Global Blockchain Market

Blockchain Market Size, Share, Growth Analysis, By Component (Platforms/software, Services), Type (Private, Hybrid), Application (Cryptocurrencies, Smart Contracts), End-User (BFSI, Healthcare & Lifesciences), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45E2230 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 148 | Figures: 68

Blockchain Market Insights

Global Blockchain Market size was valued at USD 10.66 Billion in 2022 and is expected to grow from USD 17.32 Billion in 2023 to reach USD 842.24 Billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031).

Blockchain technology has emerged as a transformative force, offering decentralized and secure solutions for recording, verifying, and streamlining transactions and processes across industries such as finance, healthcare, manufacturing, and trading. 

Based on SkyQuest’s analysis, in July 2023, Responsible Financial Innovation Act was reintroduced (an updated version) for consumer protection against bankruptcies among blockchain companies and stakeholders. Therefore, providing stronger financial safeguards to consumers. The Chairman of House Financial Service Committe and the chairman of house committee of agriculture introduced Financial Innovation and Technology for the 21st century Act or McHenry-Thompson Bill, after eight days. This bill is for addressing gaps and clarifying existing regulations for establishing a regulatory framework for digital assets. They intend to integrate the regulation of digital assets into the U.S state without creating a new one. 

Our study reveals that, in March 2023 White House published the 2023 economic group vote of president which represents a 35-page digital asset chapter and digital currencies extensive detail.

In the past years, due to the disturbances in the blockchain projects, the market has witnessed a slight decline. Despite that the market bounced back and represented a continuous growth path. The recovery which has been attained is due to the rising adoption of cryptocurrencies around the world, the increase in the incorporation of blockchain technology in financial and retail sectors, and rising emphasis on cyber security and transparency.

US Blockchain Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Blockchain Market size was valued at USD 10.66 Billion in 2022 and is expected to grow from USD 17.32 Billion in 2023 to reach USD 842.24 Billion by 2031, at a CAGR of 62.5% during the forecast period (2024-2031).

The market is competitive with the presence of big and small players in the global blockchain market. The blockchains provide secure and transparent transactions which is contributing towards the market expansion. The companies are incorporating blockchain technologies for maintaining their competitive edge in the market the advancing the blockchain market, therefore contributing towards its expansion. 'AWS (US) ', 'IBM (US) ', 'Oracle (US) ', 'Huawei (China) ', 'Accenture (Ireland) ', 'TCS (India) ', 'Google (US) ', 'Alibaba (China) ', 'Microsoft (US) ', 'Ovhcloud (France) ', 'SAP (Germany) ', 'HPE (US) ', 'Tencent (China) ', 'Wipro (India) ', 'Infosys (India) ', 'Lumen Technologies (US) ', 'Digitalocean (US) ', 'Vmware (US) ', 'Akamai Technologies (US) ', 'Applied Blockchain (UK) ', 'Consensys (US) ', 'Contabo (Germany) ', 'Leewayhertz (US) ', 'Vultr (US) ', 'Cloudsigma (Switzerland) ', 'Mevspace (US) ', 'Scaleway (France)'

Increased Focus on Interoperability and Standardization: In the vast ecosystem of blockchain technology, the adoption of seamless interoperability among platforms is evolving like languages converging seamlessly. This is contributing to the incorporation of blockchain in different applications. Furthermore, the rising movement towards standardization in different platforms is presenting a common blueprint. This is driving towards ensuring uniformity and compatibility which is shaping the integration of blockchain landscape.  

North America is the largest region in the global blockchain market. The continuous rising investments by the major players in the blockchain sector and the growing startups ecosystem in this region are driving the market growth. The top technological companies which include established firms and startups are continuously investing in research and development and implementation which is driving the incorporation of blockchain solutions in different sectors, contributing towards its dominance. Based on our analysis, around 46% of the market is occupied by the North America due to adoption of government initiatives in different institutions which has led towards the growth of Canada and US. 

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Global Blockchain Market

Report ID: SQMIG45E2230

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