Blockchain Technology Market Report 2021-2027
Born out of Bitcoin, Blockchain technology emerges to disrupt the digital economy and all industries are concerned.
April 08, 2021 04:38 ET | Source: Research and Markets
In short, the pandemic highlights blockchain's potential role in increasing resilience and security of government and business ecosystems. The Market to Reach US$ 30+ Billion.
The global market for Blockchain Technology is projected to reach US$ 30+ billion by the year 2027, trailing a post COVID-19, CAGR of 43% over the analysis period 2020 through 2027.
The pandemic continues to rage through the globe with new waves, continuing to cause large scale human and financial destruction in countries across the world. Emerging technologies like AI, IoT, automation, big data, and blockchain will benefit in the post COVID-19 period as essential technologies to have to ensure business resilience.
The blockchain technology is anticipated to spring back relatively quickly than other technologies. blockchain is estimated to witness the highest level of spending over the coming years owing to its innovative characteristics like security, decentralization and transparency. These aspects are bound to push blockchain adoption across a diverse spectrum of industries
The technology is expected to experience increasing interest and spending across various applications and industry verticals for addressing concerns associated with traditional options. The technology is poised to find increasing acceptance across manufacturing and professional services companies in the post-pandemic era. The technology is estimated to receive a notable investment of $14.4 billion globally by 2023.
Asia-Pacific is estimated to contribute nearly 19.3% of the total spending on blockchain technology in 2020. The technology is anticipated to receive a major stimulus from increasing focus of various countries in Asia-Pacific and other emerging countries to facilitate and secure the transition to ‘digital first’ and maintain records associated with regulatory compliance.
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