The global blockchain market to reach $56.7 billion by 2026 from $6.0 billion in 2021-Research and Markets

According to the The “Global Blockchain Market 2021-2026” report by Research and Markets, The global blockchain market should reach $56.7 billion by 2026 from $6.0 billion in 2021 at a compound annual growth rate (CAGR) of 56.9% for the forecast period of 2021 to 2026.

The report examines how the blockchain market is changing and how it has evolved. This analysis includes a detailed survey of new organizations in the market as well as existing organizations. At the industry level, the publisher identifies, examines, describes, and provides global and regional market sizes for 2020 and forecasts demand from 2021 through 2026.

Blockchain technology has the capability to reduce the costs associated with verifying customer transactions and thus improve access to financial services. The adoption of the technology is based on factors such as the ability of players in the market to adopt and develop this complex technology, to offer the product at an affordable price, and to secure support from the government. Early use cases of blockchain were seen in financial institutions as value-added applications were developed on the existing blockchain functionalities. In recent times, venture capital firms have been investing in startups developing blockchain technologies.

Increasing Fintech spending and venture capital funding in the technology, growing demand for blockchain technology in retail and supply chain management, and a digital transformation in the manufacturing and BFSI sectors are some of the key factors driving the growth of the current blockchain market.

However, network privacy and security concerns, as well as an unsettled regulatory environment, are hindering the market’s growth. Apart from these drivers and restraints, the increasing acceptance of blockchain solutions for payments and smart contracts; the advent of AI, and the sizeable use of blockchain solutions in banking, cybersecurity, and IoT; and the rising number of blockchain start-ups will create huge opportunities for vendors in this market.

In this report, the global market blockchain has been segmented based on organization size, component, provider, type, industry, and geography. Based on organization size, the blockchain market has been categorized into SMEs and large enterprises.