By 2028, the blockchain industry is predicted to be valued at $104.19 billion, with a CAGR of 55.8% over the expected time.
According to a new report, the blockchain sector is expected to develop at an accelerating rate over the next ten years, with the North American region setting the pace.
The worldwide blockchain industry is expected to attain a startling $104.19 billion by 2028 indicating a CAGR of 55.8% over the predicted period, as per Fortune Business Insights' "Blockchain Market Analysis Research Report, 2021–2028."
Major industry leaders such as IBM, Microsoft, Oracle, AWS, Digital Asset Holdings, and others are likely to have a substantial impact on the North American market throughout the predicted period. In 2020, the regional market was estimated to be worth $1.44 billion.
The research indicates that the pandemic has increased demand for cloud-based services and software, creating a market that is ideal for blockchain technology. With even more companies looking to build digital work platforms, the demand for safe and transparent data management is higher than ever before.
The rising popularity of blockchain is attributed to companies' requirement for software as a service to ensure business continuity, according to the report. Small business enterprises (SMEs) use Blockchain-as-a-Service solutions to safeguard their digital assets and verify human identity, as per the research, indicating that demand for BaaS services will increase significantly.
Demand for blockchain technology is likely to increase in the future as people become more concerned about data protection. The blockchain sector is predicted to rise shortly due to technological requirements such as cross-border transactions, clearance and settlements, trade finance platforms, digital identity verification, and credit reporting.
Banking and financial services, media and entertainment, logistics and transportation, healthcare, retail, public sector, food and beverages, energy, and utilities are just a few of the sectors that have started to adopt blockchain technology.
Tech giants are progressively moving their emphasis to the blockchain industry to benefit from the growing demand for distributed ledger technology. Google's parent company, Alphabet, is exploring incorporating cutting-edge technology into its key services and products, including YouTube and Google Maps.