The global blockchain market earned a total of US$4.62 billion in 2021 but is expected to reach US$173.68 billion by 2028, because of an estimated annual growth of 67.9% in the period to 2028, according to a report. published by Brandessence Market Research consultancy.
According to the study, Blockchain technology is gaining traction and is considered one of the greatest technological advances in recent history: “The trends that evolve over the course of the pandemic can have a considerable impact on user implementation of blockchain. The increasing adoption of blockchain across the various industries is one of the main factors that accelerate the growth of the blockchain market. The number of registered blockchain wallets exceeded 70 million in Q2 2021. Blockchain skills have become one of the most sought after skills in the world, with demand increasing by around 2,000% from 2017 to 2020. Every year there is an increase significant in the growth rate of blockchain technology. By 2022, spending on blockchain solutions will reach around $11.7 billion worldwide. Whereas more than 50% of companies see blockchain as a strategic priority across the world. The adoption of blockchain is hugely revolutionizing the world economy in recent years. As a result, all of the above factors are driving market growth and will become the backbone of major industries in the forecast period.”
The main players in the global blockchain market according to the survey are IBM, AWS, SAP, Intel, Oracle, Huawei, Accenture, Wipro, Bitfury, Chain, Blockcypher, Guardtime, Cegeka, Symbiont, Bigchain DB, Applied Blockchain, Auxesis Group, Spinsys , Infosys NTT Data, Factom, R3, Consensys, Records Keeper, Stratis, Blockchain Foundry, Blockpoint, Leewayhertz and Dragonchain. These are companies that are trying to make sure they can get past government regulations that will be against blockchain entry.
A major concern for this market will continue to be the blockchain market. Currently, it is the lack of regulations and the resulting uncertainties that will be among the biggest forces constraining blockchain adoption across verticals. Some countries have banned the use of ICOs. Regulatory acceptance has become one of the biggest challenges in transforming transformation systems. With some advances, regulatory bodies need to understand what is missing from current scenarios and how they impact applications in general. Financial institutions all over the world are trying to come up with a solution on this.