According to market research and competitive intelligence provider Fact.MR, sales of blockchain technology is projected to expand at a CAGR of 84% in terms of value during the period of assessment. Moreover, the report estimates that the market for blockchain technology is likely to surpass US$ 3,273.83 Bn by end of 2032.
The market growth can be attributed to the increasing digitalization across the 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.
𝐆𝐞𝐭 𝐓𝐨 𝐊𝐧𝐨𝐰 𝐌𝐨𝐫𝐞: https://www.factmr.com/report/blockchain-technology-market
The DHS is funding startups to conduct research and development to explore new approaches to cyber security 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.
Key Takeaways from the Market Study
- Global market for blockchain technology to reach US$ 7.36 Bn by 2022-end.
- Financial services to account for 39% of global blockchain technology market revenue
- By enterprise size, over 3/5th of global revenue to be contributed by large enterprises
- By application, payments to account for over 42% revenue share in 2022 and beyond
- Based on cloud, 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.” says a Fact.MR analyst.
The competitive landscape of the blockchain technology market is shaped by product innovation and strategic mergers & 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. Some notable developments are as follows:
- In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion. The legalization of cryptocurrency in countries, such as Ukraine and El Salvador, is expected to create new opportunities for market growth.