Blockchain Statistics 2022, Market Share, Data Analysis, Trends and Facts
Essential Blockchain Statistics
- Blockchain Statistics: Blockchain technology is not yet mainstream, but many more businesses recognize its value of it for their businesses.
- Blockchain technology has been used by businesses to help them speed up digital processes.
- This technology is in an exciting phase. Dynamic data is generated in real-time and presented time and again.
- You will learn the key statistics on the blockchain you should be paying attention to this year in this article.
- Very minute and keen observation of the industry can be obtained by looking at everything from market statistics for blockchain technology to individual use cases.
- These insights will allow you to decide if using the technology of blockchain is the right choice for your enterprise.
Blockchain Market Outlook
- The blockchain market has signs of promise. The global market grew by double digits in 2020 and is expected further growth over the next ten years.
- This has led to Square and Bitcoin being the leaders in blockchain revenue and Ant Financial filing many active Blockchain patents.
- The United States was the biggest contributor to Blockchain spending. Western Europe came in second.
- The banking sector was the industry that spent the most on blockchain technologies.
- Blockchain Market Sizes and Revenue
- The market for blockchain increased by 10.27% in 2020. (Source: Markets n Markets)
- 46% was contributed by North America in the year twenty to the global market’s growth in blockchain technology. This was due to the adoption of blockchain solutions in government institutions, which contributed to growth in Canada as well as the US. (Source: Business Wire)
- Its market size is expected to increase up to 39.7 billion dollars from just three dollars by the year 2025. (Source: Cision PR Newswire)
- In the month of February, the revenue collected through Blockchain was 623.699. (Source: Blockchain.com).
- Amazing figures showed with the spending figure on the worldwide front, it is estimated to be $17.9 billion by 2024. It will continue to grow annually at a compounded rate (CAGR of 46.4%). (Source: IDC)
- The top-notch expertise estimates that this technology will boost global GDP by 176,000,000,000 by 2030 which amounts to 1.4% of global GDP (Source: Price water house Coopers)
Blockchain Spending Worldwide
- With a total of 29.7%, the banking industry was the sector with the highest blockchain spending in 2020.
- Other large spenders in blockchain technology include process manufacturing at 11.4%, discrete manufacture at 10.9%, professional services at 6.6%, and retail at 6%. (Source: IDC)
- Blockchain spending will grow at the fastest rate in the professional service industry, with a CAGR estimated at 54%.
- This is followed by 43.97% by healthcare and 48.2% respectively by state and federal government. (Source: IDC)
- The US will spend $4.2 million in 2022. It will be the largest region spender on blockchain solutions. The People’s Republic of China ($1.4billion), Western Europe (2.9 billion), Asia Pacific & Japan (0.75 billion), Asia Pacific & Japan (0.8 billion), Middle East & Africa (0.56 billion), and others (1.91 billion) are the next highest regional spenders. (Source: Statista)
- The automotive industry will spend more on blockchain in 2019 than it did in 2019, at $849.5 million, and $14.731 billion in 2025. (Source: Cision PR Newswire)
Technology Application on Blockchain
- While the market for the technology of blockchain is rapidly expanding, there are a variety of opinions within organizations on blockchain adoption. While the vast majority of senior executives believe that blockchain has the potential for wide-scale adoption, only about 40% admit to having adopted it within the company.
- A report on blockchain technology found that Blockchain adoption is highest in China. However, only half of IT leaders indicated that they did not want to adopt blockchain solutions.
- Data shows that the US has the highest number both of cryptocurrency ATMs and users of blockchain wallets when it comes to cryptocurrency. Based on transaction volume and value, Russia was ahead of Ukraine and Russia in cryptocurrency transactions.
- Blockchain Technology is being widely adopted.
- 88% think blockchain technology will be adopted mainstream by senior executives. (Source: Deloitte)
- A survey revealed that 39% of those surveyed said that blockchain technology was being used in their companies. 41% reported revenue greater than $100 million. 46% also had revenue over one billion dollars. (Source: Deloitte)
- China is the strongest country for blockchain adoption. There, 70% of respondents said that blockchain was on their five top priority lists. It is only 42% that view it as a priority for organizations in Germany. (Source: Deloitte)
- Globally, currency in digital form (33% ), information to be accessed and shared (32%), or data reconciliation (31%) are the top uses of blockchain technology for organizations. Other top use cases for blockchain are the protection of identity (31%), payment (30%), and tracking & tracing (27%) (Source: Deloitte)
- Another study has shown that 36% of IT leaders are looking for blockchain security solutions. However, half of IT professionals were not interested in adopting blockchain security strategies. (Source: IDG)
- 40% of respondents stated that they intend to invest at least $5,000,000 in blockchain over the course of the next year. (Source: Deloitte)
- China is the country that will most benefit from blockchain technologies. China is projected to gain $440.4 million, or a 1.7% increase in its GDP in 2030. This is followed in the USA, where they expect a boost to four hundred 7.2 billion dollars. Germany at 95.3 billion dollars, and the UK, at 72.2 billion dollars. (Source: Price water house Coopers)
- Experts believe that blockchain technology will soon be used for 10 to 15% of the global infrastructure. (Source: Price water house Coopers)
- By 2030, blockchain will have 40 million new jobs. (Source: Price water house Coopers)
Cryptocurrency Statistics
- Based on the trading volume Binance ($28.85 billion), HBTC $14.44 billion, and Hydax Exchange ($12.19 billion) are the top cryptocurrency exchanges. Dsdaq ($11.97 billion), ZG.com (11.5 billion) and Xheta Global (12.07 billion). (Source: Statista)
- With a market capitalization of 66%, Bitcoin was the market leader. Ripple (3%) and Ether (8%) were close behind. Litecoin’s market cap was 1%, while Monero’s was 0.5%. Other cryptocurrencies had a cumulative 7% market capitalization. (Source: Statista)
- By 2020, 63,000,000 com wallets will be online. The number of wallets that use the blockchain has increased steadily since 2015. (Source: Blockchain.com)
- The United States has the most ATMs (14,112 or 83%). Europe takes the second spot with 1,258 ATMs (7.4%), while Canada comes in third with two thousand forty-six ATMs (2.3%). (Coin ATM Radar.
- More than a 1.193 million Ethereum transactions were made every day since February 2021. (Source: Statista)
- According to the Global Crypto Adoption Index, Ukraine, Russia, China, Kenya, and South Africa were the top five countries. (Source: Chainalysis)
- In the year two thousand twenty-twenty, the country Ukraine sent 8.2 billion dollars and received 8.5 billion dollars in cryptocurrency. Russia received $16.6 billion of cryptocurrency and has sent more than $16.8 billion. One reason for high levels of cryptocurrency adoption in these nations is low public trust and confidence in government, businesses, and the media. (Source: Chainalysis)
- The total count of Bitcoin transactions stands at 272,006. Bitcoin also made around thirty-three thousand transactions in the year 2020, the month of December, and transactions around four hundred thousand in 2021 the month of January. (Source: Statista)
Blockchain Statistics for Business
- Organizations will use private blockchain models once they have decided to implement blockchain. The top use for blockchain is data provenance. This model is expected to bring followers of billions to the economy which is at the global level over the next ten years. However, current views are divided on the value and importance of businesses of blockchain.
- Blockchain which is private is the most used model worldwide in organizations, representing 50% of all implemented models. Permissioned, private, and public blockchains follow at a 45% percentage of implementation globally. (Source: Statista)
- 55% of senior executives stated that Blockchain technology is a priority in their organizations. This number is 2% higher than the one in 2019. (Source: Deloitte)
- Experts in the UK logistics industry said that blockchain technology had “medium relevance”, while 23% said that it had “little relevancy” to them. (Source: Statista)
- The provenance of Data is the largest use case for the blockchain. This is when data can be recorded to prove the history. Its usage case is estimated that it will add $962 million to the global GDP for 2030. It is also impacted by identity ($224 billion), payment & financial ($433 billion), contract & resolution of disputes ($73 billion), customer involvement ($54 billion), and payment & financial ($433 billion). (Source: Price water house Coopers)
Blockchain Benefits
Business leaders view blockchain as an enabling technological technology that will allow them to transform their business. More than 80% of respondents believe that blockchain will allow them the ability to integrate business processes seamlessly, increase business functionality and comply with financial reporting regulations. Blockchain technologies have also brought about billions in cost savings for investment banks.
87% of global senior executives surveyed believed that blockchain will help them increase their integration towards the creation of touchless business processes.86% however believe that the blockchain will allow them to unlock new business functionality and revenue streams within their industry. (Source: Deloitte)
83% said that they are confident or “very” confident about fulfilling financial reporting requirements relating to blockchain. (Source: Deloitte)
Due to blockchain technologies, the world’s biggest investment banks saw a 70% reduction in central finance reporting costs. They also indicated a 30%- 50% reduction in compliance costs, 50% savings on centralized operations, as well as 50% savings on business operations. (Source: Accenture)
Final note: The largest investment banks around the globe can save $ 12 billion annually by using technologies for blockchain. (Source: Accenture)
Concerns about Blockchain
Implementation is a major obstacle to the adoption of blockchain technology. This means that it requires replacing or adapting the existing legacy systems in an organization. There are concerns about cybersecurity, standardization, as well as interoperability. As blockchain mining consumes a lot of electricity, people who want to adopt it must take into account the impact on the environment.
According to senior executives, the main obstacles to blockchain implementation are regulatory issues (30%) as well as potential security threats (29%) Lack of in-house capability (28%), uncertain ROI (28%), or concerns about competitive information (25%) were some other reasons. (Source: Deloitte)
58% of companies state that cybersecurity is just one issue that they are considering when implementing blockchain technologies in their digital assets strategy. (Source: Deloitte)
More than 6,500 blockchain-related projects rely on mostly standalone solutions and blockchain platforms. It is difficult to standardize and integrate the many different blockchain networks. (Source: Finextra)
Blockchain miners consume 0.2% of total world electricity. This makes it extremely difficult for anyone wanting to adopt blockchain technologies. (Source: 101 Blockchains)
Blockchain’s Other Uses Statistics
Blockchain technology has many interesting uses, beyond cryptocurrency. The technology of Blockchain uses it to authenticate luxurious goods and governments can monitor how many people have been vaccinated with COVID-19. Another emerging technology is non-fungible tokens. This allows for digital content ownership and exchange.
Fintech was the industry that attracted the most deals. In 2019, there were one hundred fifty closed deals. In contrast, the fintech industry saw 150 closed deals in 2019, with thirty-six deals that were closing in the infrastructure of blockchain and thirty-one in cybersecurity. (Source: Statista)
Nvidia’s GeForceRTX308080 sold for one hundred seventy-five million dollars during the quarter 3rd of 2020. While this series of graphics cards are designed for consoles for games which are video games or graphics cards, they are very famous among miners of cryptocurrencies. (Source: Bitcoin.com)
In a survey on basis of which it included 100 global companies that filed patent requests, China represented 46% of global blockchain applications. The US was second (24%), Japan (8%), and South Korea (7%), were other top-ranking countries. (Source: Statista)
Dogecoin was created from memes on the internet featuring a Shiba Inu-looking dog. In the year 2020 and the month of December, its trading price rose by 420% following Elon Musk’s tweet.
A non-fungible token, a type de blockchain technology proving ownership of digital assets, was purchased at auction by Jack Dorsey and sold for $2.9 Million. (Source: CBS News)
The process of a Blockchain enables fashion brands to trace the source and track the supply chains. This prevents counterfeit luxury goods manufacturing that has already cost $4.5 trillion. (Source: Forbes)
New York has just implemented a COVID-19 COVID-19 passport. It’s based in part on IBM, technology which is on heath pass and is digital. (Source: Forbes)
The blockchain industry is a fast-growing market and will soon generate billions in Blockchain revenue. These technologies are still being used in limited ways and new technologies are constantly improving their capabilities. It is safe to say that it will take many years for them to fully mature.
Business leaders’ mixed reactions regarding the importance of blockchain technologies are one of the main obstacles to their adoption. No matter their stance on the topic, it’s clear that there have been billions of cost savings for businesses by adopting blockchain technology. With a range of use cases that include financial applications, fashion, and healthcare, it is not surprising blockchain technology would be adopted well beyond the pandemic. While there are many benefits to blockchain technology, companies looking to adopt it need to take into account implementation challenges, cybersecurity concerns as well as environmental impacts when evaluating the options.
Sources
FAQ.
According to research, 89% of Americans have heard of Bitcoin. Around 106 million people worldwide use cryptocurrency as of 2021. A share of Bitcoin is owned by 46 million Americans, roughly 22% of the adult population.
More than 68 million blockchain wallet users are active. While blockchain has many uses, cryptocurrencies still make up a large portion of the market. There were 68 million users of blockchain wallets as of 2021.
Since 2016, the individual use of blockchain technology has increased significantly. Statisticians in 2020 reported that there were over 40 million blockchain wallets by 2020, compared to 10 million in 2016.
In 2018, the global blockchain market was worth 1.57 billion U.S. Dollars. It is expected to grow to 163 billion U.S. Dollars by 2027, more than 100 times.
Blockchain is a distributed digital ledger that allows peer-to-peer transactions to be time-stamped. Its applications are almost limitless. Data shows that blockchain technology has the potential to revolutionize business models, lending, security, and digital property. This is only a small part of the technology's wider capabilities.
Pramod is an entrepreneur and has a background both in technology, web development, and digital marketing. In his early years of his career, Pramod worked with various market research agencies. These ranged from small startup businesses to large-scale online marketing agencies. This gave him the opportunity to connect with large-scale companies worldwide. He has over 10 years experience in market research and digital marketing.
