Blockchain Market is Expected to Progress at a CAGR of 34.1% from 2022 to 2032 | Future Market Insights, Inc.

The blockchain market is expected to advance at a CAGR of 34.1% throughout the forecast period, from US$ 8.3 Billion in 2022 to US$ 155 Billion in 2032. As per the global blockchain market study, the demand for cryptographic ledger solutions to increase due to increased identity and data theft activities. To protect end-user financial data and identity, BFSI firms are turning to digital ledger technologies.

Cross-border transactions, processing and settlements, trade finance networks, digital identity verification, and credit reporting are among the technology applications gaining traction in the BFSI market. This is projected to help the blockchain market expand. The blockchain market growth will be hampered by a scarcity of skilled professionals. Threats and cyberattacks have escalated as industries have embraced digital change. Organizations, on the other hand, face a scarcity of competent experts to deal with risk issues.

As a result, technologically advanced solutions are being adopted slowly, which is expected to have an impact on blockchain market growth in the coming years. Furthermore, developing countries such as India, Peru, and Mexico, among others, face a lack of awareness regarding data security risks. As a result, blockchain market adoption trends are expected to remain flat for a few years.

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The legalization of bitcoin stimulates further investment in blockchain technology by businesses and investors. It also pushes the blockchain market players to put in more effort to enhance their services in order to obtain a competitive advantage.

In the near future, these efforts by firms are likely to make blockchain technology more effective and efficient. DeFi is a new financial technology based on blockchain that allows banks to have less influence over financial services and money. Over the forecast period, the blockchain market growth is expected to be driven by expanding strategic initiatives in the decentralized financial domain.

Blockchain technology has the potential to disrupt and revolutionize transactions, but to reap the benefits, businesses must overcome key confidentiality, privacy, and control challenges. Because blockchain records are kept in a distributed public ledger, hackers can take advantage of a larger attack surface to get access to critical and sensitive data.

If a blockchain solution is used to hold a sensitive contract or payment data, copying the file could provide hackers with more access. The lack of adoption of cryptographic solutions is mostly due to the privacy issue with blockchain solutions.

Key Takeaways 

• The BFSI industry is predicted to have a substantial market share due to the rising use of digital ledger solutions and services by financial institutions to streamline company processes and reduce operating expenses.
• In the blockchain industry, North America is expected to have the greatest market share. Early acceptance of blockchain and the presence of several producers offering privacy and blockchain solutions are projected to fuel the region’s market rise.
• The blockchain platform segment is expected to advance at a CAGR of 33.4% throughout the forecast period.
• The US blockchain market size is expected to reach a valuation of US$ 55.2 Billion by 2032.
• The payments segment is likely to command a higher share of the blockchain market. The technology improves the transparency, cost-effectiveness, and operational efficiency of payment systems. 

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Competitive Landscape 

The blockchain market’s competitive landscape is highly fragmented by nature. Companies are concentrating on tactics to strengthen their market positions, such as mergers and acquisitions.

Blockchain market participants are also concentrating on improving their product offerings in order to better respond to changing user wants and remain competitive. As a result, market participants are increasing their R&D spending in order to improve their product offers. In addition, the companies are partnering with institutions all around the world to encourage technological development, academic research, and innovation in the field of cryptocurrency and blockchain technology.

IBM, Blockcypher, AWS, Huawei, Intel, Oracle, Accenture, Guardtime, Wipro, Bitfury, Symbiont, SAP, Cegeka, and BigchainDB are some of the most creative blockchain vendors.

Recent Developments: 

Amazon Web Services launched ethereum on its managed distributed ledger in March 2021. This approach aids developers in determining ethereum nodes without having to deal with the complexities of infrastructure operation and setup. 

BIGG Digital Asset Inc. and Blockchain Foundry Inc. joined in June 2021. This collaboration is likely to let enterprises offer forensic and risk-scoring services to stablecoin and fractional NFT creators. 

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