Increasing Acceptance Of Cryptocurrencies Propelling Growth Of Blockchain Technology, Expected To Reach US$ 3,273.83 Billion By 2032

Rockville – The global blockchain technology market is likely to be valued at US$ 7.36 billion in FY 2022. From 2022 to 2032, blockchain technology is projected to grow at an astronomical CAGR of 84% to reach a value of US$ 3,273.83 Billion by the end of 2032. The acceptance of cryptocurrency as a payment by companies, such as PayPal and Xbox, is anticipated to fuel market growth. Various restaurants are entering into partnerships with cryptocurrency solution providers to provide cryptocurrency-based payments to their customers.

For instance, in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, declared its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot allowed the customers of Quiznos to pay with bitcoin at select locations. The legalization of cryptocurrency facilitates businesses and investors to invest more in blockchain technology. Furthermore, it also facilitates the market players to make more efforts to enhance their services to achieve a competitive edge. These efforts made by the companies are anticipated to make blockchain technology more effective and efficient in the near future.

DeFi is a developing financial technology based on blockchain, which reduces the control banks have over financial services and money. The increasing strategic initiatives in the decentralized finance space are anticipated to drive market growth during the forecast period. For instance, in July 2021, Square, a payment company, announced that it is launching a business model dedicated to Defi using bitcoin.

Key Takeaways-

• The blockchain technology market is expected to expand annually at a CAGR of almost 84% throughout the projected period.
• By 2032, the market for Blockchain technology is likely to be valued at US$ 3,273.83 Billion
• According to type segmentation, the public cloud is expected to have the largest market share during the forecast period.
• The public cloud segment accounted for the maximum share of 60% in 2021.
• The infrastructure and protocol sectors were the top revenue-generating category in 2022, according to component segmentation.
• North America dominated the blockchain technology market with a market share of 37.1%
• By 2032, the U.S. market for Blockchain technology is expected to register a CAGR of 68.1%.

Recent Developments

• In May 2021, Circle Internet Financial Ltd., a blockchain technology provider, announced that it raised USD 440 million in funding from strategic and institutional investors. The company used this funding for organizational development and market expansion.
• in August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.
• in September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed at developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.
• March 2021 – The general release of Ethereum, a well-known decentralized blockchain technology that created a peer-to-peer network enabling members to transact without a reliable central authority on Amazon Managed Blockchain, was announced by Amazon Web Services (AWS) in March 2021. Decentralized finance (DeFi), a network of financial apps based on blockchain networks, is one of the more well-known use cases that it allowed

Market Competition

The competitive landscape of the market is highly fragmented in nature. The market players are focused on strategies, such as mergers and acquisitions, to strengthen their market position. some major companies operating in the market are-

• IBM Corp.
• Microsoft Corp.
• The Linux Foundation
• BTL Group Ltd.
• Chain, Inc.
• Circle Internet Financial Ltd.
• Deloitte Touche Tohmatsu Ltd.
• Digital Asset Holdings, LLC
• Global Arena Holding, Inc. (GAHI)
• Monax
• Ripple

Some key developments in this market are:

• In March 2019, Circle Internet Financial Limited completed the acquisition of SeedInvest, an equity crowdfunding platform. The acquisition was aimed at delivering a token marketplace that would allow individuals and businesses to raise capital and interact with investors through the open crypto infrastructure.
• In August 2021, Bakkt Holdings, LLC, a digital asset marketplace, announced its partnership with Quiznos, a Quick-service Restaurant (QSR), to launch its physical location pilot. This pilot enabled the customers of Quiznos to pay with bitcoin at select locations.
• In September 2019, Signzy Technologies Private Ltd., a RegTech startup, announced its partnership with Primechain Technologies, a blockchain technology provider. The partnership was aimed toward developing AI-enabled smart banking solutions for financial institutions and banks. This smart banking solution integrated AI and blockchain technologies to digitalize and automate back-office operations.