By 2028, the blockchain industry might reach a value of $104.19 billion. This would mean a CAGR of 55.8% over the next few years for this industry. Reports show that the blockchain market will develop at an explosive rate over the next decade. In addition, North America intends to be the new leader of this enormous growth in the this industry.
Additionally, a report published by Fortune Business Insights delivers important information regarding this issue. It predicts that the worldwide blockchain industry could grow at a CAGR of 55.8% during the projected period.
Key industry players in the North American market could influence this upcoming market growth. Some of these major players are IBM, Microsoft, Oracle, and AWS. It is worth noting that, in 2020, the regional market was worth only $1.44 billion.
Furthermore, it is believed that the current pandemic has increased demand for cloud-based services and software. As a result, it is creating a market that is ideal for blockchain innovation to take root. Correspondingly, there is an ever-growing need for data security and transparency as more companies implement virtual work platforms. Then comes the Metaverse and hundreds of other things that may benefit today’s companies.
The Enormous Growth Of Blockchain Market
Following more on the report’s data, the rising popularity of blockchain is related to businesses’ demand for this software as a service. The main reason for this is to manage business continuity. According to the report, small and medium-sized organizations (SMEs) use Blockchain solutions to safeguard their digital assets. They also use it to confirm human identities, meaning that the need for Blockchain as a Service (BaaS) Solutions will continue to grow.
Soon, the demand for blockchain technology is likely to increase even more. This is happening due to the rising interest in data security. Moreover, some technical requirements will drive the future development of the blockchain industry. These key players include cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification, and credit reporting. All of these are made possible through cryptocurrencies and blockchain technology in essence.
On the other hand, several major industries have seen initial implementations of such technology. These industries include banking and financial services, media and entertainment, logistics and transportation, healthcare, retail, energy, and utilities.
Likewise, big technology firms focus their attention on the blockchain industry to take advantage of the growing demand for distributed ledger technology. For example, according to some data, Google’s parent company, Alphabet, is exploring the possibility of incorporating cutting-edge technology into its main goods and services, such as YouTube and Google Maps. Maybe Google could even launch their own token one day, who knows…