The Global Blockchain technology market size was estimated at USD 4.98 billion in 2022 and is extending to around USD 2,442.46 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 88.7% during the forecast period 2023 to 2032.

 Key Takeaways:

• By type, the public cloud segment has held 61% of the total revenue share in 2022.
• By components, the infrastructure & protocols segment accounted for 63% of revenue share in 2022. 
• By applications, the payments segment contributed 45% of the total revenue share in 2022.
• By enterprise size, the large enterprises segment held 68.5% revenue share in 2022.
• By end use, the financial services segment has reached a 39% market share in 2022.
• The North America region accounted for 38% market share in 2022.

Shared Blockchain is an immutable, shared ledger that makes it easier to record transactions and manage assets inside a business network. Intangible assets (cars, money, houses, and land) can exist alongside tangible assets (patent, brand image, copyright, intellectual property).

Almost any valuable asset may be monitored and processed on the blockchain network, lowering risks and costs for all parties involved. Blockchain is suitable for supplying this information since it allows for immediate, shareable, and entirely transparent data to be kept on an immutable ledger that only authorized network users may access. 

Growth Factors

 The growing demand for e-identity has driven the expansion of Blockchain technology. The platforms based on blockchain technology have diverse applications in countries with weak identification processes and in unregulated countries. At the national level, the adoption of market demand-based identity platforms of Blockchain technology has been carried out by many governments in order to promote secure transactions in the public and private sectors. Various governments have been using blockchain technology with their e-citizenship programs over the past few years. As a result, these countries have been able to develop identity-related procedures on their own and manage to reduce bureaucracy. Moreover, this technology has helped them to digitize all kinds of public transactions through a secure digital identity.

 

In addition, the growing capitalization of market-linked cryptocurrencies has promoted the risk of capital investments made by different countries. According to the size of the Blockchain technology market, cryptocurrency has marked innovation in different payment contexts. Furthermore, compared to other types of payment, these currencies offer lower transaction fees. Furthermore, because transaction fees are expensive, cryptocurrencies are attracting businesses and individuals to use cross-border payment methods. Also, due to the decentralized ownership of these cryptocurrencies, cross-border regulators cannot impose any kind of restrictions on these transactions. Therefore, low transaction fees and many other factors are beneficial to Blockchain technology market revenue as well as cryptocurrency capitalization, which motivates venture capitalists to invest in Blockchain technology market share.

 

Author Name : Report Hive Research