Blockchain market to grow by $11bn by 2027

The blockchain technology market size is set to grow by $11,047.61 million between 2022 and 2027, with a CAGR of 32.72%, according to Technavio’s latest market research estimate, reports Yahoo Finance. The rising venture capital investments in blockchain technology are driving the blockchain technology market growth. One of the key elements for the development and expansion of blockchain technology is venture capital funding. Most SMEs use these investments to expand their businesses. Besides the funding, one of the main advantages for startups working with venture capitalists is that they can access key networks and crucial resources. Hence, such factors are expected to drive global blockchain technology growth during the forecast period. With a focus on identifying dominant industry influencers, Technavio’s reports present a detailed study by way of synthesis and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The market share growth by the BFSI segment will be significant during the forecast period. Some of the main applications of blockchain in BFSI segments include reducing fraud, executing smart contracts, processing payments, and performing know-your-customer (KYC) due diligence. There is an increase in the adoption of blockchain technology across enterprises for post-trade settlement, payments, reference data, and trade finance. Hence, such applications are expected to drive the growth of this segment which in turn drives the global blockchain technology market during the forecast period. The report tracks major trends such as the emergence of artificial intelligence (AI) as a major trend shaping the global blockchain technology market. Read more.