The Blockchain Finance Market is Poised to Reach $79.3B by 2032
A recent report by Allied Market Research predicts that the global blockchain finance market, which includes public and private blockchains, trading, payments, settlements, and asset management, will grow into a $79.3 billion market by 2032. The report highlights that players in the blockchain finance market are actively seeking collaborations and acquisitions as a top strategy. The COVID-19 pandemic has disrupted traditional finance, creating an opportunity for the mainstream adoption of digital ecosystems due to their potential to reduce operational costs.
The Dominance of Public Blockchains
In 2023, public blockchains are expected to represent the majority of blockchains used worldwide. Bitcoin (BTC) and Ether (ETH) are prominent examples of crypto ecosystems that utilize public blockchains. Public blockchains offer significant advantages in maintaining large distributed ledgers associated with financial transactions due to their computational power. This is anticipated to boost the blockchain finance market.
Applications Driving Growth: Cross-Border Payments and Trading
Cross-border payments and trading are two major sub-segments driving the growth of blockchain finance applications. The increasing demand from individuals, enterprises, merchants, industries, and international development groups for cheaper alternatives to move savings globally is expected to fuel this trend. North America currently leads in blockchain finance market adoption and is projected to maintain its dominance.
The Potential Cost Savings of Blockchain in Cross-Border Payments
A recent report by Ripple revealed that blockchain technology could potentially save financial institutions around $10 billion in cross-border payment costs by 2030. Over 50% of respondents in a survey mentioned in the report believe that lower payment costs domestically and internationally are the primary benefit of cryptocurrencies. This aligns with Allied Market Research’s prediction of cheaper and safer alternatives driving the growth of the blockchain finance market.
Hot Take: Blockchain Finance Market Set to Revolutionize the Financial Industry
The blockchain finance market is on track to revolutionize the financial industry by offering cost-effective and secure solutions for payments, settlements, trading, and asset management. The disruption caused by the COVID-19 pandemic has accelerated the adoption of digital ecosystems, leading to increased collaborations and acquisitions among market players. As blockchain technology continues to evolve, its potential to reduce operational costs and provide efficient cross-border payment solutions is attracting significant attention. With a compound annual growth rate of 60.5%, the blockchain finance market is expected to reach $79.3 billion by 2032, transforming the way money moves globally.
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