Technology market

Increased Demand from Banking and Financial Sectors Drives Blockchain Technology Market to Stunning CAGR of 43.5%

Future Market Insights Global and Consulting Pvt. ltd.

Supply chain management is estimated to hold 28.4% of the blockchain technology market. Increased acceptance of cryptocurrencies by merchants and growing interest in blockchain among financial institutions are two key aspects driving the growth of the blockchain technology market

DUBAI, United Arab Emirates, Nov. 13, 2022 (GLOBE NEWSWIRE) — The world block chain technology market is expected to reach a valuation of US$59.5 billion in 2030, with demand growing at a staggering CAGR of 43.5% from 2022 to 2030. By the end of 2022, the target market is expected to reach approximately 3.31 billion US dollars. The growing adoption of blockchain solutions for digital identity, payment and smart contracts is driving the demand for blockchain technology. The increased focus by the BFSI and retail sectors is further contributing to the growth of the blockchain technology market over the forecast period.

Factors such as high venture capital funding and investment in blockchain technology, widespread implementation of blockchain solutions in banking and cybersecurity, wide adoption of blockchain solutions for payment, smart contracts and digital identities, and increase in government initiatives are contributing to the exceptional growth rate of the blockchain market.

During this decade, Blockchain demand opportunities are likely to proliferate due to the limited physical transactions over the past two years and the increase in virtual transactions. Increased demand from sectors like BFSI and the retail sector will further complement the demand for blockchain. In addition, deep smartphone penetration and affordable internet prices will bolster the global blockchain technology market sales over the coming years.

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Again, the need for safe and secure transactions will propel the growth of the target market. The distinguishing feature of “add only” has made the blockchain immutable and tamper-proof. This makes the technology a safe and secure way to record transactions. The retail industry, especially brands specializing in luxury goods, will likely embrace this technology to transform into an efficient business model. Thus, the target market is expected to thrive in the coming years

“Strong demand for safe and secure transactions will complement the global blockchain technology market growth over the forecast period,” says an IMF analyst.

Key points to remember:

  • Regulatory uncertainty may hamper the growth of the global blockchain technology market.

  • Asia-Pacific blockchain technology market to exhibit significant growth by the end of 2030.

  • Massive government investments in blockchain network development projects are driving the growth of the target market in China.

  • By industry, the BFSI segment is expected to account for a large share due to the adoption of digital registers

  • Based on the use case, supply chain management will see increased demand.

Competitive landscape

IBM, Amazon Web Services, SAP, Microsoft, Bitfury Group Limited, Cegeka, Guardtime, CONSENSYS, PixelPlex, LimeChain, Accubits Technologies, SoluLab, and Oracle among others are some of the major blockchain technology market players profiled in the full version of the report.

The major market players are capitalizing on the opportunities available in the current market scenario. These organizations are adopting tactics such as product innovation, strategic partnerships and collaborations to strengthen their position in the market.

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Key segments oF blockchain Technology Industry Survey

By Solutions:

  • Apps

  • Middleware

  • Blockchain platforms

By use case:

  • Supply chain management

  • Numeric identity

  • Payments and Money

  • Trade, commerce and exchange

  • Smart contracts

  • Decentralized finance

  • Others (voting, property records, etc.)

By business size:

By industry:

  • BFSI

  • Health care

  • Retail and e-commerce

  • Hospitality and travel

  • Government

  • Media and entertainment

  • Transport and logistics

  • Other (food and drink, real estate, etc.)

More information on blockchain technology market report

In its latest report, FMI offers an unbiased analysis of the global blockchain technology market, providing historical data from 2015 to 2021 and forecast statistics from 2022 to 2030. To understand the potential, growth, and scope of the global market, the Market is segmented on the basis of Solution (Application, Middleware, Blockchain Platform), Enterprise Size (Large Enterprise, Small & Medium Enterprise (SME)), Use Case (Supply Chain Management, Identity Digital, Payments & Money, Trading, Commerce & Exchange, Smart Contracts, Decentralized Finance, Others (Voting, Real Estate Registries, etc.)), Industry (Transportation & Logistics, BFSI, Healthcare, Media & Entertainment, Hospitality & Travel, Retail retail and e-commerce, government, other (food and beverage, real estate, etc.)) and region.

According to the latest IMF reports, based on segmentation, the supply chain management use case will contribute significantly to the overall market growth. This segment will hold around 28.4% of the overall market share in 2022 and will continue to perform well during the forecast period due to the clarity, decentralization and immutability characteristics of blockchain technology. In terms of industry, the BFSI sector will account for the largest market share owing to the growing adoption of digital ledger solutions.

Based on the region, the blockchain technology market in the United States will exhibit considerable market growth during the period 2022-2030. The presence of several key market players, high investments in research and development activities and a thriving IT sector complete the demand for digital ledger technology in this country. The increased demand from the healthcare, BFSI and transportation sectors is further contributing to the growth of the target market in this region. Besides the United States, China is likely to show the highest blockchain technology market growth during the forecast period.

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Explore trends Technology Reports:

blockchain Market size: Global request blockchain is expected to increase at an annual growth rate of 34.1% From one year to another 155 billion US dollars in 2032. Request block chain for the banking and financial sector should increase to more than 34.1% CAGR.

blockchain in the growth of the banking market: The global demand for Blockchain in the banking sector is expected to grow at a CAGR of around 28% during the forecast period 2021-2031. Blockchain-enabled transactions are capable of eliminating third-party payment gateways that enable fast financial communications.

blockchain AI Market Outlook: The blockchain AI trade is estimated at USD 285.7 million in 2021. The sale is expected to reach USD 358 million in 2022. According to the analysis, the global blockchain AI market is expected to reach USD 2.8 billion in 2032, while flourishing at a CAGR of 22.9% from 2022 to 2032.

Overview of the cryptocurrency market: The global cryptocurrency market is growing day by day and lucrative opportunities are on the horizon for businesses that deal in virtual currencies. While whether bitcoin will continue to dominate the cryptocurrency market is still debatable, bitcoin mining may well create a niche and turn the cryptocurrency market into an oligopoly.

Crypto Asset Management Market Analysis: Growing technological advancements in asset security solutions are also increasing the demand for cryptocurrencies and blockchain solutions among different industries. Blockchain technology will continue to rise in the financial sector, as well as other sectors, which will increase the demand for the crypto asset management market. Cryptocurrencies will increasingly be used as uncorrelated funding opportunities.

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