The blockchain market is a rapidly evolving industry that has seen significant growth and development in recent years. Blockchain technology is a decentralized and distributed ledger system that allows for secure and transparent transactions without the need for intermediaries such as banks or other financial institutions. The use of blockchain technology has the potential to transform many industries, including finance, healthcare, supply chain management, and more.
According to a report by Markets and Markets, the global blockchain market size is expected to grow from USD 7.3 billion in 2021 to USD 70.1 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 80.6% during the forecast period. The increasing adoption of blockchain technology across various industries and the growing demand for distributed ledger technology for payment and settlement systems are some of the key factors driving the growth of the blockchain market.
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The blockchain market can be segmented into various components, including platforms, services, applications, and end-users. Blockchain platforms include public, private, and hybrid blockchains, while services include consulting, training, support, and maintenance. Applications of blockchain technology include digital identity, smart contracts, supply chain management, and payment and settlement systems. End-users of blockchain technology include banking, financial services, and insurance (BFSI), healthcare, government, and others.
The BFSI sector is expected to hold the largest share of the blockchain market during the forecast period. The increasing demand for blockchain technology in payment and settlement systems and the need for secure and transparent transactions in the financial industry are some of the key factors driving the growth of the blockchain market in the BFSI sector.
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