The Ultimate List of Blockchain Statistics of 2022
Blockchain technology addresses many business issues. And with 74% of executives agreeing that traditional ways of doing business are not sustainable, almost all the industries appreciate new technologies like blockchain. In fact, 81 of the top 100 companies are already developing and researching blockchain technology.
Scroll down to discover key blockchain statistics and learn how industries and leaders worldwide are using blockchain technologies. You will learn about the blockchain's top use cases. The barriers faced by organizations while adopting blockchain. The adoption rates of blockchain and why even the best ecommerce platforms are allowing merchants to accept cryptocurrencies.
5 Blockchain Statistics That Will Make You Think
- The global blockchain market is expected to grow from US$ 7.18 billion in 2022 to US$ 163.83 billion by 2029. It is estimated to grow at a CAGR of 56.3% from 2022 to 2029.
- 10% of the global GDP will be stored on blockchain technology by 2027. PWC estimates up to 15% of the global infrastructure will be using blockchain by 2030.
- 83% (up from 77% in 2018) of executives in the financial sector say they will lose an opportunity for competitive advantage if they do not adopt blockchain technology and digital assets.
- Blockchain-based solutions could bring down the infrastructure costs for 8 of the world’s 10 largest investment banks by 30% (translates to about US$ 8 – 12 billion per year).
- 4% of the world’s population is already using blockchain; men make 91.5% of all cryptocurrency investments.
Blockchain Statistics: Global Market Size and Revenue
1. The global blockchain market is expected to grow from US$ 7.18 billion in 2022 to US$ 163.83 billion by 2029. It is estimated to grow at a CAGR of 56.3% from 2022 to 2029.
(Statista, Global News Wire, Fortune Business Insights)
Data from different research studies show different projections:
- Statista's research study reveals that the current blockchain market is valued at US$ 7 billion. And its forecast suggests the blockchain market will be around 39.7 billion in 2025, exhibiting a CAGR of 80.2% between 2018 to 2025.
- Global News Wire research suggests the current blockchain market is US$ 4.39 billion (3 billion less than Statista's). And its projection estimates the blockchain market to be US$ 227.99 billion by 2028, growing at a CAGR of 72.9% during the forecast period.
- Fortune's research is already outlined. The current valuation of the market is US$ 7.18 billion, and the projection anticipates the market to be around US$ 163.83 billion, growing at a CAGR of 56.3% during the forecast period.
Whichever it may be, all the studies suggest that the blockchain market will experience massive growth in the coming years.
Moreover, if it weren't for the pandemic, the projections would have suggested even high figures.
Fortune's blockchain market statistics highlight that the pandemic has badly impacted the blockchain market. So much so that the global blockchain market exhibited a decline of 52.86% in 2020 compared to 2019.
2. North America (US$ 2.2 billion in market share) dominates the current global blockchain market. However, studies predict that the Asia-Pacific region will grow at the highest CAGR from 2021 to 2027.
(Fortune Business Insights, PWC)
The Asia Pacific blockchain market will witness the highest growth, with a 54.4% CAGR during the forecast period (2021-2027). Furthermore, the Chinese market will soak up 70% of total blockchain investment in APAC.
Still, North America will continue to dominate the blockchain market during the forecast period.
As of 2021, North America contributed 46% of the growth of the global blockchain technology market size. There are more than 700 blockchain companies in the US.
Moreover, all the key players like IBM, Amazon Web Services, Applied Blockchain, and Intel Corporations are from the US. Additionally, the government funding and initiatives towards implementing blockchain technology are also highest in the US compared to the rest of the world.
Equally important to note, the primary driving factor contributing to the high growth rate of the blockchain market is the increasing need for digital-ledger solutions, given the rise in identity and data theft activities.
3. 10% of the global GDP will be stored on blockchain technology by 2027.
(World Economic Forum, PWC)
Additionally, PWC’s global blockchain technology market stats estimate that blockchain technology can boost global GDP, with a market value of US$ 1.71 trillion by 2030.
Focusing solely on the US blockchain market size, PWC estimates that blockchain will contribute US$ 407 billion to its GDP in over a decade.
As mentioned, the US (will reap the reward of US$ 407 billion) and China (1.7% boost to its GDP) will benefit the most from blockchain technology.
Plus, Gartner’s blockchain predictions suggest that blockchain will generate new business value worth US$ 3.1 trillion by 2030. The same report suggests that blockchain technology could enhance the state of 40 million jobs over the next decade.
Moreover, 73.1% of survey respondents (conducted by WEF) believe that the government will start collecting taxes in blockchain by 2025.
Blockchain Statistics: Top Use Cases
4. Cross-border payments and settlements were the largest blockchain technology use case in 2021, accounting for 16% of the global blockchain market size.
As of 2021, the financial sector accounts for 16% (14% down from 2020) of blockchain spending. And the second-largest blockchain technology use case was provenance, accounting for 10.6% of the worldwide spending on blockchain technology.
In 2020, the banking and financial market accounted for 30% of the global spending on blockchain technology. Process manufacturing accounted for 11.4% of all blockchain spending.
Moreover, the global spending on blockchain solutions reached 6.6 billion dollars in 2021. And the worldwide spending on blockchain solutions is expected to reach US$ 19 billion by 2024.
Statista’s blockchain stats highlight that earlier in 2018, the financial sector was the leader in using blockchain technology, with 46% of the market capitalization. Industrial products (12%), manufacturing (12%), energy and utilities (12%), healthcare (11%), government (8%), retail (4%), and entertainment (1%) occupied the other 54% of the market value.
The years of comparison clearly indicate the adoption of the blockchain (around the world) is expanding across industries, and it is not just limited to the financial sector.
5. The blockchain in the healthcare market was valued at US$ 281 million in 2020 and is forecast to witness a 52.1% CAGR (compound annual growth rate) from 2022 to 2027.
The public segment accounted for US$ 200 million in the healthcare market. Clinical trials accounted for 18% of worldwide spending on blockchain solutions in the healthcare sector.
Equally important to note, HealthCareWeekly’s key blockchain statistics suggest that blockchain adoption could save the healthcare industry up to US$ 200 million annually.
Healthcare is one of the top industries that will use various blockchain solutions because the technology is immutable and secure. Blockchain technology can effectively prevent counterfeit drugs (market size exceeds US$ 75 billion) and medical breaches and increase the adoption of IoT technologies.
The good news is that 40% of healthcare executives consider blockchain one of the top 5 priorities for their organization.
Moreover, about 61% of pharmaceutical companies use AI, and most are working on blockchain deployment.
6. Digital currency (33%), data access (32%), and data reconciliation (31%) are the main areas of focus of the organizations working on blockchain technology.
(Deloitte's 2020 Global Blockchain Survey)
One of the significant concerns with blockchain adoption was almost all the organizations were adopting blockchain for payments and transactions.
However, as of 2020, the top use cases among the organizations working on blockchain technology were beyond payments and transactions.
Track-and-trace (27%), asset protection (27%), asset transfer (25%), certification (23%), record reconciliation (23%), and revenue sharing (23%) were cited as the primary areas of focus among the organizations working on blockchain technology.
Moreover, most of the blockchain companies working on developing blockchain technology are self-funding themselves by initial coin offering (selling coins to the people) and raising billions, as opposed to traditional debt/capital funding systems.
Blockchain Benefits Statistics
7. Organizations using smart contracts will enhance data quality by 50%.
Nevertheless, the same report from Gartner estimates that the companies using smart contracts would decrease data asset availability by 30% by 2023. Still, the net impact of smart contracts (self-executing contracts) on data and analytics is positive.
Furthermore, smart contract adoption and rising demand by platforms (Bitcoin and Ethereum), technology (Ripple, Namecoin), and end-users drive its growth. Its market was valued at US$ 144.95 million in 2020 and is forecast to reach US$ 770 million by 2028 at 24.55 CAGR (compound annual growth rate).
8. 17% of organizations say new products and services are one of the top three benefits of utilizing blockchain technology.
(Accenture, World Economic Forum)
Almost 51% of organizations say they will miss out on new products and services if they do not use blockchain technology. 23% say they will miss out on speed and efficiency, and 15% say they will miss out on cost savings if they do not work with blockchain technology.
The private sector and all levels of government and government-controlled enterprises are also looking to adopt blockchain technology.
According to blockchain statistics from the World Economic Forum, over 40 central banks worldwide are already experimenting with blockchain technologies.
And this is not just limited to the financial sector; the same report suggests more than 220 ongoing blockchain research in the public sector across 45 countries.
Furthermore, the top reasons for blockchain spending are:
- Find out how blockchain networks are distributed.
- Find how they can trace the information stored on the blockchain network.
- And assess whether the data stored on the blockchain network can get tampered with or not.
9. 83% (up from 77% in 2018) of executives in the financial sector say they will lose an opportunity for competitive advantage if they do not adopt blockchain solutions and digital assets.
(Deloitte’s Global Blockchain Survey, 2021)
Moreover, 96% of FSI Pioneers (adopted blockchain tech) and 84% of FSI Overall believe blockchain technology has achieved mainstream adoption.
As much as 93% of FSI Pioneers believe their organization or projects use blockchain technology, digital assets, or cryptocurrencies, which is 10% more than the larger FSI Overall (83%) group.
Additionally, 93% of FSI Pioneers (13% more than the FSI Overall group) believe that using blockchain processes will make their money.
10. 80% of executives say blockchain technology is relevant to their business and see it as a top strategic priority.
(Deloitte’s Global Blockchain Survey)
Not just finances, the 80% agreement comes from business leaders (from around the world) across different industries, like technology, media, health, government, and communications.
- Over 40% of executives are ready to invest as much as US$5 million in blockchain initiatives relevant to their business.
- 53% (up from 43% in 2019) of leaders consider blockchain technology to be “critical” to their business. So much so that they see blockchain as a top-five strategic priority.
- Over 27% say blockchain tech is “important” to their business, but they do not consider it their top-five strategic priority.
In fact, only 3% (down from 4% in 2018) say that blockchain technology is irrelevant to their day-to-day business case.
Be that as it may, only 23% of executives have considered spending on blockchain solutions.
Moreover, as much as 43% (up from 37% in 2018) of executives say blockchain growth is overhyped. Although the attitude towards blockchain adoption is changing across industries, not all executives are on the same page.
11. Provenance (potential boost to global GDP by 2030: US$ 962 billion), payments and financial market (US$ 433 billion), and digital identity (US$ 224 billion) are the top uses driving the adoption of blockchain technology.
Blockchain technology can be a real differentiator in how organizations manage their supply chains. As a result, the provenance — revolutionizing the way organizations collect data and verify critical information using blockchain — is the top use case of blockchain across industries.
Contracts and dispute resolution (potential to boost global GDP by 2030 by US$ 73 billion) is another reason for increasing blockchain adoption. Retain that blockchain technology can bring together ledgers and improve the flow of commercial agreements.
Moreover, blockchain technology can also boost customer engagement (potential to boost global GDP by 2030 by US$ 54 billion) by integrating with CRM software and making them more user-friendly.
Additionally, companies can streamline processes, facilitate data sharing, and improve data integrity by using blockchain with ERP software.
12. 100% of FSI Pioneers believe that digital assets will be “very important” or “somewhat important” to their business.
(Deloitte’s Global Blockchain Survey, 2021)
On the other hand, only 79% of the FSI Overall group consider digital assets to be relevant to their businesses in the near future (within the next 24 months).
Nevertheless, more than three quarters (76%) of the FSI Overall group believe that digital assets will be very or somewhat important to their business in the next five to ten years. Among the FSI Pioneers group, the figure jumped to 93%.
13. Blockchain-based solutions could bring down the infrastructure costs for 8 of the world’s ten largest investment banks by 30% (translates to about US$ 8 – 12 billion per year).
(Accenture, McKinsey, and Deloitte)
Deloitte researchers estimate that the cross-border payments total around US$ 2 trillion annually.
However, it is important to note that international payments are highly mediated, so the cost of settling the payment is high. Usually, 2 to 3 percent of transaction value, sometimes as much as 10 percent.
Nevertheless, blockchain technologies could save retail banks about US$ 4 billion a year by cutting operating costs and regulatory fines linked with their traditional financial system (McKinsey reports).
Accenture's numbers are even higher, which reports banks could save up to US$ 12 billion, insurers about US$ 7 billion, and capital marketing firms about US$ 4 billion annually.
For instance, Accenture estimates:
- Organizations could cut 70% of the cost associated with financial reporting, given the distributed ledger technology will result in improved data quality and transparency.
- Organizations can reduce compliance costs by 30-50% at the product level, given the improved audibility of the DLT system.
- Blockchain tech can reduce the cost of their business operation by up to 50%, as the DLT system eliminates reconciliation and confirmation processes.
The good news is that 90% (as of 2018) of all US and European banks are working on blockchain-related projects to streamline their processes.
Blockchain Statistics: Top-Barriers and Challenges
14. Cybersecurity (71% of them), regulatory compliance (63%), and financial infrastructure (62%) are the top barriers to the acceptance of blockchain-based digital assets.
(Deloitte’s Global Blockchain Survey, 2021)
93% of FSI Pioneers (adopted or using blockchain technologies) are optimistic that implementing and using blockchain and cryptocurrencies will generate revenue. Among the FSI Overall group, the figure is 80%.
Nevertheless, there are reasons why most businesses choose not to implement or use digital settlements.
The business world says cybersecurity (71% of them), regulatory compliance (63%), financial infrastructure (62%), privacy (59%), brand adoption (47%), and finding talented individuals for handling the processes (41%) are the reasons why they are not optimistic about using and accepting digital settlements at present.
Unlike popular belief, it is essential to note that blockchain is not 100% secure. Its security depends on the adjacent applications, which have been breached.
15. 59% of organizations that invested in blockchain technologies have no confidence that the project would deliver a positive ROI.
Additionally, 38% of companies did not have a business value or use of blockchain technologies when investing.
On top of that, the organizations that expected a 24% ROI received about 10% return from the blockchain projects. Moreover, 47% of businesses invest in blockchain technologies solely for brand exposure.
Equally important, as much as 87% of organizations said that implementing blockchain processes, although crucial, will take time, as they have already invested in legacy technologies for the job.
In fact, most of them would consider other technologies over the blockchain as they believe other digital solutions may offer faster returns than blockchain solutions.
All the stats indicate the same thing: companies know that blockchain adoption could benefit them. But are afraid to work on blockchain because they cannot guarantee that it will not fail.
That is to say, until blockchain technologies become fool-proof, most companies are not likely to consider it a strategic investment. Nevertheless, when it comes to venture capital funding, blockchain companies (and startups) worldwide amassed US$ 2.6 billion in the first quarter of 2021 (more than the total funding for the entire of 2020).
Moreover, 60% of global organizations (surveyed) plan on investing more than 1 million towards blockchain development.
Also important to note that after so many years of continuous development, blockchain technology still struggles to emerge from Stage 1 (the pioneering stage).
And although the business world is relatively optimistic about blockchain growth. Still, only 3% of CIOs say they have live or operational projects based on blockchain technologies. In the US, 15% of the executives said their company had ongoing blockchain projects.
16. Cryptocurrency miners use over 0.2% of the world's electricity; the expansion of blockchain technology will likely increase consumption.
Bitcoin mining alone consumes 66.7 terawatt-hours per year, equivalent to the annual energy consumption of the Czech Republic.
For each block the cryptocurrency miners verify, the miners receive a reward of 12.5 Bitcoin. Nevertheless, about 60 – 80% of the bitcoin revenue generated by bitcoin mining goes for electricity.
Moreover, the price spike in bitcoin value will also push the energy needs. For instance, if the value of bitcoin goes up by 5x, the energy needed to mine bitcoins will also grow by 5x.
Blockchain Adoption Statistics
17. 4% of the world’s population is already using blockchain; men make 91.5% of all cryptocurrency investments.
(Bridging & Commercial)
81.96% of cryptocurrency claim to be beginners, while only 7.38% say they are advanced-level investors. Plus, almost 15.08% of all investors are computer and IT professionals.
18. 81 of the top 100 companies globally are actively developing and researching blockchain technology.
Based on the current market capitalization of the blockchain industry, economists expect the blockchain will deliver value across all industries, including healthcare, public services, manufacturing, banking sector, logistics, and retail. And these combined will benefit to the tune of US$ 574 billion by 2030.
19. 95% of auto-pioneers, 56% of OEMs, and 26% of suppliers are ready to make moderate to significant investments in blockchain works and technology within the next three years.
Additionally, the auto-pioneers expect greater returns (up to 11% or more) from the blockchain. At least 69% of auto-pioneers say they will break even within three years.
When it comes to the question of whether blockchain is market-ready in the auto industry or not, once again, it is the auto-pioneers (60% think it is) that have a greater perception of the blockchain readiness. At the same time, only 32% of OEMs and 39% of suppliers believe blockchain is market-ready in the auto industry.
Still, most executives, suppliers, and auto-pioneers have a positive perception of blockchain around the world, given:
- 62% of executives believe that blockchain technology will be a disruptive force in the automotive industry by 2025.
- 54% of executives say that new trends and technologies in blockchain will increase investments in this industry.
- 54% of auto pioneers say they will implement blockchain networks by 2025.
- 55% of auto pioneers and 47% of suppliers believe that using blockchain will improve data quality and information in their supply chain.
The adoption rates of blockchain in the auto industry highlight only 32% of OEMs, and 10% of suppliers believe they are ready to implement blockchain at a commercial scale.
Nevertheless, about 64% of OEMs (original equipment manufacturers) and 45% of suppliers are considering blockchain technology. 37% of OEMs and 7% of suppliers are already experimenting with blockchain technology.
Of the 2% of OEMs who have already implemented blockchain works and technologies say they want to improve supply chain monitoring and traceability.
Blockchain Statistics: The Digital Currency, Crypto Market, Transaction Volume, and The Bitcoin Network
20. Bitcoin (BTC) price reached an all-time high in 2021; a single bitcoin had a value of more than US$ 60,000 in 2021.
Blockchain technology predates Bitcoin by some 20 years. However, the blockchain implementation within bitcoin popularized the technology and led to massive adoption of blockchain across industries.
Today, bitcoin — market cap of around US$ 10 billion Δ — remains the most popular digital currency (referred to as cryptocurrency because of cryptographic encryption to verify transactions).
Bitcoin (40% Δ) and Ethereum (20% Δ) together make up half of the cryptocurrency market. (There are 18,465 cryptocurrencies in existence). The US SEC has regulated these coins, citing them as securities.
Together, the crypto market capitalization is US$ 2.21 trillion (Δ), reaching an all-time high of US$ 3.3 trillion in 2021.
Statista’s bitcoin stats highlights that the average daily trading volume is about US$ 120 billion (Δ — fluctuates drastically). Also important to note that there are about 75 million blockchain wallet users.
Moreover, Yahoo’s bitcoin statistics state that there are about 34,000 cryptocurrency ATMs globally, allowing blockchain wallet users to make cryptocurrency transactions.
Still, it can only make five transactions per second, which is way less than VisaNet’s transaction rate — it can handle 1700 transactions per second.
21. El Salvador made bitcoin a legal tender last year, further promoting the acceptance of bitcoin and other cryptocurrencies by ecommerce retailers.
One of the major problems with ecommerce sales is the cross-border settlements involving third parties and high transaction fees.
The good news is that 30% of US small businesses are handling cryptocurrency transactions. (Only 6% of the US general population has a blockchain wallet).
Microsoft (2014), Tesla (2021), and PayPal (2014) are the leading American companies that accept bitcoin transactions. Some 18,000 businesses around the world accept cryptocurrencies. Some companies like Amazon are planning to launch their cryptocurrency.
Moreover, individual sellers on Etsy and eBay also accept bitcoin payments. Even reliable ecommerce platforms like Shopify allow their merchants to accept bitcoin payments. Needless to say, the businesses will benefit from faster transactions, low transaction fees (from the usual 4% to 1%), and increased sales.
Furthermore, given the fact that nearly 4% of the world’s consumers hold cryptocurrency, small businesses need to accept cryptocurrency (make proper inquiry beforehand).
Blockchain Technology and Cryptocurrency As the New Frontier
Blockchain technology has relevant applications across all industries, from the banking sector benefiting from cutting operating costs and regulatory fines to the healthcare and pharmaceutical companies preventing counterfeit drugs. The auto industry is using it to improve supply chain management for businesses developing new use cases — this is just the beginning of the blockchain future.
A few years back, the global blockchain technology market was heavily occupied by the fintech segment; however, today, almost all sectors (like agriculture, manufacturing, and banks) of the economy have a blockchain use case.
Not to mention, blockchain technology has become a critical aspect of the ecommerce segment. From facilitating payments to improving customer engagement by integrating with the ecommerce CRM software and making them more user-friendly — blockchain technology is the next big thing for ecommerce.
Yes, the adoption is still low because of a lack of trust and regulatory compliance. Regardless, companies are still making investments in blockchain technology, although most are not considering it a strategic investment. However, given that countries have declared blockchain-based cryptocurrencies a legal tender, it is safe to assume that blockchain is far from plateauing.
- Global News Wire
- Fortune Business Insights
- Fortune Business Insights
- World Economic Forum
- Deloitte’s Blockchain Survey
- Deloitte's 2020 Global Blockchain Survey
- World Economic Forum
- Deloitte’s Blockchain Survey, 2021
- Deloitte’s Blockchain Survey
- PWC’s Future Blockchain Size
- Deloitte’s Global Blockchain Survey, 2021
- Deloitte’s Global Blockchain Survey, 2021
- Bridging u0026 Commercial