Increased demand from the banking and financial sector drives the blockchain technology market to a staggering 43.5% CAGR

Future Market Insights Global and Consulting company

Future Market Insights Global and Consulting company

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

DUBAI, United Arab Emirates, Nov. 13, 2022 (Global News Agency) – Global blockchain technology market With a projected valuation of US$59.5 billion by 2030, demand will grow at a staggering 43.5% CAGR from 2022 to 2030. The target market is expected to reach $3.31 billion by the end of 2022. The increasing adoption of blockchain solutions for digital identity, payments, and smart contracts is driving the demand for blockchain technology. High emphasis by BFSI and retail industry further contributes to the growth of the blockchain technology market during the forecast period.

Increase in venture capital financing and investment in blockchain technology, widespread implementation of blockchain solutions in banking and cybersecurity, mass adoption of blockchain solutions in payments, smart contracts and digital identity, and increase in government initiatives And other factors are contributing to the extraordinary growth rate of the blockchain market.

During this decade, blockchain demand opportunities are likely to surge due to limited physical transactions and increased virtual transactions over the past two years. Increased demand from industries such as BFSI and retail will further complement the demand for blockchain. Moreover, the deep penetration of smartphones and affordable internet prices will boost the global sales of the blockchain technology market in the coming years.

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Likewise, the need for secure transactions will drive the growth of the target market. The notable feature of “appending only” makes the blockchain immutable and tamper-proof. This makes the technology a safe and secure way to record transactions. The retail industry, especially brands that trade in luxury goods, is likely to adopt this technology to transform into an effective business model.Hence, the target market is expected to prosper in the coming years

“High demand for secure transactions will complement the global growth of the blockchain technology market during the forecast period,” said FMI analysts.

Main points:

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

  • The blockchain technology market in Asia Pacific is expected to witness significant growth by the end of 2030.

  • The growth of the target market in China is fueled by heavy government investment in blockchain network development projects.

  • By industry, the BFSI segment is expected to hold a major share owing to the adoption of digital ledgers

  • Depending on the use case, supply chain management will record higher demand.

competitive landscape

IBM, Amazon Web Services, SAP, Microsoft, Bitfury Group Limited, Cegeka, Guardtime, CONSENSYS, PixelPlex, LimeChain, Accubits Technologies, SoluLab, and Oracle etc. are some of the key players in the Blockchain Technology Market in the full version of that report.

Leading market players are utilizing the opportunities available in the current market scenario. These organizations are employing strategies such as product innovations, strategic partnerships, and collaborations to strengthen their market positions.

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Important sectionf blockchain Technology Industry Survey

in solution:

  • application

  • middleware

  • blockchain platform

by use case:

  • supply chain management

  • digital identity

  • payments and money

  • Trade, Commerce and Communication

  • smart contract

  • decentralized finance

  • Other (voting, property records, etc.)

Enterprise scale:

in industry:

  • BFSI

  • health care

  • retail and e-commerce

  • hotel and travel

  • government

  • media and entertainment

  • Transportation and Logistics

  • Others (food and beverage, real estate, etc.)

more insights blockchain Technology Market Report

In its latest report, FMI provides 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 global market potential, growth, and scope, the market is segmented into Solution Base (Applications, Middleware, Blockchain Platform), Enterprise Size (Large Enterprises, Small and Medium Enterprises (SME)), Use Case (Supply Chain Management, Digital Identity , payments and currency, exchange, commerce and transactions, smart contracts), decentralized finance, other (voting, property records, etc.)), industrial (transportation and logistics, BFSI, healthcare, media and entertainment, hospitality and travel, retail and e-commerce, government, other (food and beverage, real estate, real estate, etc.)) and regions.

Based on segmentation, supply chain management use cases will contribute significantly to the overall market growth, according to the latest FMI report. This segment will account for around 28.4% of the overall market share by 2022 and will continue to perform well during the forecast period owing to the clarity, decentralization, and immutability characteristics of blockchain technology. In terms of industry, the BFSI industry will account for the largest market share owing to the increasing adoption of digital ledger solutions.

Regionally, the blockchain technology market in the United States will exhibit considerable market growth during 2022-2030. Presence of several major market players, high investment in R&D activities, and thriving IT sector are supplementing the demand for digital ledger technology in the country. Rising demand from the healthcare, BFSI, and transportation sectors further contributes to the growth of the target market in the region. Apart from the United States, China is likely to exhibit the largest growth in the blockchain technology market during the forecast period.

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explore trends Technical Reports:

Blockchain Market Size: Global need blockchain The projected annual growth rate is 34.1% YoY to $155 billion 2032. need blockchain for the banking and financial sector is expected to surge by more than 34.1% compound annual growth rate.

Blockchain in Banking Market Growth: Global demand for blockchain in banking is expected to grow at a CAGR of around 28% during the forecast period 2021-2031. Blockchain-enabled transactions enable fast-paced financial communications by eliminating third-party payment gateways.

Blockchain artificial intelligence market outlook: In 2021, the transaction volume of blockchain artificial intelligence is expected to be 285.7 million US dollars, and the sales in 2022 are expected to reach 358 million US dollars. According to analysis, the global blockchain artificial intelligence market size is expected to reach US$2.8 billion in 2032, and will flourish at a compound annual growth rate of 22.9% from 2022 to 2032.

Cryptocurrency Market Overview: The global cryptocurrency market is changing with each passing day, and lucrative opportunities are at hand for companies dealing in virtual currencies. While the question of whether Bitcoin will continue to dominate the cryptocurrency market is still debated, Bitcoin mining is likely to create a niche market and make the cryptocurrency market an oligopoly.

Crypto Asset Management Market Analysis: The continuous advancement in technology for asset security solutions has also increased the demand for cryptocurrency and blockchain solutions across industries. Blockchain technology will continue to increase in the financial sector as well as other areas, which will increase the demand for the crypto asset management market. Cryptocurrencies will be used more as non-correlated funding opportunities.

About Future Market Insights, Inc.

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