Blockchain Market Size, Share, Growth Analysis, By Component(Platforms/software, Hardware, and Services), By Type(Public, Private, Hybrid), By Application(Supply Chain Management, Cryptocurrencies, Financial Services, Smart Contracts), By Organization Size(SMEs and Large Enterprises), By End-User(BFSI, Healthcare & Lifesciences, Media, Entertainment & Games), By Region - Industry Forecast 2024-2031

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.