Blockchain Market - Regional Analysis
North America Market Insights
The North America market is projected to garner 35.4% of the market share by 2035. The growth of the market in the region can be attributed to the rising favorable state-level policies. In the U.S., a 2022 study conducted by the Federal Reserve Bank of St. Louis stated that more than 4.3% of households in the country owned cryptocurrency. Additionally, various private enterprises in the country are adopting Blockchain-as-a-Service platforms to incorporate safe hybrid cloud deployment. Additionally, the integration of decentralized finance, or DeFi, offers robust staking and lending options.
The market in Canada is witnessing an aggressive digital transformation across banking and insurance. These factors are resulting in the increased demand for blockchain as an underlying technology. Also, the increased inclusion of blockchain with IoT and AI is unleashing new governmental uses in the country. The vibrant ecosystem of the country for startups is supported by government policies. The highly globalized population of the country creates a significant demand for affordable and faster cross-border payments. Prominent Fintech companies such as Newton are capitalizing on blockchain for crypto-based transfers, mainly for remittances.
Asia Pacific Market Insights
The Asia Pacific region is surpassing the global blockchain growth benchmarks across gaming, finance, etc. The growth of the market in the region can be attributed to the rising usage of blockchain in the gaming and healthcare industries. In China, the expansion of the blockchain is underpinned by large-scale investments in research and development. Various top-tier cities in the country are proactively making urban blockchain infrastructure, endeavoring to speed up the technological deployment across various economic sectors in the coming years. According to the Atlantic Council Digital yuan is the largest CBDC pilot in the world, and in 2024, the total volume of transactions reached USD 983 billion.
In India, the Ministry of Electronics and Information Technology launched the National Blockchain Technology Stack, Vishvasya, which facilitates trust by developing new types of distributed architecture for software. It is a Block as a Service model, which renders security assurance to many components of the blockchain. Such initiatives are highlighting the commitment of the government to blockchain development. Also, the flourishing digital payment ecosystem, pioneered by UPI and is widespread. The country has tech-savvy demographics and rising enthusiasm for making investments in cryptocurrency. These factors are fueling the market growth during the forecasted period.
Europe Market Insights
The growth of the Blockchain market in Europe is set to witness a significant share, fueled by CBDC momentum and an increase in initiatives from the government. In the UK, according to the data published by the Financial Conduct Authority in 2024, more than 12.2% of adults are owners of cryptocurrency. Also, the government-led digital strategy plan, such as the Financial Conduct Authority, is actively transforming crypto assets and tokenized securities. Other initiatives, such as the Cryptoasset Financial Promotions Regime in 2023, create a safer ambience for consumer adoption.
Additionally, according to Germany Trade and Invest in 2024, the number of companies using or planning to use blockchain rose to 7.1% in 2024 in comparison to the previous year. These factors are catalyzing the market growth during the forecasted period. Moreover, Prominent companies are tapping into the potential of blockchain to manage complicated operations amidst Industry 4.0. The country has crafted an innovation-friendly environment for blockchain adoption and legalizing digital securities. Also, in 2024, DZ Bank launched its blockchain-based crypto custody platforms to serve institutional clients. Market players are using blockchain for deep industrial and logistics cases and financial sector integration.
