According to a Fact.MR report, sales of blockchain technology is projected to expand at a compound annual growth rate (CAGR) of 84% in terms of value during the period of assessment. Moreover, the report estimates the market for blockchain technology is likely to surpass $3.27 trillion by end of 2032.
The market growth can be attributed to the increasing digitalization across the banking, financial services, and insurance (BFSI) sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. Growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and Bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.
The Department of Homeland Security (DHS) is funding startups to conduct research and development to explore new approaches to cybersecurity using blockchain technology. The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to the COVID-19 pandemic are expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for the supply chain management.
- Global market for blockchain technology to reach $7.36 billion by 2023
- Financial services to account for 39% of global blockchain technology market revenue
- By enterprise size, more than 60% of global revenue to be contributed by large enterprises
- By application, payments to account for more than 42% revenue share in 2022 and beyond
- Public cloud to dominate the market, accumulating over 60% revenue
“The growing demand for blockchain across the government sector due to benefits, such as protection of sensitive data, reduced cost, and improved efficiency, is projected to drive the market growth.” said a Fact.MR analyst.
The competitive landscape of the blockchain technology market is shaped by product innovation and strategic mergers and acquisitions. Some prominent manufacturers of blockchain technology are 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. (GAHI). Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.