Size of Blockchain Technology Market Projected to hit $172.9 by 2028
The market size of blockchain technology was only $3 billion in 2020, but that number has only trended upward ever since. This is due to increased demand for secure and transparent means of payment within as well as outside the banking and financial industry. This has led to increased adoption of blockchain systems within supply chains across the globe.
In 2021, it’s market size is $4.9 billion, and it is expected to be worth $67.4 billion by 2026. The market size of the global Blockchain Technology Market is also projected to hit $172.9 billion by 2028. The increase in demand for secure payment systems has been identified as the driving force behind the expansion and widespread adoption of blockchain. This increase in demand is expected to fuel growth across sectors and industries.
Recently, there has been higher venture capital spending and increased investment in blockchain technology. This, coupled with the widespread adoption of blockchain systems in banking institutions and cybersecurity systems, paints a picture of a trend in the industry. People are increasingly using blockchain to fund their smart contracts and digital entities, and for general payments.
Blockchain technology provides synergy between digital technology and systems management in real-time. The market has the potential to alter the digital technology market altogether by influencing healthcare delivery, social media, modes of business operations, entertainment, and more.
The technology now has a stable place in the financial industry, which is in line with the increased emphasis on cashless payments and card payments that have become prominent in the market. It supports these systems by improving the speed with which the transactions they perform are processed, while also improving efficiency.
Another thing that blockchain offers in the financial and payments industry is the security it gives digital payment activities, as it secures these payments in real-time and has therefore become increasingly adopted by big-time players like Visa and Walmart. These two players have adopted the technology and are using it to speed up payments while optimizing their supply chain.
Segmentation of the Blockchain Market
The two components of the global blockchain market are the platform segment and the services segment. The platform segment is a platform that stands alone and cannot be split into further segments. This platform is what supports users and customers to create blockchain environments that can be public, private, or a consortium environment.
With this platform, users are further empowered with functions that enable them to create applications and solutions related to blockchain that allow the interoperation of systems across the network. The platform segment of the blockchain market is projected to record the highest adoption rates as organizations begin to realize the ways the technology it uses can improve their operations.
The services segment of the global blockchain market entails different services that are used to maintain and execute blockchain technology in organizations that perform consulting, advisory, support, and maintenance services. This segment is expected to record a higher growth than the other, though its growth will be determined by the adoption of the blockchain platform in the period.