The global Blockchain Technology Market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. 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. The 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.
According to the statistics provided by TripleA, a
cryptocurrency solution provider, more than 300 million people worldwide used
or owned cryptocurrency in 2021. The growing demand for blockchain across the
government sector due to benefits, such as protection of sensitive data,
reduced cost, and improved efficiency is driving the market growth. Various
government agencies, such as the Department of Homeland Security (DHS) in the
U.S. are demanding blockchain technology-based applications to enhance their
data security.
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 supply chain management.
Related Press Release@ Blockchain Technology Market Report
Blockchain Technology Market
Report Highlights
- In terms of type, the public cloud segment is expected to retain
its dominance over the forecast period. The growing preference of
governments for efficient and open transactions is driving the segment
growth
- In terms of components, the infrastructure & protocol segment
dominated the market in 2021 and is expected to witness significant growth
over the forecast period. The demand for the infrastructure & protocol
is high among network developers as it helps them in developing customized
networks for their clients
- In terms of application, the payments segment dominated the market
in 2021. The segment growth can be attributed to the capability of
blockchain technology to facilitate payments by reducing the number of
intermediaries, which helps reduce transaction costs
- In terms of enterprise size, the large enterprise segment dominated
the market in 2021. The rapid adoption of blockchain technology by large
enterprises to enable digital services across different business channels
accentuated the segment growth in 2021
- In terms of end use, the financial services segment dominated the
market in 2021. The increasing investment in this technology by finance
service providers propelled the segment growth in 2021
- The increasing adoption of the technology in emerging economies,
such as China and India, is expected to create growth opportunities for
the market players in the Asia Pacific region over the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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