According to Fact.MR, the demand for blockchain technology is expected to grow in terms of value at a CAGR of 84 % over the assessment period. The report also predicts that by the end of 2032, the market for blockchain technology will have grown to more than US$ 3,273.83 billion.
The market expansion can be attributed to the BFSI industry's growing digitalization. Additionally, the market is anticipated to be driven by the expanding use of contactless blockchain digital ticketing at various events. Additionally, rising cryptocurrency usage is anticipated to fuel market expansion. This is so because blockchain technology underlies the operation of cryptocurrencies like bitcoin and Ethereum. The advantages of cryptocurrencies, including simple transactions, an inflation hedge, and improved security, are driving up demand.
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Startups are receiving funding from the DHS to conduct research and development into innovative uses of blockchain technology in cyber security. Over the forecast period, the COVID-19 pandemic is anticipated to have a favourable effect on market growth. The COVID-19 pandemic is predicted to increase online sales, which will increase demand for blockchain technology among e-commerce businesses. This technology is utilised by e-commerce businesses for supply chain management.
Key Takeaways from the Market Study
· By 2022's end, the global market for blockchain technology will be worth $7.36 billion.
· 39 percent of the revenue from the global blockchain technology market will come from financial services.
· Over 3/5 of global revenue, measured by enterprise size, will come from large enterprises.
· According to application, payments will represent more than 42% of revenue in 2022 and beyond.
· Public cloud, which is based on the cloud, will rule the market and generate over 60% of revenue.
Product innovation and wise mergers and acquisitions are reshaping the competitive landscape of the blockchain technology market. IBM Corp., Microsoft Corp., The Linux Foundation, BTL Group Ltd., Chain, Inc., Circle Internet Financial Ltd., Deloitte Touche Tohmatsu Ltd., Digital Asset Holdings, LLC, and Global Arena Holding, Inc. are a few well-known companies that produce blockchain technology (GAHI). To take advantage of lucrative opportunities in developing economies, front-runners are emphasising capacity improvements and global footprint expansion. The following are some noteworthy developments:
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Key Market Segments in Blockchain Technology Industry Research
- By Type
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Component
- Application & Solution
- Infrastructure & Protocols
- By Application
- Digital Identity
- Smart Contracts
- Supply Chain Management
- By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- By End Use
- Financial Services
- Media & Entertainment
- Transportation & Logistics
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How appealing are North American Growth Prospects?
In 2022, North America will rule the world market, accounting for over 36% of global sales. Regional market expansion is being fueled by organisations in the area's growing adoption of blockchain technology.
Blockchain technologies are becoming necessary as a result of the implementation of payment and wallet solutions, smart contracts, and digital identity detection solutions by sectors like government, retail, and BFSI. Additionally, one of the key factors highlighting the expansion of the regional market is the rise in cryptocurrency use among people.
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