Blockchain Market Size & Share, Growth Trends 2036 (2024)

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Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Blockchain Market size was valued at USD 17.6 Billion in 2023 and is anticipated to reach USD 1.81 Trillion by the end of 2036, expanding at around 72.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of blockchain is assessed at USD 26.43 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.

Blockchain Sector: Growth Drivers and Challenges

Growth Drivers

• Worldwide Surge in the Expenditure of Digital Transformation -Technology is a key component of corporate strategy owing to digital transformation. This method reduces operating costs and inefficiencies. The rising popularity of converting non-digital business processes to fully digital systems by transferring data to cloud-based databases and collaborating with various technological devices is predicted to drive the use of blockchain technology in a broad range of industries.For instance, by 2022, nearly USD 1.15 trillion are anticipated to be spent on worldwide digital transformation, with the same amount expected to reach approximately USD 3 trillion by 2025.
• Remarkable Adoption of Bitcoin Across the Globe –For instance, the count of worldwide bitcoin owners is expected to touch approximately 2 billion by the end of 2022. Furthermore, in 2021, the worldwide crypto population surged by +180%, from 110 million in January to 290 million in December.
• Escalating Trend of IoT –For instance, globally, more than 11 billion IoT devices were in use in 2021, and the count of active IoT device is anticipated to exceed around 26 billion by the end of 2030.
• Major Surge in Identity and Data Theft Activities –For instance, every year, over 400,000 people in the United States fall victims of phishing/vishing/smishing attacks.
• Growing Adoption of Digital Banking –For instance, in 2018, over 60% people in the United States utilized digital banking, and this ratio is expected to surge around 66% by 2022.

Challenges

• Surge in Cyber Attacks
• Huge Lack of Highly Skilled Professionals
• Lack of Awareness Regarding the Risks of Data Protection in Emerging Nations

Blockchain Market: Key Insights

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:

Blockchain Industry - Regional Synopsis

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 2036 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.

In the News

• 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.