Blockchain finance will grow to a $79.3B market by 2032
The global blockchain finance market – covering public and private blockchain, transactions, payments, settlements and asset management – is poised to grow to a $79.3B market by 2032.
A report by Allied Market Research indicates that blockchain financial market players are exploring collaborations and acquisitions as key strategies. Disruptions in traditional finance due to the Covid-19 pandemic, coupled with promises to reduce operational costs, have set the stage for embracing the digital ecosystem.
In the year By 2023, the public blockchain sub-segment will represent the lion's share of the blockchain types used globally. Bitcoin (BTC) and Ether (ETH) are some of the popular cryptocurrencies that use public blockchains. As noted in the report, public bans come with many downsides.
“Public blockchains use massive computing power to maintain large distributed ledgers related to financial transactions. These factors are expected to boost the blockchain financial market.”
Cross-border payments and transactions are the two largest sub-sectors of blockchain finance applications with increasing demand from individuals, corporations, merchants, industries and international development groups.
As seen above, the trend is expected to continue as consumers look for cheaper options to move their savings around the world. North America dominates the blockchain financial market in 2022 and is expected to maintain the lead in adoption.
Based on a quantitative analysis of trends and dynamics in the blockchain financial industry, Allied Market Research predicts an annual growth rate of 60.5%. According to estimates, the industry is set to grow to a $79.3 billion market.
Related: Beyond Finance and Bitcoin: How Blockchain Is Disrupting Secure Messaging
A recent report published by digital payments network Ripple stated that blockchain could save financial institutions nearly $10 billion in cross-border payment costs by 2030.
The results show that global payments leaders are not satisfied with legacy railways for cross-border payments.
Find out why 97% trust #Blockchain & #Crypto in our recent whitepaper @fast_payments. pic.twitter.com/ForjM05Wbb
— Ripple (@Ripple) July 28, 2023
“More than 50% of respondents to the survey believe that lower payment costs – both domestically and internationally – are the primary benefit of crypto,” the report said. The statement complements the Allied Market Research report based on its growth trajectory forecast based on cheaper and safer alternatives.
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