In 2021, the worldwide blockchain technology market was estimated at $5.92 billion and is predicted to increase at a CAGR of 85.9 percent from 2022 to 2030, according to market research. Due to increased venture capital financing for blockchain technology businesses, the industry has grown.
Venture capital financing and investment in blockchain technology, broad application in banking and cybersecurity, and high acceptance of blockchain solutions for payment, are among the primary drivers driving Blockchain Market’s rapid rise.
The demand for cloud-based services has grown significantly in recent years. Aside from that, the epidemic spurred the development of novel applications for this technology. Setting up virtual work platforms necessitates the usage of technology, which has led to an increase in the demand for software as a service among businesses seeking to maintain productivity. As an additional benefit, the need for small and medium-sized businesses is being met by BAS. B-a-a-S solutions are seeing an increase in demand from SMEs who are employing this service to protect their digital entities and verify human identities. During the projected period, the aforementioned factors are predicted to drive market expansion.
Impact of Covid-19
This year’s COVID-19 epidemic saw an increase in the market. In order to establish a platform for controlling the COVID-19 epidemic, blockchain technology is essential. The COVID-19 vaccination is being tracked using blockchain technology in a number of institutions.
Individuals and companies alike have been hit hard by the COVID-19 epidemic. The global online community has played a critical role in society at large. The COVID-19 epidemic has led to an increasing reliance on internet enterprises. A wide range of industries are using the internet to deliver essential services to customers, from banking and financial services to healthcare and life sciences. There has been a rise in demand from vendors for a Blockchain Market in recent months.
It should also be stated that Covid-19 had an impact on numerous industries, including gambling. During the pandemic period, as many people were forced to stay at home and they have lost their jobs, they started to seek additional ways to generate money like online crypto casinos. As the number of crypto casinos increases and still continues to expand, people can read bitcoin online casino reviews in order to choose the best one among others. With the help of the reviews, consumers can find whether or not it can be profitable for them to start gambling with a certain online casino.
As a result of the current developments and what is expected in the future, the worldwide blockchain market is forecasted to increase from $7.18 billion to $163.83 billion, with a CAGR of 56.3 percent, during the years 2022-2029.
Challenges for blockchain market size growth
A lack of qualified personnel will limit the expansion of the blockchain sector. As businesses have embraced digital transformation, threats and cyberattacks have increased. However, organizations have a shortage of specialists who can handle risk challenges.
Since its inception in 2009, blockchain technology has received a great deal of interest because of its capacity to fundamentally alter the foundations and business models of the banking, financial services, and insurance (BFSI) industry. However, different organizations and institutions are currently quickly creating Blockchain-based solutions to handle complicated business challenges apart from cryptocurrency applications.
In order for a blockchain to function well, it needs a large number of people to accept it. For example, in order to implement supply chain track-and-trace capabilities, not only would a business need to implement a blockchain network, but so would its suppliers. Only 29 percent of businesses are either testing or completely implementing blockchain, according to APQC’s findings. Blockchains’ efficacy and scalability will be restricted until they are widely used.
Blockchain market development is projected to be impacted by the delayed adoption of technologically sophisticated solutions.
A lack of knowledge about the dangers of data security is another problem that emerging nations like India, Peru, and Mexico confront. This means that blockchain industry trends are likely to stay stagnant for some time.
Businesses and investors are more likely to put money into blockchain technology now that it is legal. In addition, it encourages blockchain service providers to improve their offerings in order to get an edge over competitors.
Despite this, there is reason to believe that blockchain use will increase. To address common problems and create solutions that benefit everyone without disclosing private information, organizations are increasingly organizing collaborative blockchain working groups with one another.
By using blockchain technology, the infrastructure can be improved to deal with problems more quickly than it can now. Major industry giants including IBM, Microsoft, Oracle, HPE, and Intel are showing a keen interest in blockchain, which is predicted to propel its future development.
Because blockchain technology is still in its infancy, there is a dearth of people with the knowledge and expertise to build and utilize it. One study found that 49% of participants saw this skills gap as a major concern. There has been a lot of competition in the blockchain talents market for some time now. In 2019, demand for blockchain engineers increased by more than 500 percent, according to the Blockchain Council, and starting salaries for blockchain developers increased in tandem. By the end of 2022, and into the future, this level is expected to rise even more. Because of the high cost and difficulty of finding qualified candidates in this field, many companies are wary about using blockchain and integrating it with existing systems.