Blockchain Market size is poised to cross USD 169 Billion by the end of 2035, growing at a CAGR of 60% during the forecast period, i.e., 2023-2035. In the year 2023, the industry size of blockchain was over USD 6 Billion. The growth of the market is primarily attributed to the massively escalating venture capital (VC) funding in blockchain technology. For instance, in 2021, venture capital (VC) funding for blockchain and cryptocurrency businesses reached nearly USD 28 billion.
Blockchain refers to continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. A blockchain is inherently resistant to modification of the data. Moreover, block chain is the digital and decentralized ledger technology that records all transactions without the need for a financial intermediary such as a bank. If a code hash has been assigned to the block, it is able to be added to the blockchain. This technology has a wide range of applications, including agriculture, healthcare, retail, finance, and others. Its instant traceability and transparency makes the blockchain technology most versatile and useful for financial services too. For instance, by embracing blockchain, financial institutions are estimated to save up to USD 15 billion annually.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2023-2035 |
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CAGR |
60% |
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Base Year Market Size (2023) |
USD 6 Billion |
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Forecast Year Market Size (2035) |
USD 169 Billion |
Application (Payments, Digital Identity, Smart Contracts, Supply Chain Management)
The global blockchain market is segmented and analyzed for demand and supply by application into payments, digital identity, smart contracts, supply chain management, and others. Out of these, the payments segment is projected to grasp the largest market share over the forecast period backed by the growing online transactions and payments procedures via using varied cloud services. For instance, globally, the value of all transactions in the digital payments sector is anticipated to reach nearly USD 7.80 trillion in 2022.
Our in-depth analysis of the global blockchain market includes the following segments:
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By Type |
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By Component |
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By Deployment |
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By Application |
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By End-User |
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Regionally, the global blockchain market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2035 backed by the growing use of cryptocurrency in the region, along with the adoption of blockchain technology, and presence of major vendors who have been providing blockchain solutions. For instance, in the United States, around 25% of individuals that represents nearly 58 million individuals owned at least one cryptocurrency in the year 2021. Furthermore, the acceptance ratio of bitcoin is also shooting up in business sector as well, which is also fueling up the growth of blockchain market. Currently, numerous enterprises have been accepting the cryptocurrency in North America region. For instance, by the end of 2020, more than 2,400 US companies had accepted bitcoin.
Tata Consultancy Services Limited, launched Quartz, which is estimated to enable banks and investment firms to facilitate their clients to invest in cryptocurrencies and digital assets.
Amazon Web Services, Inc. announced the Amazon Managed Blockchain service, a fully managed service that enables the creation and management of scalable blockchain networks. It allows for the scaling to handle millions of transactions and thousands of applications using popular open-source frameworks such as Hyperledger Fabric.
Author Credits: Abhishek Verma, Hetal Singh
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