WESTFORD, Mass., June 27, 2024 /PRNewswire/ — SkyQuest reports that the global Blockchain Market size was valued at USD 6,565.28 Million in 2022 and is projected to reach USD 87,011.20 Million by 2031, with a CAGR of 37.7% during the forecast period (2024-2031).
The demand for blockchain technology is expected to increase across various industries due to the rapidly expanding digital landscape. This adoption is also likely to lead to a rise in digital payment methods. Many companies are investing heavily in this technology as the market continues to grow. However, the COVID-19 pandemic has had a negative impact on investments in digital technology and overall economic performance due to the closure of manufacturing facilities.
The blockchain market overview highlights the growth potential of the market, with revenue expected to reach $87,011.20 million by 2031, growing at a CAGR of 37.7%. The report covers market revenue in 2023, estimated value by 2031, growth rate, forecast period, forecast units, and key market opportunities and drivers.
Segments covered in the Blockchain Market include components such as platforms/software, hardware, and services; types of applications like supply chain management, cryptocurrencies, financial services, smart contracts, and others; organization size including SMEs and large enterprises; and industry verticals such as BFSI, healthcare & lifesciences, media, entertainment & games, retail, manufacturing, and others.
The financial sector is witnessing the fastest growth in the blockchain market, with financial institutions increasingly adopting blockchain technology to reshape their operations. This includes settling trades, making international transactions, creating smart contracts, and developing decentralized financial systems (DeFi apps). Blockchain technology is revolutionizing enterprise applications by providing immutable transparency and changing traditional business processes.
Blockchain platforms and solutions are projected to dominate the global blockchain market’s product sub-segment, offering a range of products and services including open-source blockchain frameworks like Hyperledger and Ethereum, BaaS platforms from leading cloud providers, and specialized middleware for integrating blockchain technology with existing enterprise systems.
In the Asia Pacific region, government initiatives and technological integration are shaping the market landscape, with countries like South Korea, China, and Singapore leading major initiatives and providing supportive laws for blockchain adoption. The rapid growth of blockchain technology in Asia Pacific can be attributed to government support, funding, legal frameworks, and pilot programs.
Overall, the blockchain market is experiencing rapid growth and acceptance in the financial sector, corporate innovation, and the Asia Pacific region. Businesses and governments are investing in blockchain technology to enhance security, improve efficiency, and increase transparency in a digital era. The rise of blockchain technology is signaling a major shift in various industries, hinting at a future where it will be crucial for international business transactions. This trend is expected to bring about a revolution in sectors such as healthcare, manufacturing, fintech, and IoT. SkyQuest, an IP-focused Research and Investment Bank, is at the forefront of this technological advancement, providing access to cutting-edge technologies and financial opportunities in sectors like Life Sciences, CleanTech, AgriTech, NanoTech, and Information & Communication Technology. With a global presence spanning North America, Europe, ASEAN, and Asia Pacific, SkyQuest collaborates with innovators, entrepreneurs, and investors to maximize the economic potential of their intellectual assets. For more information, contact Mr. Jagraj Singh at Skyquest Technology in Westford, Massachusetts, USA.