Blockchain Technology Market Size and Share to Exceed US$3,273.83 Billion by 2032 | Industry Report and Forecast by Fact.MR
Blockchain Technology Market Analysis by Type, by Component, by Company Size, by Application, by End-Use, and by Region – Global Forecast 2022-2032
ROCKVILLE, MARYLAND, USA, March 10, 2022 /EINPresswire.com/ — Blockchain Technology Market Outlook
The blockchain technology industry has a market value of US$7.36 billion in 2022 and is expected to grow at an annual rate of 84% from 2022 to 2032, reaching a value of US$3,273.83 billion.
Many FinTech companies are interested in Blockchain technology, in addition to various financial institutions. Due to the growing number of potential applications in many fields, large companies have started working on the platform. There has also been a noticeable increase in the number of new start-ups specializing in blockchain technology. These new ventures are supported by an increase in venture capital funding for blockchain-related businesses. Although this technology has significant advantages, it is limited by a number of variables.
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The laws imposed by the various governments are a big obstacle for this technology. There is no centralized regulatory authority and larger countries have their own laws and rules. Technical challenges and cyber dangers, in addition to legislation, are the main barriers to the adoption of this technology. The increasing frequency of cyberattacks is a major barrier to the adoption of this technology because all transactions are carried out on network nodes. Despite the fact that the blockchain technology market is plagued with administrative loopholes and security issues, the technology is expected to gain significant traction in the coming years.
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 GlobalArena. Holding, Inc. (GAHI). Front Runners is focused on capacity improvements and global footprint expansion to capitalize on lucrative prospects in developing economies. Some notable developments are:
• In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it had raised $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.
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Huge Government Investments in Blockchain Technology Development Projects Propel Asia-Pacific Market Demand
Due to increased digitalization in the BFSI industry in Asia-Pacific, the market share is expected to increase over the forecast period. The South Korean government is pumping money into companies to grow the country’s blockchain industry. The government, for example, intended to invest $206 million in blockchain technology development initiatives in 2018. The fund will be used to fund approximately 100 blockchain companies as well as 10,000 industry employees trained in blockchain technology. this technology, according to the Ministry of Science.
The government intended to streamline investment in a number of areas, including online voting, real estate, documentation, maritime logistics, customs clearance and keeping livestock records. This will help the country expand its blockchain technology market share. Additionally, the government intends to subsidize private blockchain-based efforts to develop smart cities and smart industries projects, which will expand the market size.
COVID-19 Impact Analysis
In 2021, the market increased due to the COVID-19 pandemic. The development of a COVID-19 pandemic management framework relies heavily on blockchain technology. Blockchain technology is being used by a number of hospitals to track the COVID-19 vaccine. This system is used by two hospitals in Warwick (London) and Stratford-upon-Avon to monitor the storage of temperature-sensitive COVID-19 vaccines.
The COVID-19 outbreak has had little impact on the blockchain technology market. During the outbreak, however, the influence and popularity of digitization to encourage contactless payments has grown significantly. Therefore, this factor can have a significant impact on the growth rate of the blockchain technology market.
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The Blockchain technology market has grown in response to the growing demand for digital identification. The many identity platforms based on blockchain technology have a wide range of uses in controlled and unregulated countries with inadequate identification procedures. At the national level, some governments have implemented identification systems based on Blockchain technology market demand to encourage transparent and secure interactions between the public and private sectors. Since 2018, some governments have used blockchain technology in their nationwide e-citizen programs. As a result, these countries have been able to improve their identity procedures while reducing bureaucracy. Moreover, this technology has helped them digitize all types of public transactions through the use of secure digital credentials.
Key Market Segments in Blockchain Technology Industry Research
• By type
o Public cloud
o Private Cloud
o Hybrid cloud
• By component
o Application & Solution
o Infrastructure & Protocols
• By request
o Digital identity
o Smart contracts
o Supply chain management
• By business size
o Large Companies
o Small and medium enterprises
• By end use
o Financial services
o Media and Entertainment
o Transportation & Logistics
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