During the years 2022-2032, the blockchain market is expected to grow at a staggering 34.1 percent. The blockchain market is expected to increase from US$ 4.9 billion in 2021 to US$ 155 billion in 2032, according to forecasts.
“The rise of the blockchain market is being fueled by the startup culture, an increase in blockchain venture money, and government initiatives.”
The high growth rate of the blockchain market is due to increased venture capital funding and investment in blockchain technology, widespread implementation of blockchain solutions in banking and cybersecurity, widespread adoption of blockchain solutions for payment, smart contracts, and digital identities, and rising government initiatives.
What Impact Will COVID-19 Have On The Blockchain Market?
COVID-19 has impacted all aspects of society, including individuals and corporations. Around the world, the internet ecosystem is becoming increasingly vital. As a result of the COVID-19 pandemic, people’s reliance on online businesses has grown substantially.
BFSI, manufacturing, retail, transportation and logistics, healthcare and life sciences, and other industries use the internet to deliver crucial services to customers. The use of blockchain technology has grown in favor among merchants.
What Effect Does Competition Have On The Blockchain Market?
According to research, rivals are taking advantage of the blockchain market’s prospects. The following are some of the most recent advances in the blockchain market:
• In October 2020, Accenture and Siam Commercial Bank’s fintech branch, Digital Ventures, introduced the world’s first fully-integrated procure-to-pay blockchain platform to help Thai businesses speed up purchases, payments, and loans acquisition.
• In May 2020, IBM Blockchain Platform 2.5, which is based on Hyperledger Fabric 2.5, will enable developers to shift to advanced multi-party systems. Multi-cloud services and IoT connectivity, as well as real-time analytics and reporting, logistics and supply chain management, and multi-cloud and supply chain management, were all made possible by these multi-party solutions.
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