Blockchain
According to a new report from Market.us, blockchain technology is estimated to become a $12.895 billion market by 2032. The report shows that the blockchain technology market, valued at $72 billion by 2022, is expected to grow at a CAGR of 68% between 2023 and 2032.
North America dominated the blockchain technology market by 2022 with over 39% of global revenue. The region’s dominance has been attributed to increased investment in decentralized finance (DeFi) initiatives.
The report also revealed that the public cloud segment of blockchain technology will generate a 62% revenue share by 2022. The infrastructure and protocol segment has dominated the market with a revenue share of 65.5%.
Meanwhile, the application-type payments segment dominated the market, accounting for more than 46% of global revenue. The BFSI sector segment accounted for 40% of market revenue in 2022. Many companies are also integrating artificial intelligence (AI) capabilities with blockchain to enhance their offerings and create new market opportunities.
Factors influencing the growth of the market
Factors such as the growing demand for protocols and standards, the adoption of cryptocurrency, the digitization of supply in various sectors, the increase in cyber-attacks and the impact of COVID-19 are likely to influence the growth of the blockchain technology market.
The report also revealed that the legalization of cryptocurrencies has sparked significant interest in blockchain technology, drawing investors and businesses to the world of blockchain technology.
Venture capital financing has been a key factor in the growth of the blockchain technology market, with strategic and institutional investors funding blockchain technology providers for market expansion and organizational development. Companies are also turning to cloud-based solutions to create virtual work environments.
North America dominated the global blockchain technology market by 2022 with over 39% of global revenue, while the Asia-Pacific region is expected to have the highest CAGR during the forecast period. Governments have promoted the blockchain technology market in countries like India, Japan, China and China.
The report suggests that the world will never be the same as companies harness the untapped potential of AI and blockchain, promising to discover new opportunities and catapult companies and markets to stratospheric new heights.
