Blockchain investment to reach $550.68bn by 2030, report claims

The blockchain market is set to reach $550.58bn by 2030, according to a report by ResearchandMarkets.com.

Registering a revenue CAGR of 69.1% over the forecast period, the research firm credits this “significant” growth to the increasing appetite for cryptocurrency and Bitcoin.

It also says that blockchain being more widely adopted by industries that have yet to scratch the surface of this growing technology, such as healthcare, BFSI and retail, is contributing to the projected market value.

In fact, healthcare is set to be one of the major players in blockchain due to the technology’s ability to streamline clinical data management and patient health records management.

Healthcare appears to be picking up the pace with its adoption of technology. The expectations for AI in the sector are significant, with it predicted to reach $175.22bn by 2029. Robotics and automation are also having a greater presence in the sector as healthcare understands their potential of transforming patient care.

The problems that seem to be threatening this growth are the “lack of skilled professionals and concerns over storage capacity”, according to the report. However, the most recent news that the UK government plans to drive tech talent with its new Scale-up programme, may reassure doubts that query the growth of blockchain.

The Asia Pacific region is predicted to be the leading contributor to the blockchain market as demand grows for cryptocurrency in the region, followed by Northern America and Europe on account for more supportive government regulations.