Blockchain - Industry - Global Market, Share and Trends 2023-2028

Summary of Blockchain

The blockchain technology market has seen tremendous growth over the past few years and is expected to continue expanding rapidly. Based on our estimates, we can say that the global advanced manufacturing industry is forecasted to be a $692.7 billion industry in 2029 from $80 billion in 2023 with a CAGR of 37.47%.

A confluence of factors is fuelling this growth including growing enterprise interest, rising investments, emerging use cases, supportive government policies and the overall rise of cryptocurrencies.

Large corporations across banking, supply chain, healthcare and other sectors have been actively exploring blockchain applications to increase efficiency, security and transparency. Billions of dollars have poured into blockchain startups through venture capital funding and corporate investments as strategic partnerships between blockchain firms and traditional industries increase. New and innovative use cases are emerging for areas like– digital identity management, payments, asset tracking, voting and more.

Governments worldwide have also recognized blockchain’s potential to bring trust and transparency. Initiatives have been launched applying the technology for areas such as — healthcare records, land registry, education certificates and more. The rise of cryptocurrencies like Bitcoin has drawn massive attention to the underlying blockchain networks powering them. As the market cap of digital assets surged over the past year, more eyes turned to the potential of decentralized ledger technologies.

Recent Trends and Insights

Increased Enterprise Adoption: More large companies are implementing blockchain networks and applications. According to Report, 94% of executives believe blockchain will significantly impact their industry in the next 3 years.

Growth of Crypto Jobs: The number of blockchain and crypto–related job postings has increased dramatically over the past year. LinkedIn reports postings grew over 11x from January to May 2022.

Web3 and Metaverse Growth: The concepts of a decentralized web and immersive virtual worlds are driving interest and investment in related blockchain projects and startups. The metaverse market alone could reach $800 billion by 2024.

Emerging Markets Adoption: Countries like India, UAE and Saudi Arabia have launched initiatives to apply blockchain for digital identity, payments, supply chain and government services to drive inclusion and efficiency.

Sustainability Applications: Blockchain is being explored to enable carbon trading markets and provide more transparency around ESG initiatives and supply chain emissions tracking.

Regulatory Developments: Leading economies are working to establish clear frameworks around cryptocurrencies and digital assets. New regulations may impact innovation and growth trajectories.

Research found that blockchain startup financing grew from just $200 million in 2016 to an estimated $2.2 billion in 2022, representing a compound annual growth rate of over 65%.

Product Insights

Cryptocurrency exchanges and wallets remain a major segment, with Coinbase and Binance leading the way. However, their dominance may be challenged by new entrants.

Smart contract platforms like Ethereum that enable the creation of decentralized applications are becoming increasingly important as more DeFi protocols and dApps emerge.

Supply chain management platforms leveraging blockchain for traceability and transparency are gaining traction among major brands and retailers. IBM Food Trust is a leader in this space.

Digital identity and credentialing solutions based on blockchain aim to give individuals control over their personal data and reduce fraud.

Key Companies

Some major players within this vast domain of industry are

• IBM
• Microsoft
• AWS
• Oracle
• SAP
• Intel
• Ripple
• Chainlink
• Algorand
• Hedera
• Stellar
• Ethereum
• Cardano
• Solana
• Tron
• Binance
• Crypto.com

Regional Analysis

In 2021, blockchain startups in America raised over $25 billion in venture capital, more than double the amount from 2020. Major investments that year included over $400 million raised by a company focused on AI safety, $350 million by a firm working in collectible digital assets and– over $310 million by an infrastructure provider for blockchain nodes.

Europe, the amount invested in blockchain companies was over $3 billion, with major rounds such as $400 million for a cryptocurrency company. Investments totaled $1.2 billion, including– over $815 million for a banking startup focused on digital assets. Meanwhile, investments in some regions reached — $800 million led by $120 million for a company creating blockchain-based games.

In an Asian market, estimates show around $5 billion invested despite a ban on cryptocurrency trading, focused on non-currency applications. Significant deals included $350 million for supply chain solutions and $200 million for a government blockchain project. Asian countries saw $350 million invested across identity, payments and supply chain sectors.

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 Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Our Methodology

We have offered a well-founded review of the 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.