ResearchAndMarkets.com comes up with their prediction till the year 2028. We have our thoughts on how likely they are to turn out right and what are the implications.
The global blockchain market is expected to grow from US$ 4,935.0 million in 2021 to US$ 227,996.6 million by 2028; it is estimated to grow at a CAGR of 72.9% from 2021 to 2028, according to ResearchAndMarkets.com.
Their recent publication carries the report titled “Blockchain Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, Application, and Industry Vertical”. In their recent release, the market research firm makes the following discrete predictions.
Blockchain and cryptocurrency
Research and Markets further speculate the future of crypto currency arriving at the conclusion that its future is still insecure. The crypto has survived the trials and tribulations of the pandemic. In fact it has grown in leaps and bounds despite the globe threatening virus.
Surviving the a war condition is however a different ball game. The initial days are witnessing a slough down in stock market and crypto is not throwing any sparks either. Despite that, the world is relying on cryptocurrency to send donations to war afflicted Ukraine, once again keeping the promises of decentralized payment structure.
The research firm further states BFSI leads globally in terms of technology adoption and usecases. Going on to add that, “The BFSI sector has been held back due to limitations and obsolete aspects of the mainframe computing technology; however, with the BFSI industry moving into the advanced age of real-time transaction processing, Blockchain is a principal facilitating technology.”
This is true for a lot of industries that can be disrupted by blockchain technology but aren’t in action due oncoming troubles from implementation cost, personnel training and so forth.
MarketAnd Research.com also states, “Technologies such AI, ML, and Blockchain are beginning to drive company innovation initiatives to function successfully in a pandemic, fueling the adoption of BaaS solutions among SMEs.”
Blockchain in many cases serves as a substratum for Artificial Intelligence, Machine Learning, to be layered on. The tiered applications often automate a number of processes partially or totally eliminating human intervention rendering the systems ‘trustless’.
IoT and Big Data are other technologies that can fully utilize the blockchain technology to benefit the consumer while legitimately and fruitfully using their data.
Also Read : Crypto and Blockchain ETFs: A Synopsis
Pharmaceutical companies is have a high probability of benefiting from the blockchain market. The technique is being called in to overcome the logistical difficulties of administering the COVID-19 vaccination. “Blockchain is being utilized to ensure the correct distribution of the COVID-19 vaccine and maintain the track of vaccine maintenance and storage,” stated MarketAndResearch.com.
Blockchain can be leveraged to combat routing troubles and drug fraudulence. At the same time they eliminate intermediaries and save costs.
Similar application of blockchain have been adopted in supply chain industry, food industry and wineries.
The industries leading in market adoption of blockchain are features here. A number of other industries have also embraced this technology aside from the list. However, the leading instances come from these industries. And market forecasts are pinned on their turn over till 2028. Therefore, keeping a tab in these sectors should be worth it.