Blockchain Market Trends

Growth Drivers

• Worldwide Surge in the Expenditure of Digital Transformation - Technology is a key component of corporate strategy owing to digital transformation. This method reduces operating costs and inefficiencies. The rising popularity of converting non-digital business processes to fully digital systems by transferring data to cloud-based databases and collaborating with various technological devices is predicted to drive the use of blockchain technology in a broad range of industries. For instance, by 2022, nearly USD 1.15 trillion are anticipated to be spent on worldwide digital transformation, with the same amount expected to reach approximately USD 3 trillion by 2025.

• Remarkable Adoption of Bitcoin Across the Globe – For instance, the count of worldwide bitcoin owners is expected to touch approximately 2 billion by the end of 2022. Furthermore, in 2021, the worldwide crypto population surged by +180%, from 110 million in January to 290 million in December.

• Escalating Trend of IoT – For instance, globally, more than 11 billion IoT devices were in use in 2021, and the count of active IoT device is anticipated to exceed around 26 billion by the end of 2030.

• Major Surge in Identity and Data Theft Activities – For instance, every year, over 400,000 people in the United States fall victims of phishing/vishing/smishing attacks.

• Growing Adoption of Digital Banking – For instance, in 2018, over 60% people in the United States utilized digital banking, and this ratio is expected to surge around 66% by 2022.

Challenges

• Surge in Cyber Attacks
• Huge Lack of Highly Skilled Professionals
• Lack of Awareness Regarding the Risks of Data Protection in Emerging Nations

The global blockchain market is segmented and analyzed for demand and supply by application into payments, digital identity, smart contracts, supply chain management, and others. Out of these, the payments segment is projected to grasp the largest market share over the forecast period backed by the growing online transactions and payments procedures via using varied cloud services. For instance, globally, the value of all transactions in the digital payments sector is anticipated to reach nearly USD 7.80 trillion in 2022.