How big is the blockchain market?

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Blockchain is widely known for its role in cryptocurrencies, such as Bitcoin, Ethereum, and more recently, NFTs. The technology is relatively recent but continues to grow and outpace most others — due to its functionality, transparency, and ease of application. Business opportunities exist within this new and emerging blockchain market.

This article will have a quick look at the size, market dynamics, opportunities, restraints, pros, and cons of the blockchain market.

Market Dynamics and Size
The blockchain market experienced explosive growth after the inception of Bitcoin, and it got even more prevalent when financial institutions started utilizing the technology for online transactions.

The general consent to blockchain solutions achieved significant usa mobile number growth in popularity in the last 2-3 years for several areas of business demands, including payments, smart contracts, exchange of currencies, digital identity, and documentation.

According to research by Statista, the global blockchain market was estimated at $1.57 Billion in 2018 and is expected to increase to $163 Billion by 2027. The report predicted an annual growth rate of 68.4% within the specific forecast period.






A number of the most important factors contributing to the growth rate of the blockchain market include:

Increase in venture capital fundings.
The high adoption rate of blockchain solutions for financial transactions.
Increased acceptance of smart contracts.