Global blockchain technology market to reach $19.9 billion by 2026: Research and Markets
The technology at the heart of bitcoin, blockchain technology, is today gaining significant importance. Blockchain is a permanent database that keeps a record of every transaction that is executed. The technology has become an integral part of business-to-business and business-to-consumer commerce, products, and legal processes. In the banking, financial services, and insurance sector, growth is expected to benefit from the growing adoption of blockchain in applications such as digital identities, payments, exchanges, and documentation.
Financial institutions have been spearheading innovations in the blockchain technology space, with the sector already witness to successful implementations of use cases such as Nasdaq’s private market trading platform and Ripple’s cross-border payment platform. Blockchain holds significant potential for prescription management, medical data, online shopping, and other areas. The technology is likely to help companies control supply chains, achieve traceability of products and maintain an auditable record of goods movement. In the post-COVID-19 period, growth in the market will be led by next-generation blockchain innovations and the resulting development of new application areas.
Amid the COVID-19 crisis, the global market for blockchain technology, estimated at US$3.4 billion in the year 2022, is projected to reach a revised size of US$19.9 billion by 2026, growing at a CAGR of 43% over the analysis period. Public, one of the segments analyzed in the report, is projected to grow at a 44.8% CAGR to reach US$21.5 billion by the end of the analysis period.
The U.S. Market is Estimated at $1 Billion in 2022, While China is Forecast to Reach $2.1 Billion by 2026
The blockchain technology market in the U.S. is estimated at US$1 billion in 2022. The U.S. currently accounts for a 31.64% share of the global market. China, the world’s second-largest economy, is forecast to reach an estimated market size of US$2.1 billion in 2026, trailing a CAGR of 50.2% through the analysis period.