Blockchain technology market size worth $3.27T by 2032
Growing at a CAGR of 84%
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.