The Blockchain Technology Market is Projected to Reach a Value of US$ 3,273.83 Billion by 2032 with a Compound Annual Growth Rate (CAGR) of 84%.

Blockchain Technology Market: Explosive Growth Predicted, Surpassing US$ 3.27 Trillion by 2032

According to a report from Fact.MR, the sales of blockchain technology are set to skyrocket with a remarkable 84% annual growth rate. By the end of 2032, the blockchain technology market is expected to reach a staggering value of over US$ 3.27 trillion.

The surge in market growth can be credited to several factors. The increasing digitization within the Banking, Financial Services, and Insurance (BFSI) sector plays a significant role. Additionally, the adoption of contactless blockchain digital ticketing at various events is anticipated to boost the market. The global use of cryptocurrencies like Ethereum and Bitcoin, which rely on blockchain technology, is also a major driver. Cryptocurrencies are in demand due to their ease of use, protection against inflation, and enhanced security.

Notably, the Department of Homeland Security (DHS) is supporting startups in their research and development efforts to enhance cybersecurity through blockchain technology. The COVID-19 pandemic is also expected to positively influence market growth. The increased online sales during the pandemic have created a demand for blockchain technology, particularly among e-commerce companies, which use it for supply chain management.

Key Insights from the Market Study:

1. The global blockchain technology market is projected to reach US$ 7.36 trillion by the end of 2022.
2. The financial services sector is expected to contribute 39% of the total market revenue.
3. Large enterprises are set to provide over 60% of global revenue based on enterprise size.
4. Payments are likely to account for more than 42% of revenue in 2022 and beyond.
5. Public cloud-based solutions will dominate the market, accumulating over 60% of revenue share.

According to a Fact.MR analyst, “The increasing demand for blockchain within the government sector, driven by its benefits such as data protection, cost reduction, and improved efficiency, is projected to fuel market growth.”

Competitive Landscape:
The competitive landscape of the blockchain technology market is characterized by product innovation and strategic mergers and acquisitions. Leading manufacturers in this space include IBM Corp., Microsoft Corp., The Linux Foundation, BTL Group Ltd., Chain, Inc., Circle Internet Financial Ltd., Deloitte Touche Tohmatsu Ltd., Digital Asset Holdings, LLC, and Global Arena Holding, Inc. (GAHI). These companies are actively expanding their capacities and global presence, especially in emerging economies.

In May 2021, Circle Internet Financial Ltd., a prominent blockchain technology provider, announced it had secured USD 440 million in funding from strategic and institutional investors. This funding was used for organizational development and market expansion. The legalization of cryptocurrencies in countries like Ukraine and El Salvador is expected to open up new opportunities for market growth.