anticipated to fuel the growth of the blockchain market.
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What Trends Will Shape the Blockchain Market Through 2029 and Beyond?
The forecast period for the blockchain market is expected to be heavily influenced by the trend of federated blockchain, also referred to as a consortium blockchain. This type of blockchain is a private permission form that enables multiple stakeholders to access the network through voting or a token system. Maintaining decentralization is done through the prior determinations of authority nodes by organizations in the network to enable persistent data or information exchange. For instance, Devon Energy Corporation, a US energy company, joined the Blockchain for Energy in August 2022. This blockchain consortium consists of industry professionals from leading energy companies. The participation in the consortium will aid Devon Energy in innovating and revolutionizing how it manages transactions, records, and data through collective work and the active creation of new technologies.
What Are the Main 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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Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Blockchain Market Through 2029?
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.
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