Blockchain technology is estimated to become a $12,895 billion market by 2032, according to a new report by Market.us. The report found that the blockchain technology market, valued at $72 billion in 2022, is expected to grow at a CAGR of 68% between 2023 and 2032.
North America dominated the blockchain technology market in 2022 with more than 39% of global revenue. The region’s dominance is attributed to the increased investment in decentralized finance (DeFi) initiatives.
The report also revealed that the public cloud segment of blockchain technology generated a revenue share of 62% in 2022. The infrastructure and protocol segment has dominated the market with a revenue share of 65.5%.
Meanwhile, the payments segment of the application type dominated the market and accounted for over 46% of global revenue. The BFSI sector segment accounted for 40% of the market revenue in 2022. Many companies are also integrating artificial intelligence (AI) capabilities with blockchain to improve their offerings and create new market opportunities.
Factors Affecting the Growth of the Market
Factors such as the growing demand for protocols and standards, acceptance of cryptocurrency, the digitization of offerings in various sectors, the increase in cyberattacks, and the impact of COVID-19 are likely to affect the growth of the blockchain technology market.
The report also revealed that the legalization of cryptocurrencies has generated significant interest in blockchain technology, attracting investors and businesses into the world of blockchain technology.
Venture capital funding has been a key factor in the growth of the blockchain technology market, with strategic and institutional investors funding blockchain technology providers for market expansion and organizational development. Businesses are also turning to cloud-based solutions to create virtual work environments.
North America dominated the global blockchain technology market in 2022 with more than 39% of global revenue, while the Asia Pacific is expected to have the highest CAGR during the forecast period. Governments have promoted the market for blockchain technology in countries like India, Japan, China, and China.
The report suggests that the world will never be the same again as businesses adopt the untapped potential of AI and blockchain, promising to uncover new opportunities and catapulting businesses and markets to stratospheric new heights.