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Blockchain Technology Market Worldwide Growth And Forecast 2022
Posted On: Nov 2023
The blockchain technology marketsize is estimated to grow from USD 687.6 million in 2016 to USD 5718.99 million by 2023, at a Compound Annual Growth Rate (CAGR) of 42.3% during the next six years according to the latest study offered by Decisiondatabases.com. The blockchain technology enables a ledger that can be accessed by parties involved in the transaction and can act as the universal irrefutable depository of all transactions between the involved parties and thus has become one of the most promising upcoming technological trends in the field of information technology.
Transparency, immutability, and reduced total cost of ownership are some of the major factors which are driving the blockchain technology market. The blockchain technology market is growing at a faster rate as it allows the digital information to be distributed across various applications such as payments, exchanges, digital identities, smart contracts and documentation. In addition, the two prominent drivers for blockchain technology market growth is FinTech spending and artificial intelligence. FinTech is based on software and these companies are developing advance payment solutions for financial firms. Thus, the exponential increase in the FinTech investments is anticipated to drive the growth of the global BT market in the coming years. Artificial intelligence will increase the growth in the global blockchain technology market during the forecast period as it helps the customers to have easy access to comparative information and thus allows the investors to make better decisions about their financial plans. Many financial sector and technological giants are making huge investments in blockchain technology market as it is offering numerous benefits all across the world and thus has become the attraction gainer. However, the upswing in demand for blockchain technology across public sector, financial services, media & telecom, consumer or industrial products, healthcare and transportation is further boosting the growth of the market. Also the banks and financial institutions are developing a keen interest in the blockchain technology due to its unique and innovative structure with regulatory bodies, such as IMF and Bank of England, which are showing a considerable interest in the matter.
Geographically, the global blockchain technology market is segmented into regions such as North America, Asia Pacific, Europe, MEA, APAC and Latin America. Among the aforementioned segments, Asia Pacific region is expected to witness the highest growth rate of blockchain technology during the forecast period. North America is leading the global blockchain technology market with the largest market share due to technological advancements and early adoption of blockchain in the region. Latin America and MEA are expected to show the decent market growth over the forecast period. The anticipated growth of banking sector in Africa is expected to support the market growth of blockchain technology during the forecast period. However, analysts have estimated the Americas to dominate the BT market during the forecast period owing to the high number of mergers between banking firms and BT service providers.
The leading vendors in the market are Accenture, IBM and Microsoft. Other prominent vendors in the blockchain technology market include Abra, BTL Group, BlockCypher, BitFury Group, Axoni, Chain, ConsenSys, Ethereum, Ezyremit, Global Arena Holding, Deloitte, Provenance, R3, Ripple, Scorechain, Slock.it and TATA Consultancy Services.
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