Growing Investments to Support Blockchain Technology Market Growth
North American blockchain technology expected to dominate market, accumulating 36% of revenue.
The global blockchain technology market is poised to grow at a CAGR of 84% during the 2022-2032 forecast period, according to a new report by Fact.MR, who also estimated the market valuation at $7.36 billion in the 2022 assessment period.
Governments across the globe are integrating cloud technology with conventional systems. As public clouds provide cost-competitiveness to businesses, they are highly sought after in the market. Growing innovation and consumer awareness concerning the benefits of using blockchain technology will catalyze the growth of the market in the near future.
Various events are expected to use contactless digital ticketing through the use of blockchain technology in order to increase revenue. Cryptocurrency’s expansion across the globe is also expected to drive market growth in the coming years. Blockchain-based cryptocurrencies can avoid the need for central authority by operating across a network of computers. In addition to reducing risk, this also eliminates many of the transaction and processing fees.
Customer experiences are being progressively enhanced by blockchain technology. Customer loyalty is expected to increase for retail and e-commerce businesses that offer a positive customer experience.
The implementation of blockchain technology improves the efficiency of payment systems, minimizes operating costs and enables transparency on the payment network. The benefits offered by this technology are leading to an increase in its use in payment solutions.
Regulations focusing on protecting consumer data increase the adoption of blockchain technology in the healthcare sector.
• North America is expected to dominate the global market by 2022 and account for more than 36% of the market share in global revenue.
• The large enterprise segment dominated the market in 2022, accounting for more than 65% of global revenues.
• The infrastructure and protocols segment accounts for more than 60% share of the global revenue forecast in 2022.
• The financial services segment is expected to dominate the market in 2022, generating over 39% of the total global revenue during the forecast period.
• Over three-fifths of global revenue will come from large enterprises.
• The increasing demand for digital identity has led to a substantial growth of blockchain technology in 2022.
• In addition to the growing need to streamline financial transactions, the demand to combat frauds and the interest of large companies in adopting the blockchain technology market will enhance growth. Key Restraint:
• The security and scalability of blockchain technology are expected to hamper the growth of the blockchain technology market.
Leading players in the blockchain technology market are focusing on offering various marketing strategies, which are adopted by key players in mergers and acquisitions, expansions, collaborations, and partnerships.
• In October 2021, Extreme Vehicle Battery Technologies Corp. announced that it had entered into a Share Exchange Agreement to acquire CryptoPlug Technologies Inc. To generate revenue, Smart Command will continue to expand and develop the application and provide it free of charge. The company will charge a fee based on each transaction.
• In December 2021, Midpoint acquired Blockchain World Ltd. With the completion of the transaction, the company expects to incur no material liabilities and will not devote much of its working capital or resources towards the development of BWL.
Learn more at FactMR.com.