The blockchain industry market has the potential to grow 68% per year over the next eight years, and its total cap could rise by 1,337% by 2030.
According to a study by Custom Market Insights analysts, the blockchain industry’s total capitalization could grow to $69 billion between 2022 and 2030, showing a compound annual growth rate (CAGR) of about 68%.
The study reported a market size of about $4.8 billion in 2021. The analysts forecast the segment to grow at a CAGR of 1,337% from 2022 to 2030. The main growth drivers identified are:
- сrypto adoption as a means of payment;
- the development of technological solutions for various blockchain technology applications;
- growth of the Internet of Things (IoT) segment using blockchain technologies.
Custom Market Insights experts predict the highest growth rates for the retail and e-commerce sectors during this period. The jump in the popularity of blockchain technology in the segment is driven by the desire of retail and online businesses to improve the shopping experience for their customers.
According to the study, as of 2021, North America holds the largest market share in the blockchain industry. The analysts cited the adoption of blockchain technology to ensure data security and privacy, prevent cyberattacks, and combat industrial espionage as the main factors driving market growth in the region over the next eight years. However, the analysts predict that the highest CAGR over the next eight years will be in the Asia-Pacific region (APAC). The study says the region’s growth is directly related to the adoption of blockchain technology by the governments of China, Japan, and India.
Recall that a quarter of technology startups in the APAC region are associated with distributed ledger technology (DLT). For example, the Japanese government is expanding education opportunities for blockchain experts to address skills shortages, and in India, the government has unveiled a vision for a national blockchain infrastructure.
