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The global blockchain technology market volume was $3.67 billion in 2020 and is expected to reach $394.6 billion by 2028, showing a CAGR of 82.4%.

Blockchain has become a very promising technology in the IT field. It is an open, immutable distributed public ledger that can be accessed by multiple parties involved in a transaction and acts as a universal depository for all transactions between the parties involved. The growing acceptance of cryptocurrency around the world is one of the main drivers of the market’s growth. Commercial and central banks around the world are now using blockchain technology to process payments and issue their digital currencies. The technology enables international payments that are cheaper and faster than traditional systems.

The financial services segment dominated the market in 2020 and accounted for over 38.0% of global revenues. Financial services use blockchain technology to manage financial transactions that take place in businesses.

The healthcare segment is expected to record the highest CAGR over the forecast period. A growing number of consumer data protection regulations are driving the spreading of blockchain technology in the healthcare sector.

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