Blockchain Distributed Ledger Market 2024 Global Business Growth Competition Landscape Size Industry

Overview and Scope
A blockchain distributed ledger refers to a database that is distributed among several computers, nodes, institutions, or nations that helps to increase data transfer speed, reduce the need for a third party in corporate operations, and improve capital optimization. The blockchain distributed ledger is used in making payments, smart contracts, supply chain management, compliance management, and trade finance.

Sizing and Forecast
The blockchain distributed ledger market size has grown exponentially in recent years. It will grow from $14.11 billion in 2023 to $22.92 billion in 2024 at a compound annual growth rate (CAGR) of 62.4%. The growth in the historic period can be attributed to emergence of cryptocurrencies, particularly bitcoin, desire for transparent and tamper-proof recordkeeping, increased interest in decentralized systems, growing concerns about security and trust in digital transactions, adoption of smart contracts and automation.