Smart contracts and NFTs have truly contributed to the rise and the ongoing expansion of blockchain. Despite numerous challenges hindering the adoption of blockchain across industries, its advent is gaining momentum. The stats below will help you get a complete picture of the impact of blockchain on business and the world economy in general.
Let’s start with the global statistics, define the key players, and see how market experts envision the future of blockchain.
What Is the Global Blockchain Market Value?
In 2021, the global market for blockchain solutions has been estimated at $4.67 billion. By the end of 2022, it is set to amount to $7,18 billion and is predicted to expand to $163, 83 billion by 2029. Even though the Covid-19 pandemic has somewhat hindered the blockchain expansion, the growth rate is expected to amount to a staggering 56,3 %, reports Fortune.
Blockchain Adoption by industries
The key industries adopting blockchain include:
- Energy and utilities
- Healthcare and life sciences
- Transportation and travel
- Consumer goods and retail
- Media and entertainment
Understandably, though, the largest number of companies adopting blockchain belongs to the financial sector (34,8%). The players that stand to benefit from the secure and transparent distributed ledger include bankers, digital lenders, insurance companies, and cryptocurrency traders. Increased efficiency and reduced operational costs are driving this adoption and account for the largest number of blockchain adopters in finance.
The second largest industry to embrace blockchain is telecom, media, and entertainment, followed by the manufacturing, healthcare, and energy sectors. The retail and consumer goods sector is also recognizing the value of NFT-driven marketing and the positive impact of blockchain in maximizing the transparency of the supply chain. However, the potential for blockchain-driven expansion in other industries is also substantial.
Blockchain Predictions for 2022 and beyond
- As reports Statista.net, the global spending on blockchain solutions will amount to $19 million by 2024.
- Secure data exchange will continue to be the most common area for blockchain implementation, followed by cryptocurrencies and asset tracking.
- Binance will continue to be the largest cryptocurrency exchange platform in the world throughout 2022.
- As far as the cryptocurrencies are concerned, Bitcoin is predicted by some experts to reach a $100,000 cost in 2022.
- Ethereum will continue to be the easiest cryptocurrency to invest in for new entrants and is expected to exceed a $10,000 value in 2025.
- The adoption of blockchain could boost global GDP by $1,76 trillion by 2030.
- Blockchain will grow at a rate of 85,9% from 2022 to 2030, predicts PwC.
- Gartner predicts that blockchain will generate $3,1 trillion in revenue by 2030.
The stats above are vivid evidence that blockchain is gaining wider acceptance and adoption. As the demands for Web 3.0, online metaverse, and decentralization grow, so do the requirements for blockchain-based services and solutions.
As of today, more and more businesses continue to invest in blockchain. Unfortunately, they lack experience and expertise in relevant technologies. In this regard, the need to forge strong partnerships with reputable blockchain development providers becomes extremely important.