Blockchain - Industry - North America Market, Share and Trends 2023-2028

Summary of Blockchain

The blockchain industry in North America has seen tremendous growth and evolution over the past few years. Once viewed primarily as the technological underpinning for cryptocurrencies like Bitcoin even blockchain is increasingly being adopted across many sectors for its potential to streamline processes, reduce costs and add transparency. Based on our estimates, we can say that the regional North American blockchain industry is forecasted to be a $142.04 billion industry in 2029 from $25.6 billion in 2023 with a CAGR of 32.89 %.

Some of the key trends that have emerged in the North American region include: growing enterprise adoption of blockchain for applications like – supply chain management, digital identity and payments. There has also been a surge of investment and development of blockchain infrastructure to support these expanding uses cases.

Blockchain technology is gaining significant traction across a wide range of industries in North America as companies explore ways to streamline operations, reduce costs and add transparency. For example— several major retailers and logistics firms are testing blockchain solutions to gain better end-to-end visibility into international supply chains. This can help address issues such as counterfeiting, track recalls more efficiently and plan inventory more accurately.

Digital identity is another exciting area as more services move online. Blockchain can facilitate secure, decentralized identity verification and reduce fraud. For instance— governments are investigating how to issue verifiable credentials on the blockchain to confirm qualifications, access services and securely share attributes about citizens.

Recent Trends and Insights

The North American blockchain industry has matured significantly since the early days of cryptocurrency speculation. A growing number of large enterprises are actively experimenting and implementing blockchain solutions to address challenges in their operations.

According to a recent report— 34% of large North American companies have at least one blockchain project in production or testing. Supply chain management has been a major focus, with companies using blockchain to increase visibility, traceability and efficiency across complex international supply networks.

In the financial sector, blockchain payments networks are being developed and tested to enable real-time funds transfers with lower costs compared to legacy systems like SWIFT. Stablecoins in particular are seeing greater adoption as they aim to bridge traditional fiat currencies with cryptocurrencies in a way that mitigates volatility. Several major banks and fintech firms are partnering to explore blockchain-based cross-border payment corridors and remittance channels.

Hyperledger – based in Canada – has received over $300 million from members like IBM, Intel and JPMorgan Chase to develop open-source distributed ledger frameworks. R3 – headquartered in New York – has raised $150 million from banks to build blockchain networks for financial services.

Product Insights

To support the growing enterprise demand, blockchain infrastructure and platform companies have raised record levels of funding over the past two years. For example, major blockchain protocols like Ethereum have received billions of dollars of investment to support scaling for business use cases.

There has also been significant venture funding of blockchain application development companies across sectors like finance, healthcare, and government. Leading blockchain platforms focused on privacy and scalability like— Hyperledger and R3 are based in North America and working with many of the largest companies on implementations.

North American startups are also at the forefront of innovations in decentralized finance (DeFi), non-fungible tokens (NFTs) and blockchain identity solutions. There has also been significant venture funding of blockchain platforms and specialized application development companies.

Within decentralized finance— North American startups are pioneering innovations in lending protocols, stablecoin issuance, decentralized exchanges and other tools to recreate traditional financial functions without centralized intermediaries. The NFT sector is also flourishing, with North American artists and creators utilizing the unique verifiable scarcity of blockchain-based tokens to represent digital works.

Key Companies

Some major players within this vast domain of industry are

• Ethereum
• R3 Corda
• Hyperledger
• IBM Blockchain
• AWS Blockchain
• Chain
• Oracle
• SpinSys
• Factom
• Blockchain Foundry

Regional Analysis

Within North America, the United States and Canada have very active blockchain ecosystems with major hubs in cities like New York, San Francisco, Toronto and Vancouver. These regions have attracted a high concentration of blockchain and cryptocurrency companies as well as venture capital investment. For example— over 60% of global cryptocurrency exchanges are headquartered in North America.

There are also initiatives by governments in several states and provinces to pilot blockchain applications and develop supportive regulations. North America currently leads in the development of enterprise blockchain solutions and infrastructure. However— adoption may accelerate even more as global standards emerge and interoperability increases across platforms and geographies.

Governments are also supporting blockchain initiatives through pilot programs and efforts to develop a supportive regulatory framework. For instance, several states have formed blockchain task forces and are exploring use cases for applications like identity credentials, property records and healthcare data sharing. This type of involvement helps legitimize the industry and pave the way for wider adoption.

To keep up with growing enterprise demand, major blockchain protocols have focused on scalability upgrades through technical solutions like sharding and plasma. For example— Ethereum has undergone extensive development and testing of its Serenity upgrade – also called Ethereum 2.0 – to enable widespread business use of smart contracts.

Market Segmentation

By Type:

• Public blockchain
• Private blockchain
• Consortium or hybrid blockchain

By End User:

• BFSI
• Retail & e-Commerce
• Healthcare & Life Sciences
• Transportation & Logistics
• Government
• Media & Entertainment
• Travel & Hospitality
• Others

By Enterprise Size:

• Large Industries
• Small & Medium Industries

By Country:

• The U.S.
• Canada
• Mexico

Our Methodology

We have offered a well-founded review of the North American regional Blockchain Industry market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.