Grand View Research Listed Main Factors Underpinning Exponential Growth of Blockchain 2023 to 2030

According to a recently published report by Grand View Research, the global blockchain technology market size will reach $1,431.54 billion by 2030 (yes, that's a precision-accurate figure!) and will grow at a compound annual growth rate (CAGR) of 87.7% from 2023 to 2030. The market growth is attributed to increasing digitalization in the BFSI (banking, financial services, and insurance) sector. In addition, increasing use of contactless digital payments to pay for various activities is expected to drive the market growth.

Meanwhile, the global cryptocurrency market size was valued at over $800 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030. As we know, cryptocurrency uses distributed ledger technology – blockchain – to validate transactions. That is, as of today, the growth of cryptocurrencies and the scale of blockchain usage are mutually supportive and complementary.

The increasing use of distributed ledger technology is expected to drive the growth of the cryptocurrency market over the foreseeable future. In addition, increasing use of cryptocurrencies for cross-border money transfers is expected to fuel market expansion due to lower consumer and exchange fees.