Blockchain Technology Market Forecasts Show Adjustment, Still Predicting Significant Growth
Recent market research indicates a revision in the projected growth of the blockchain technology market. While forecasts have been adjusted downwards from previous estimates, the technology remains poised for substantial expansion in the coming years.
A market research firm has released updated forecasts focusing on the blockchain market, specifically examining blockchain applications within cloud environments for various business segments. These figures exclude decentralized applications like blockchain gaming. The newest projections suggest that the blockchain technology market size will reach an estimated $943 billion by 2032, representing a compound annual growth rate (CAGR) of 56.1%.
This forecast represents a decrease compared to an earlier projection from June 2022. At that time, it was predicted that the “blockchain technology” market would reach $1.235 trillion by 2030, with a CAGR of 82.8%. The source of the information provided does not explain this change regarding its definition of “blockchain technology.”
The research emphasizes blockchain’s application in cloud environments and investigates its integration across various end-use markets, including government, healthcare, financial services, media, retail, logistics, and travel. This suggests that the forecast figures might omit decentralized services such as decentralized finance (DeFi) and blockchain gaming.
The figures presented in these forecasts highlight the continued growth expected in the blockchain sector, even with the reported adjustment in projections.
