Kenneth Research published a report titled “Blockchain Technology Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of blockchain technology in terms of market segmentation by component, type, application, provider, industry, and by region.
Value of Blockchain Technology
The Global blockchain technology market was valued at approximately USD 6 Billion in 2021 and further grow at a CAGR of nearly 68% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing adoption of blockchain solutions to safeguard data, and various other applications, such as smart contracts, digital identity payments, and many more. The market is segmented by type into public, private, and hybrid, out of which, the public segment is expected to witness the highest growth during the forecast period
In Q4 2021, U.S. current-account deficit widened and stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, and reached $291.4 billion, adding $66.6 billion to the gap. The export of goods and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, the country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, the annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistics and signs to disrupt the supply chain whilst electricity cost upsurged by 15.2%, the highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As the mortgage rate touches the highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises remain at the focal point impacting the economic activity in the U.S., pushing consumers to spend less on products and services and save more.
On the other hand, the worst is expected to be seen in European countries, especially during the 2022 winter. The energy and gas crises have already started grappling the region, wherein many Western European countries including Germany are looking for coal-fired solutions to tackle the gas supply shortage created by the Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to new technology and product launches. Factors like currency translation, disruption in the global supply chain, Anti-China sentiments brewing across the globe, the slowdown in the Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power, and strict measures taken by central banks/institutions across the world to ensure less spending and more saving could hit the demand for the product and service badly in near
Rise in Investments in Blockchain Technology over Increasing Cyber Threats to Boost Market Growth
These days, with increasing cyber-attack incidences, organizations are relying on cloud-based technology for the storage of important information and data to protect them against cyber-attacks and data breaching. This is driving increasing investments in blockchain technology around the world. The global spending on blockchain technology is estimated to reach nearly USD 20 billion by 2024. These factors are expected to boost the growth of the global blockchain technology market.
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