Blockchain Technology Market

Market Definition

The market includes platforms and tools that enable decentralized data storage, secure transaction validation, and tamper-proof recordkeeping through cryptographic hashing and consensus protocols. It covers public and private blockchain systems used in sectors such as finance, healthcare, logistics, energy, and legal services. 

Processes involve peer-to-peer networks, smart contracts, and tokenization. Key applications include fraud prevention, digital identity, asset tracking, and transparent auditing. The report provides a comprehensive analysis of key drivers, emerging trends, and the competitive landscape expected to influence the market over the forecast period.

Blockchain Technology Market Overview

The global blockchain technology market size was valued at USD 32.22 billion in 2024 and is projected to grow from USD 61.29 billion in 2025 to USD 5681.53 billion by 2032, exhibiting a CAGR of 90.99% during the forecast period. 

Rising demand for decentralized financial services is fueling market growth by enabling secure, transparent transactions without intermediaries. Additionally, the integration of blockchain in supply chain transparency is enhancing traceability and reducing fraud, further accelerating market expansion.

Major companies operating in the blockchain technology industry are IBM, Oracle, Ripple Labs Inc., Block, Inc., Hela Network Limited, Coinbase Global, Inc., StarkWare, Alchemy Insights, Inc., Chainlink Labs, Fnality International, Securitize Markets, LLC, Bitfarms Ltd., Strategy, Core Scientific, Inc., and MARA holdings, Inc.

The use of smart contracts is increasing across industries for automating legal agreements, financial settlements, and procurement processes. These programmable contracts reduce manual intervention, eliminate intermediaries, and improve trust and compliance. Enterprises are integrating smart contract functionalities into their digital systems to enhance operational transparency and efficiency.

• In September 2024, Stacks, a Bitcoin Layer-2 network, recorded over 1,400 monthly smart contract deployments, its highest to date. This surge aligns with the anticipated Nakamoto upgrade, designed to reduce transaction confirmation times and enhance decentralized application support. This shift is supporting expansion in sectors such as banking, real estate, insurance, and logistics, where contractual obligations drive business operations.

Key Highlights

1. The blockchain technology industry size was valued at USD 32.22 billion in 2024.
2. The market is projected to grow at a CAGR of 90.99% from 2025 to 2032.
3. North America held a market share of 39.21% in 2024, with a valuation of USD 12.63 billion.
4. The platforms segment garnered USD 20.46 billion in revenue in 2024.
5. The public blockchain segment is expected to reach USD 2817.64 billion by 2032.
6. The on-premises segment secured the largest revenue share of 65.72% in 2024.
7. The small and medium-sized enterprises (SMEs) is estimated to grow at a staggering CAGR of 93.48% through the forecast period.
8. The payments segment secured the largest revenue share of 27.31% in 2032.
9. The BFSI segment is expected to reach USD 2723.09 billion by 2032.
10. Asia Pacific is anticipated to grow at a CAGR of 93.48% over the forecast period.

Market Driver

Rising Demand for Decentralized Financial Services

The rise of decentralized finance (DeFi) platforms is boosting the growth of the blockchain technology market. DeFi solutions allow users to lend, borrow, and trade digital assets without traditional banking intermediaries. 

The transparency, reduced transaction costs, and enhanced user control associated with blockchain-based financial services are drawing increasing attention from individual and institutional investors. As regulatory frameworks mature, the increasing number of firms are advancing the commercial adoption of blockchain within financial ecosystems.

• In October 2024, Azura, a new DeFi platform backed by the Winklevoss twins, launched following a USD 6.9 million investment round. The platform is designed to simplify DeFi by aggregating various decentralized applications into a single interface, facilitating easier access and cross-chain digital asset trading.

Market Challenge

Regulatory Uncertainty

Regulatory uncertainty presents a significant challenge to the growth of the blockchain technology market. Varying rules across countries create confusion and slow down adoption, particularly for companies operating globally. Compliance risks and unclear legal frameworks can deter investment and innovation.

To address this, key players are actively engaging with regulators to shape clearer policies. Many are also adopting flexible technology solutions that can quickly adapt to regulatory changes. Collaborations with legal experts and industry groups help firms stay informed and compliant, enabling smoother market entry and fostering trust among users and investors.

Market Trend

Integration of Blockchain in Supply Chain Transparency

Supply chain systems are using blockchain to provide end-to-end visibility, product traceability, and real-time auditing. Companies in manufacturing, agriculture, pharmaceuticals, and retail are adopting blockchain to validate product origin, reduce fraud, and ensure regulatory compliance. 

These capabilities are improving consumer trust and helping companies respond to recalls and disruptions faster. The ability to securely share supply chain data among multiple stakeholders is aiding market expansion.

• In October 2024, the European Union enacted the Ecodesign for Sustainable Products Regulation (ESPR), mandating Digital Product Passports (DPPs) for all goods sold within the EU by 2030. These passports, accessible via QR codes linked to decentralized IT systems, require companies to collect and share data on product materials, origins, and environmental impacts.

Blockchain Technology Market Report Snapshot

Market Segmentation

• By Component (Platforms and Services): The platforms segment earned USD 20.46 billion in 2024 due to its critical role in enabling developers to build, deploy, and manage decentralized applications efficiently across various industries.
• By Type (Public Blockchain, Private Blockchain, Consortium Blockchain, and Hybrid Blockchain): The public blockchain segment held a share of 50.09% in 2024, due to its open, decentralized nature, which fosters transparency, broad user participation, and trust.
• By Deployment Mode (On-premises and Cloud-based): The on-premises segment is projected to reach USD 3643.00 billion by 2032, owing to its enhanced data security, greater control over infrastructure, and compliance advantages preferred by enterprises handling sensitive information.
• By Organization Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises): The small and medium-sized enterprises (SMEs) segment is estimated to grow at a staggering CAGR of 93.48% through the forecast period, largely attributed to its growing adoption of cost-effective, scalable blockchain solutions that enhance transparency and streamline operations without heavy infrastructure investments.
• By Application (Payments, Smart Contracts, Supply Chain Management, Identity Management, Governance, Risk, and Compliance Management, and Voting): The payments segment held a share of 24.73% in 2024, propelled by its ability to enable fast, secure, and cost-effective cross-border transactions, meeting growing demand for efficient financial services worldwide.
• By End-use Industry (Banking, Financial Services, and Insurance (BFSI), Government, Healthcare, Retail and E-commerce, Logistics and Transportation, Energy and Utilities, IT and Telecom, Media and Entertainment, and Manufacturing): The BFSI segment is projected to reach USD 2723.09 billion by 2032, fostered by its high demand for secure, transparent, and efficient transaction processes that reduce fraud and improve operational efficiency.

Blockchain Technology Market Regional Analysis

Based on region, the market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The North America blockchain technology market share stood at around 39.21% in 2024, valued at USD 12.63 billion. North America is a global leader in Web3 development, with major hubs such as Silicon Valley and Toronto fostering innovation in blockchain-powered platforms, NFT marketplaces, and creator tools. 

The concentration of developers, investors, and communities has allowed rapid growth in consumer-facing blockchain applications. Moreover, major North American financial institutions, including investment banks and hedge funds, are investing in crypto custody, tokenization platforms, and blockchain research. They are integrating blockchain for fund management, real-time auditing, and risk assessment, contributing significantly to regional market expansion.

• In March 2025, JPMorgan Chase announced plans to launch on-chain foreign exchange functions in the first quarter of 2025, enabling round-the-clock automated multi-currency settlement. The bank's blockchain platform has processed over USD 1.5 trillion in transactions, including intraday repurchases and cross-border payments.

The Asia-Pacific blockchain technology industry is estimated to grow at a robust CAGR of 93.48% over the forecast period. Governments in the region have introduced national blockchain roadmaps to promote adoption across industries. These plans include funding, regulatory clarity, and infrastructure support. 

Government-backed projects in public administration, trade documentation, and digital identity are aiding regional market development. This institutional commitment is creating a stable environment that promotes investment and innovation, fueling domestic regional expansion.

Regulatory Frameworks

• In the U.S., Executive Order 14067 guides federal agencies on responsible innovation and consumer protection in digital assets. Proposed bills such as the Financial Innovation and Technology for the 21st Century Act and the GENIUS Act focus on regulating stable coins and defining oversight roles between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These efforts aim to balance innovation with market stability.
• The European Union’s Markets in Crypto-Assets Regulation (MiCAR) creates a comprehensive framework for licensing and supervising crypto-asset issuers and service providers. The General Data Protection Regulation enforces strict privacy standards that impact blockchain implementations, mainly regarding data erasure and protection. Additionally, the Crypto-Asset Reporting Framework, effective in 2026, requires detailed transaction reporting to tax authorities, improving transparency and tax compliance across member states.
• China’s blockchain regulations are shaped by the Cybersecurity Law and Data Security Law, which impose strict data localization and processing requirements. These laws govern personal data use and cross-border transfers, impacting blockchain applications that handle sensitive information. The regulatory framework emphasizes data security and government oversight, limiting certain blockchain activities while fostering state-supervised innovation.
• South Korea enforces blockchain regulations through the Act on Reporting and Use of Certain Financial Transaction Information, requiring virtual asset service providers to report suspicious transactions and implement anti-money laundering measures. The Virtual Asset User Protection Act, effective from 2024, introduces investor protections and promotes fair trading in crypto markets. These laws aim to strengthen market confidence and secure blockchain adoption.

Competitive Landscape

Major players in the blockchain technology industry are adopting strategies such as strategic acquisitions and technology integration. These initiatives help companies expand their service offerings and strengthen their presence in institutional finance, fostering innovation and creating new opportunities.

• In April 2025, Ripple Labs announced its agreement to acquire prime brokerage firm Hidden Road for USD 1.25 billion. This strategic acquisition aims to integrate Hidden Road’s post-trade operations into the XRP Ledger, enhancing Ripple’s position in institutional decentralized finance. The deal supports Ripple’s RLUSD stablecoin for cross-margining between digital and traditional assets, marking a significant step in Ripple's expansion into institutional markets.

List of Key Companies in Blockchain Technology Market:

• IBM
• Oracle
• Ripple Labs Inc.
• Block, Inc.
• Hela Network Limited
• Coinbase Global, Inc.
• StarkWare
• Alchemy Insights, Inc. 
• Chainlink Labs
• Fnality International
• Securitize Markets, LLC
• Bitfarms Ltd.
• Strategy
• Core Scientific, Inc.
• MARA holdings, inc.

Recent Developments (Product Launches)

• In April 2025, Fnality International introduced programmability and conditionality in its Sterling Fnality Payment System (£FnPS). This development allows for more flexible and automated wholesale payments, aligning with the evolving needs of financial institutions in a digital economy.
• In February 2025, Improbable, a company specializing in large-scale virtual simulations, launched the testnet for its new blockchain, Somnia. Designed to handle over 400,000 transactions per second, Somnia aims to support large-scale metaverse applications. Developed under Improbable’s Virtual Society Foundation, the project has secured up to USD 270 million in funding.