III. Industry Analysis

According to market research, the global blockchain technology market size reached $5.92 billion in 2021 and is projected to grow from 2022 to 2030 at a CAGR of 85.9%. The market expansion can be accredited to the increase in venture capital funding for blockchain technology companies.¹Among the different segments, the public cloud segment dominated in 2021, accounting for over 60% of the global revenue due to the growing demand for blockchain protocols and standards such as Openchain, Ethereum, and Hyperledger.²The payments segment held the largest market share, more than 44%, because of the efficiency it offers in payment systems, cost reduction, and transparency.³The financial services segment was the second largest in 2021, accounting for more than 38% of the global revenue, as it helps manage financial transactions in businesses. ⁴In 2021, North America had the highest market share of over 37%, primarily due to the surge in the adoption of blockchain technology by organizations and the rising usage of cryptocurrencies among individuals in the region.⁵
The demand for global cryptocurrency market size was valued at around $800 million in 2020 and is expected to reach around $5.2 billion by 2028, growing at a CAGR of 29.5% during the forecast period 2021–2028.⁶The global cryptocurrency market is poised for rapid growth due to the increasing need for transparency in payment services. This growth will be driven by the improved accessibility to information and greater independence in payment transactions in various economic sectors, including insurance, financial services, and banks. Europe is projected to hold a substantial market share and remain dominant over the next few years, with Germany being a significant contributor to the region's cryptocurrency market. The European market's growth is being propelled by a high number of mining pools and the growing adoption of digital currency among various traders.  

The market size of blockchain-based Decentralized Exchanges (DEXs) has grown significantly in recent years. According to a report by Dune Analytics, the monthly trading volume on Ethereum-based DEXs alone exceeded $50 billion in August 2021, up from less than $1 billion in January 2020. This represents a 50x increase in just over a year and a half. Moreover, the overall market size of the decentralized finance (DeFi) ecosystem, of which DEXs is a part, has grown substantially. According to data from DeFi Pulse, the total value locked (TVL) in DeFi protocols surpassed $100 billion in May 2021, up from less than $1 billion in early 2020. This growth is anticipated to continue in the coming years as more traders and investors become aware of the benefits of DEXs and DeFi. Additionally, the ongoing development of new blockchain networks and technologies is likely to drive innovation and further growth in the DEX market.  

1.https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market
2.https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market
3.https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market
4.https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market
5.https://www.grandviewresearch.com/industry-analysis/blockchain-technology-market
6.https://www.globenewswire.com/news-release/2022/02/16/2386040/0/en/Global-Cryptocurrency-Market-Size-Share-Worth-USD-5200-Million-Globally-at-a-29-5-CAGR-by-2028-Industry-Trends-Forecast-by-Facts-Factors.html