During the projection period, the blockchain market is predicted to grow at a 34.1 percent CAGR, from US$ 8.3 billion in 2022 to US$ 155 billion in 2032.
According to a global blockchain market assessment, growing identity and data theft activities would raise demand for cryptographic ledger solutions. BFSI organizations are resorting to digital ledger solutions to protect end-user financial data and identity.
Technology applications gaining popularity in the BFSI sector include cross-border transactions, processing and settlements, trade finance networks, digital identity verification, and credit reporting. This is expected to aid the growth of the blockchain market.
A scarcity of trained professionals will stymie the expansion of the blockchain market. As industries embrace digital change, threats and cyberattacks have increased. On the other hand, organizations suffer a scarcity of qualified professionals to deal with risk challenges.
Important Points to Remember
- Due to the increasing usage of digital ledger solutions and services by financial institutions to improve company processes and minimize operational expenditures, the BFSI industry is expected to have a significant market share.
- North America is predicted to have the largest market share in the blockchain business. The region’s market growth is expected to be fueled by the early adoption of blockchain and the existence of various companies offering privacy and blockchain solutions.
- During the projection period, the blockchain platform segment is predicted to grow at a CAGR of 33.4 percent.
- By 2032, the blockchain market in the United States is anticipated to be worth $55.2 billion.
- The payments industry is expected to have a larger proportion of the blockchain market. Payment systems become more transparent, cost-effective, and operationally efficient as a result of the technology.
By its very nature, the blockchain market’s competitive landscape is highly fragmented. Companies are focusing on techniques like mergers and acquisitions to strengthen their market positions.
Some of the most innovative blockchain providers include IBM, Blockcypher, AWS, Huawei, Intel, Oracle, Accenture, Guardtime, Wipro, Bitfury, Symbiont, SAP, Cegeka, and BigchainDB.