According to a research report conducted by a global research firm, on the basis of end-users, organization size, service provider, application, and location, the Blockchain market is predicted to generate $137.59 billion in revenue by 2030 with a compound annual growth rate of 67.54%.
Market Scope For Blockchain Technology
The distributed ledger technology helps to track digital assets and record transactions in a professional network. With the crypto industry’s acceptance, blockchain technology’s true potential has evolved. Today, the focus and knowledge about the application of the technology have led to the rise in demand for blockchain technology in the market.
Global Leaders of Blockchain Technology
In the past few years, major global heavyweights have made headlines leading the line of blockchain development companies around the world.
- Microsoft Corporation
- IBM Corporation
- Deloitte Touche Tohmatsu Ltd
- HashCash Consultants
- Blockchain Tech Ltd
- Digital Asset Holdings LLC
- BitFury Group Ltd
- Chain inc
- Ripple Labs Inc
- Earthport plc
Market USP of Blockchain Technology
Trends That Led to Adoption of Blockchain Technology– In the past few years, the blockchain technology market has reported a huge surge in growth and adoption. The growth of blockchain technology has mainly been because of the increasing need for digital identity, optimizing connectivity, and work processes around the world.
Moreover, the increase in demand for blockchain technology for identification platforms across multiple nations around the world is an important parameter proposed to increase the growth of the technology in the market over the estimated time period. The surging capitalization of the crypto market community is predicted to catalyze the growth of blockchain technology in the coming years.
Restraints In Blockchain Technology- The unique integration process that is tagged along with blockchain technology often interfered with the market growth of the technology. Moreover, due to the lack of experts across the world, the technology still has miles to go before reaching its true potential.
Impact of Covid 19 On The Blockchain Technology
The Covid 19 pandemic has had a major impact on almost every industry around the world. The forced recession has led all industries to fight financial and health problems. The pandemic led to a loss of millions and trillions in the global economy, and the pressure of quick recovery has been a huge cause of concern.
The impact of covid 19 in the blockchain market has been for a short span of time. During the crisis, blockchain technology took over several activities to change the digital world with new initiatives. According to the market analysis of blockchain technology by the global research firm, the technology can be used to track donations, public health information, secure medical supply chains, and crisis management. The technology is also able to capture the long-term effect of the pandemic in different industries.
The Organization for Economic Cooperation and Development conducted research on the technology and stated that in comparison to 2019, the market declined slightly in 2020. Therefore, in the last two years, various market strategies were implemented by global blockchain development companies to improve their customer experience.
Blockchain Technology Fragmented In Segments
Based on application, end-users, service provider, organization size, and location, blockchain technology has been separated and fragmented into segments. The market is carried through with the help of smart contracts, transactions, payments, and digital identity. Large enterprises run blockchain technology based on the size of the firm.
Similarly, depending on the service provider, the technology provides solutions through the provider part in the upcoming period. The technology provides IT, telecommunication, and BFSI segments to the end-users.
Regional Analysis of Blockchain Technology
The report was conducted after thorough research through five major regions, Asia-Pacific, Middle-East, Africa, Europe, North America, and Latin America.
As per the research report, North America is at the top position in the global market of blockchain technology. In 2018, the regional market value of blockchain was estimated to be more than $600 million. Today, the technology is adopted in various industries for a simple and secure system.
Over the years, the Asia-Pacific countries are going through remarkable development in terms of technology. With more countries and governments accepting the advantages of the technology, by 2030, the technology can gather more than a hundred billion dollars and more.