More than just the famous technology behind Bitcoin, blockchain is a powerful part of the digitally-transforming world. A unique solution designed to bring transparency back to online transactions and ownership, Blockchain changed the world forever when it was introduced as the building blocks for cryptocurrency.
Capable of transforming everything from digital identity to banking, blockchain is having an increasingly significant impact on the way we live and work. Many people even believe this technology will be fundamental to concepts like the metaverse and web 3.0.
Today, we’ll be introducing a list of blockchain statistics you should know in 2023, to help you understand the impact of this amazing technology.
Key Blockchain Statistics – Editor’s choice
- The global blockchain market will be worth $1,431.54 billion by 2030, growing at a CAGR of approximately 85.9% between 2022 and 2030.
- Blockchain could boost global GDP by $1.76 trillion by 2030.
- 96% of financial service experts believe blockchain has achieved mainstream adoption.
- Blockchain in manufacturing is growing at a rate of 73%, between the years of 2023 and 2026.
- Provenance is the number one factor driving the adoption of blockchain.
- 52% of experts believe blockchain will be essential to verifying customer identity in the future.
Blockchain Statistics: General Market Statistics
1. The global blockchain market will reach $67.4 billion by 2026
(Markets and Markets)
An analysis of the Blockchain marketplace in 2021 by Markets and Markets found the industry should grow from a value of $4.9 billion (as of 2021), to $67.4 billion by 2026. According to the analysis team, this represents a Compound Annual Growth rate of 68.4% during the forecast period.
Markets and Markets believes the major driving factors contributing to the rapid growth rate of blockchain include increasing venture capital funding into the technology, and extensive use of the solution in banking and security. Companies and indivduals are increasingly using blockchain solutions for digital identities, and smart contract management.
2. Worldwide spending on blockchain solutions hit $6.6 billion in 2021
Research published by the Statista Research Department found global spending on blockchain solutions accelerated from 4.5 billion to 6.6 billion in 2021. In the years to come, increasing demand for security with digital identities and Web 3.0 is set to increase demand for blockchain.
By 2024, Blockchain spending is set to increase to around $19 billion, with more businesses leveraging the technology across data validation, data access, and identity protection strategies.
3. Blockchain will grow at a rate of 85.9% from 2022 to 2030
(Triple A and Grandview Research)
According to a study by TripleA and Grandview research, more than 300 million people worldwide owned or used a cryptocurrency in 2021, meaning they also interacted with an element of the blockchain. The report from Grandview Research also believes the market for blockchain is much larger than many analysts think.
The rapid digitization across the BPFSI sector, and the use of contactless blockchain ticketing at various events has the potential to drive the market. Grandview sees the industry growing at a rate of around 85.9% between the years of 2023 and 2030, to a value of $1,431.54 billion.
4. Blockchain will boost global GDP by $1.76 trillion by 2030
The PwC “Time for Trust” report on blockchain and the evolving market found the technology could improve global GDP by an average of $1.76 trillion by 2030. According to PwC economists, this is a total of 1.4% of the global GDP today.
The report defines blockchain as particularly valuable today, as 61% of companies are now placing digital transformation initiatives at the top of their list of priorities for growth. Blockchain also helps companies to address the rising demand for better security and transparency in the business world.
5. North America has the highest Blockchain market share
(Markets and Markets)
Markets and Markets believes North America will have the highest market share in the blockchain landscape in the years between 2022 and 2026. The region has achieved significant increases in platforms and services dedicated to blockchain in recent months.
According to Markets and Markets, the rising demand for blockchain in North America is linked to the early adoption of cryptocurrency in the region, and an increasing investment by businesses in new security and vulnerability management tools.
Blockchain Statistics: Markets for Blockchain
6. The financial sector accounts for around 30% of the market value for blockchain
According to Statista reports, there are a multitude of markets which can benefit from access to blockchain technology. However, the financial market currently accounts for more than 30% of the complete market value of the technology, as of 2020.
The value of the ecosystem has also begun to spread to other technologies, such as manufacturing (17.6%), distribution and services, (14.6%) and the public sector (4.2%).
7. Blockchain in healthcare will reach a value of $1189.8 million by 2028
(Vantage Market Research)
A report published by Vantage market research in 2023 found the global market size for blockchain in healthcare is expected to reach around $1189.8 million by 2028. This represents a CAGR (compound Annual Growth Rate) of 61.3% during this period.
According to the report, the rising issues with healthcare data breaches during the pandemic, the threat of counterfeit trugs and the rapid demand for transparency in the healthcare environment are all fuelling growth.
8. 96% of financial services pioneers believe blockchain has achieved mainstream adoption.
A Deloitte study into the marketplace adoption of blockchain in 2021 found around 96% of Financial Services pioneers believe blockchain is a broadly scalable solution, which has already achieved mainstream adoption.
93% of the pioneers also said they believe there’s a compelling business case for the use of blockchain, cryptocurrencies and digital assets in their organizations. The same number also claimed business partners, suppliers, and customers are discussing working on blockchain and digital assets as of 2021.
97% of pioneers believe their organization will lose opportunities for competitive advantage by failing to adopt blockchain, while 93% believe the technology will open the door to new revenue streams.
9. Blockchain in agriculture and food will reach a value of $1.48 billion by 2026
A report by BIS Research on blockchain technology and its impact on different industry environments found the solution will be worth around $1.48 billion in the agricultural and food sector by 2026.
The report identifies blockchain technology as a revolutionary change for the food and agricultural industry, as it provides precise and tamper-proof insights into inventory and food tracking. According to the analytics team, blockchain will help to store land records and other data, to keep food production safe even during natural calamities.
10. Blockchain market in manufacturing size grew to $85.64 billion in 2023
Manufacturing appears to be one of the fastest-growing environments for blockchain in 2023. According to a report by Global Newswire, the global blockchain in manufacturing market size increased from around $49.50 million in 20231 to $85.64 billion in 2023.
This incredible growth represents a massive CAGR of 73%. Continuing at this pace, the Global Newswire analysts suggest the market size for blockchain in manufacturing will reach around $778.05 million by 2026.
Blockchain Statistics: Blockchain Benefits
11. The number one factor driving blockchain adoption is provenance
According to market research from PwC, the number one use of blockchain (Ranked by its ability to generate economic value) is provenance. Blockchain has incredible potential to help companies verify the sources of their products and track supply chain movement, minimizing fraud and contamination issues. According to PwC, this will improve global GDP by around $962 billion by 2030.
The other biggest driving factors behind blockchain adoption include improved access to payments and financial instruments, with a value of $433 billion, and Identity management with a value of $224 billion.
Blockchain can also contribute to the global GDP by improving contract management and dispute resolution, and enhancing customer engagement, according to PwC.
12. Blockchain is forecasted to generate over $3.1 trillion in business value by 2030
According to analysts at Gartner, adding blockchain technology to the business environment could have a significant impact on enterprise value. The report suggests business value generated by blockchain will grow to around $176 billion by 2025, then to $3.1 trillion by 2030.
According to Gartner, enterprise architecture technology and innovation leaders should already be looking into the potential to achieve innovation and disruption via blockchain.
Gartner also believes that there’s still a significant amount of growth in the pipeline for the blockchain environment, as many platforms are still “fragmented” offerings.
13. 52% of FSIs believe blockchain will have value for verifying customers
The Deloitte Global Blockchain survey for 2021 found around 52% of all FSI respondents believe there will be strong potential for blockchain in verifying customer billing instructions and reducing fraudulent activities. Another 51% of respondents see value in blockchain and digital assets for signing contacts or agreements or verifying signatures.
51% of respondents also said blockchain will help with enabling financial inclusion, while 48% believe it will help with conducting know-your-customer checks.
14. 86% of tech-savvy teams believe there are huge benefits in Blockchain
A study into the blockchain market in 2019 from Deloitte found around 86% of tech-savvy executive teams believe there is significant business potential in blockchain. An even higher number of leaders said this technology has become a scalable solution.
In Deloitte’s follow up study in 2021, the number of executives who considered blockchain to be a scalable solution overall had decreased to around 81%. However, FSI innovators and pioneering technology adopters were much more likely to suggest blockchain could be a scalable solution (96%).
15. Blockchain could add $407 billion to the GDP in the USA alone
The PwC 2020 “Time for Trust” study demonstrated a significant potential boost to GDP from blockchain for virtually every country worldwide. Perhaps the most significantly influenced country was China, with a potential boost to GDP of $440 billion by 2030.
However, the USA also has a lot of potential to unlock from blockchain for new jobs and financial growth, with a potential boost of $407 billion by 2030.
The UK stands to achieve a $72 billion boost to the economy (the same as Japan), while Germany could see a $95 billion increase.
Blockchain Statistics: Blockchain Trends
16. 68% of executives believe data security and privacy are the areas in greatest need of modification to help boost blockchain adoption
While adoption of blockchain technology is growing rapidly around the world, experts predict there are significant areas of regulations which need to be modified to allow the technology to go mainstream. Around 68% of respondents in a Deloitte study said security and data privacy need to be upgraded in the regulatory landscape today.
57% of respondents said industry-specific regulatory issues were in need of modification, while 49% cited internal controls and financial reporting.
17. More than $270 billion in assets have been transferred via blockchain
According to Gartner, more than 300 million transactions had occurred in the blockchain landscape by 2017 alone, accounting for around 300 transactions overall. Since then, experts predict the number of assets transferred through blockchain technology has increased significantly.
Notably, these assets account not just for the exchange of cryptocurrencies, but for a range of varied pieces of content and tools, including NFTs.
18. Secure information exchange represents the most significant use case for blockchain
The Deloitte 2021 blockchain survey found around 45% of all FSI respondents believed blockchain would be essential to the secure exchange of information in the digital landscape. Other use cases cited by respondents included managing digital currency (44%), asset tracking and management (40%), and digital identification (40%).
Around 36% of respondents believed the blockchain would be essential with regulatory compliance, and 34% said it would give them more financial flow traceability.
19. There are more than 68 million blockchain wallet users
While there are many potential uses for blockchain, cryptocurrencies still account for a significant percentage of the market value. As of 2021 there were around 68 million blockchain wallet users in the industry. This number is growing as more cryptocurrencies are introduced into the market. However, Bitcoin continues to lead the market at this time.
According to Finances Online, the number of blockchain users in the world has increased significantly over the last five years. In 2016, there were only around 8 million wallets active online.
Blockchain Statistics in 2023
Hopefully, the blockchain statistics above have given you an interesting insight into the marketplace, and how rapidly this environment is growing. As demand for concepts like decentralization, web 3.0 and the metaverse continue to grow, the need for blockchain innovation will accelerate too.
There’s no doubt we’ll continue to see more companies investing in the blockchain and the benefits it can offer in the years ahead.