COVID-19 pandemic-induced disruptions in traditional finance, coupled with the promise to reduce operational costs set the stage for the mainstreaming of the digital ecosystem.The global blockchain finance market — encompassing public and private blockchains, trading, payments, settlements and asset management — is well-positioned to grow into a $79.3B market by 2032.
“Public blockchains leverage significant computational power, making them ideal for maintaining large distributed ledgers associated with financial transactions. These factors are anticipated to boost the blockchain finance market.” When it comes to the applications of blockchain finance, cross-border payments and trading are two of the largest sub-segments, driven by the rising demand from individuals, enterprises, merchants, industries and international development groups.
The cross-border payments and settlement sub-segment accounts for dominant market share. Source: Allied Market Research As shown above, the trend is expected to continue as users continue to seek cheaper alternatives to move their savings across the world. North America dominated the blockchain finance market in 2022 and is expected to maintain its lead for blockchain finance adoption.Based on the quantitative analysis of trends and dynamics of the blockchain finance industry, Allied Market Research predicted a compound annual growth rate growth of 60.5%.
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