Blockchain industry is growing at a rate of 68% per year, study says

The total capitalization of the blockchain industry could grow to $69 billion between 2022 and 2030.

The conclusion comes from a study conducted by analysts at Custom Market Insights. The annual growth rate would be around 68%.

The market hovered around USD 4.8 billion in 2021, and the analysts who worked on the report forecast the segment to grow by 1,337% between 2022 and 2030. The main drivers identified are:

  • Adoption of cryptocurrencies as a means of payment.
  • Development of technological solutions for various applications of blockchain technology.
  • Growth of the Internet of Things (IoT) segment through blockchain technology.

Custom Market Insights predicts the highest growth rates for the retail and e-commerce sectors during this period.

The rise in popularity of blockchain technology in the industry is driven by the desire of retailers and online companies to improve the shopping experience of their customers.

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The report examines market drivers and restraints for blockchain technology. Also see how these items will affect demand over the forecast period. The document also discusses the international potential in the global blockchain technology sector.

Blockchain growth factors

The paper predicts the market will expand as companies such as PayPal and Xbox accept cryptocurrencies as a form of payment. To enable cryptocurrency-based payments for their customers, several restaurants have partnered with crypto solution providers.

Blockchain technology offers enormous potential in a variety of industries, including finance, cybersecurity, and the Internet of Things (IoT).

Numerous fields of application have wide application of IoT devices. Valid examples are initiatives for smart cities, smart transport or connecting autonomous vehicles and cars. Also smart networks and smart homes.

Several companies are creating new technology use cases using IoT devices, which are widely used as IoT devices.

Some innovators are using blockchain technology to build decentralized networks of IoT devices. As a result, a central hub for connecting devices is no longer needed.

Blockchain technology is designed to enable direct communication between devices, eliminating the need for additional monitoring systems.

growth by zones

According to the above paper, North America holds the largest market share in the blockchain technology industry as of 2021.

Analysts at Custom Market Insights have cited the adoption of blockchain technology as a means of ensuring data security and privacy, preventing cyber attacks and industrial espionage as key drivers of market growth in the region over the next 8 years.

However, analysts predict that the highest compound annual growth rate (CAGR) over the next eight years will be in the Asia-Pacific region (APAC).

According to the study, growth in the region is directly linked to the adoption of blockchain technology by the governments of China, Japan and India.

It is worth remembering that a quarter of technology startups in the APAC region are related to Distributed Ledger Technology (DLT).

For example, the Japanese government is expanding training opportunities for blockchain professionals to address skills shortages, while in India the government unveiled its vision for a national blockchain infrastructure.

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