September 25, 2023
By Anjali Kochhar
In a groundbreaking milestone, the global blockchain market has reached an impressive $10 billion, and experts are setting their sights on a monumental trillion-dollar valuation by 2030. Presently, approximately 10% of the world’s population owns digital assets, illustrating the swift adoption of this transformative technology.
Blockchain, the driving force behind crypto transactions, has revolutionised investments across financial, health, food, and gaming sectors. Its continued expansion is anticipated in the years ahead. In recent times, blockchain companies have significantly ramped up spending to propel their desired growth and impact on a global scale.
BanklessTimes.com reports a projected surge in global blockchain spending, reaching $19 billion by 2024. This marks a noteworthy 46.4% increase from the $6.6 billion spent in 2021. Noted crypto analyst at BanklessTimes.com, Alice Leetham, highlights the exponential growth of blockchain technology, estimating an astounding 87% expansion by 2023. Leetham believes the projected spending in 2024 will serve as a catalyst for heightened awareness and potentially even surpass expected growth rates.
The anticipated surge in spending aligns with predictions for the burgeoning crypto industry. Presently, banking systems wield the highest influence, accounting for nearly 30% of blockchain value. Forecasts indicate that blockchain-incorporating banks could reduce costs by up to $12 billion annually, signalling a likely upswing in these figures. Furthermore, it is anticipated that financial institutions could gain an extra $1 billion, signifying a broadening acceptance and integration of blockchain technology.
The healthcare sector is also poised for heightened blockchain integration, with values projected to reach $231 million by 2023. A Compound Annual Growth Rate (CAGR) of 63% over the next six years underscores this trend. To fully realise the potential of blockchain in healthcare, experts predict blockchain companies will invest up to $5.6 billion by 2025.
Additional funding is earmarked to bolster blockchain’s influence in the food and agriculture industries. By 2026, blockchain’s impact in these sectors is forecasted to be worth nearly $1.48 billion.
Several factors are set to amplify blockchain’s influence further. A surge in investor interest, drawn by the potential returns digital assets offer, has flooded the market. Crypto companies are witnessing escalating transactions and investments, with around 4.7 Bitcoin transactions occurring every second as of June 2023. This heightened activity is projected to propel the crypto industry’s growth and amplify its market value.
The ever-evolving nature of blockchain technology continues to captivate potential investors and crypto enthusiasts alike. Swift technological advancements have reshaped our financial landscape and promise further transformative potential. The increased spending on blockchain development and integration is poised to be a pivotal driver in the industry’s evolution, hinting at an imminent full-scale incorporation into our society.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.