The market size for blockchain technology was estimated to be around USD 4.8 billion in 2021 and is expected to reach USD 69 billion by 2030, with a CAGR of roughly 68% between 2022 and 2030. The report examines the market drivers and restraints for blockchain technology as well as how they will affect demand over the forecast period. The paper also looks at international potential in the global blockchain technology sector.
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Blockchain Technology Market: Overview
The business network can record transactions and track assets more easily thanks to blockchain technology. Real estate, vehicles, money, and real estate are examples of tangible assets (intellectual property, patents, copyrights, trademarks). On the blockchain network, nearly anything of value may be tracked and traced, lowering costs and risks for all parties. Blockchain is the best technology for delivering this data since it allows for fully transparent, instantaneously shared data to be kept in an immutable ledger that is only available to authorized network users. Orders, payments, accounts, production, and more may all be tracked using the blockchain network.
Market expansion is anticipated as a result of businesses like PayPal and Xbox accepting cryptocurrency as a form of payment. To enable crypto-based payments for its patrons, numerous eateries have joined with crypto solution providers.
Blockchain technology offers enormous potential in a number of industries, including finance, cybersecurity, and the Internet of Things. Numerous application areas, including smart city initiatives, smart transportation, vehicle connection and self-driving cars, smart grids, and smart homes, have widely deployed IoT devices. Numerous businesses are creating new technology use cases utilizing IoT devices, which are widely used as IoT devices. Blockchain technology is being used by some innovators to build decentralized networks of IoT devices. As a result, there is no longer a requirement for a central hub for device connection. Blockchain technology is anticipated to enable direct device-to-device communication, eliminating the need for additional surveillance systems.
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The blockchain technology industry is anticipated to grow at the quickest rates over the projected period in the retail and e-commerce categories. A global network of suppliers, retailers, e-commerce portals, and customers that interact in both physical stores and online digital channels makes up the retail and e-commerce spectrum. All retail and online firms are now making significant investments to give their customers a better shopping experience.
The consumer experience is rapidly getting better thanks to blockchain technology. Retail and e-commerce companies are anticipated to develop consumer loyalty with a great customer experience. Retailers can utilize smart contracts to settle customer-related issues out of court thanks to blockchain technology.
During the forecast period, the market in the Asia Pacific is anticipated to develop at the quickest CAGR. Blockchain technology is being promoted by governments in nations like China, Japan, and India. This is mainly because many industries may benefit from the high transparency and efficiency improvements that this technology provides.