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. Organizations,
As a result, technologically advanced solutions are being accepted slowly, which will have an impact on the growth of the blockchain industry in the next years. In addition, emerging countries such as India, Peru, and Mexico, among others, suffer from a lack of awareness about data security dangers.
As a result, market adoption patterns for blockchain are projected to remain stable over the next few years. The legality of bitcoin encourages businesses and investors to invest more in blockchain technology. It also encourages blockchain market participants to work harder to improve their services to get a competitive advantage.
