A new report indicates that the blockchain industry is set for astronomical growth in the next decade, with the North American market leading the way.
The report by Fortune Business Insights, titled “Blockchain Market Analysis Research Report, 2021–2028,” mentions that the global blockchain market size is expected to reach a whopping $104.19 billion by 2028, exhibiting at a CAGR of 55.8% across the forecast period.
The presence of major industry players such as IBM, Microsoft, Oracle, AWS, Digital Asset Holdings and others in the North American market is expected to have a significant impact during the forecast period. For comparison, the regional market was valued at $1.44 billion in 2020.
According to the research, the pandemic has expedited demand for cloud-based services and software, resulting in a market ripe for blockchain innovation. The demand for secure and transparent data management is greater than ever, with more and more organizations seeking to establish virtual work platforms.
The report highlights that blockchain's increasing popularity is due to enterprises' need for software as a service to maintain business continuity. According to the study, small business enterprises (SMEs) utilize Blockchain-as-a-Service solutions to protect their digital assets and validate human identities, implying that demand for BaaS services will continue to rise.
The growing concern over data security is expected to drive demand for blockchain technology in the future. The technological demands, including cross-border transactions, clearing and settlements, trade finance platforms, digital identity verification and credit reporting, are expected to fuel future growth in the blockchain sector.
Related: Alphabet exploring blockchain technology for flagship services
Blockchain technology has seen initial implementation across several major industries such as banking and financial services, media and entertainment, logistics and transportation, healthcare, retail, public sector, food and beverages, energy, and utilities.
Big tech companies are increasingly shifting focus to the blockchain space to capitalize on the increasing demand for distributed ledger technology. As Cointelegraph reported, Google's parent company, Alphabet, is looking into using the innovative technology in its core products and services, such as YouTube and Google Maps.