BLOCKCHAIN TECHNOLOGY MARKET ANALYSIS

Blockchain Technology MarketSize and Trends

The global blockchain technology market accounted for US$ 3.76 Bn in terms of value in 2022 and is expected to grow at a CAGR of 54.7% for the period 2023-2030

Global Blockchain Technology Market: Trends:

The increasing adoption of digital identity is expected to drive market growth.

Blockchain technology-based identity platforms have found extensive applications in both regulated and unregulated nations, including countries with inadequate identification laws. To facilitate secure and transparent transactions between the public and private sectors, numerous governments have implemented national-level identification platforms driven by the demand for blockchain technology. The adoption of secure digital IDs by governments has enabled the digitization of various public transactions. Furthermore, the increasing capitalization of market-related cryptocurrencies has spurred governments to invest in blockchain technology ventures. These cryptocurrencies have stimulated innovation in payment environments and offer lower transaction fees compared to traditional payment methods. As a result, the combination of reduced transaction costs and other factors is propelling the growth of the blockchain technology market and the capitalization of cryptocurrencies.

On April 3, 2023, The World Economic Forum panel pushes for blockchain-based decentralized digital ID