The blockchain technology market is predicted to surge at 43.5% CAGR through 2030, reaching US$ 59.5 Bn in valuation, up from just US$ 3.31 Bn in 2022.
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In this design, each block is connected in a chronological order. The interconnected blocks constitute a blockchain. Practically, it is not possible to change or modify any block in the middle of the chain. This is because all the blocks located after the modified block are required to be modified at the same instant.
Blockchain mechanism makes information immutable on the network. The capability of blockchain technology, to accommodate immutability of data, will motivate end users to accelerate adoption over the forecast period.
Key Takeaways of Blockchain Technology Market Study
- Blockchain platforms will offer the most lucrative opportunities for revenue generation, among all the blockchain technology-based solutions.
- Blockchain-based supply chain management is the primary use case in the global market, followed by decentralized finance.
- Large enterprises will continue being the primary contributors to the growth of the blockchain technology market on a global scale.
- BFSI industry is the primary contributor to market growth with transportation and logistics industries following suit
Competition Landscape of Blockchain Technology Market
As the technology is lagging behind in global diffusion, blockchain technology start-ups are striving to develop long-term partnerships with blockchain technology integrators. The move comes in order to ensure steady revenue generation during the forecast period.
Start-ups are partnering up with artificial intelligence (AI) based technology developers in order to market comprehensive solutions for decentralized financial applications. Market leaders such as Bitfury Group Limited are focusing on expanding their blockchain portfolio to include hardware solutions that enable end users to transfer or share assets swiftly and securely over a blockchain-based network.
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