At a compound annual growth rate (CAGR) of 34.1%, the blockchain industry is projected to reach US$ 155 billion in 2032 from US$ 8.3 billion in 2022.A worldwide blockchain industry assessment states that there would be a surge in demand for cryptographic ledger solutions due to the increase in identity and data theft crimes. Digital ledger technologies are being used by BFSI organisations to protect the identity and financial information of end users.
Cross-border transactions, trade finance networks, digital identity verification, credit reporting, processing and settlements, and trade finance networks are some of the technological applications that are becoming more and more popular in the BFSI industry.
This is projected to help the blockchain market expand. The blockchain market growth will be hampered by a scarcity of skilled professionals. Threats and cyberattacks have escalated as industries have embraced digital change. Organizations, on the other hand, face a scarcity of competent experts to deal with risk issues.
As a result, technologically advanced solutions are being adopted slowly, which is expected to have an impact on blockchain market growth in the coming years. Furthermore, developing countries such as India, Peru, and Mexico, among others, face a lack of awareness regarding data security risks.
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As a result, blockchain market adoption trends are expected to remain flat for a few years. The legalization of bitcoin stimulates further investment in blockchain technology by businesses and investors. It also pushes the blockchain market players to put in more effort to enhance their services in order to obtain a competitive advantage.
Key Takeaways
- The BFSI industry is predicted to have a substantial market share due to the rising use of digital ledger solutions and services by financial institutions to streamline company processes and reduce operating expenses.
- In the blockchain industry, North America is expected to have the greatest market share. Early acceptance of blockchain and the presence of several producers offering privacy and blockchain solutions are projected to fuel the region’s market rise.
- The blockchain platform segment is expected to advance at a CAGR of 33.4% throughout the forecast period.
- The US blockchain market size is expected to reach a valuation of US$ 55.2 Bn by 2032.
- The payments segment is likely to command a higher share of the blockchain market. The technology improves the transparency, cost-effectiveness, and operational efficiency of payment systems.
Competitive Landscape
The blockchain market’s competitive landscape is highly fragmented by nature. Companies are concentrating on tactics to strengthen their market positions, such as mergers and acquisitions.
Blockchain market participants are also concentrating on improving their product offerings in order to better respond to changing user wants and remain competitive. As a result, market participants are increasing their R&D spending in order to improve their product offers. In addition, the companies are partnering with institutions all around the world to encourage technological development, academic research, and innovation in the field of cryptocurrency and blockchain technology.
IBM, Blockcypher, AWS, Huawei, Intel, Oracle, Accenture, Guardtime, Wipro, Bitfury, Symbiont, SAP, Cegeka, and BigchainDB are some of the most creative blockchain vendors.
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Recent Developments:
Amazon Web Services launched ethereum on its managed distributed ledger in March 2021. This approach aids developers in determining ethereum nodes without having to deal with the complexities of infrastructure operation and setup.
BIGG Digital Asset Inc. and Blockchain Foundry Inc. joined in June 2021. This collaboration is likely to let enterprises offer forensic and risk-scoring services to stablecoin and fractional NFT creators
Key Segments
By Component:
- Platform
- Service
By Provider:
- Application
- Middleware
- Infrastructure
By Organizational Size:
- Large Enterprise
- Small & Medium Sized Enterprise
By Type:
- Private
- Public
- Hybrid
By Application Area:
- Transportation and Logistics
- Agriculture and Food
- Manufacturing
- Energy & Utilities
- Healthcare and Life Science
- Media, Advertising and Entertainment
- Banking and Financial Services
- Insurance
- IT and Telecom
- Retail and E-Commerce
- Government
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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