- The global blockchain market has reached $10 billion, with experts predicting the value to hit the trillion mark by 2030.
- Currently, about 10% of the world's population owns crypto assets.
- At the start of 2021, the total crypto transactions were 620.4 million.
Digital assets are the new big deal in the investment world today, and thanks to blockchain technology, crypto transactions have been made possible. As a result, crypto has infiltrated our financial, health, food, and even gaming systems and is poised for continued growth in the coming years.
In recent years, blockchain companies have been keen to increase spending to further their desired growth and redefine the globe.
According to BanklessTimes.com, global blockchain spending will rise to $19 billion by 2024. An increase of nearly 46.4%, from 2021's, $6.6 billion spending.
The site's crypto analyst, Alice Leetham, comments:
Since its inception, blockchain tech has grown exponentially, revolutionizing nearly every aspect of our lives. With Blockchain technology poised to grow at nearly 87% by 2023, the projected spending solution in 2024 will certainly catalyze Blockchain awareness and enable the industry to reach its set growth rate or even surpass it.BanklessTimes crypto analyst, Alice Leetham
Blockchain's Projected Growth
The targeted spending comes down to the predicted growth of the crypto industry. So far, our banking systems have the highest blockchain influence and value at nearly 30%. However, with the latest statistics predicting a cut down on costs by up to $12 billion every financial year for blockchain-incorporating banks, the numbers are bound to escalate. Besides, further predictions indicate that crypto will contribute about $1 billion more to financial institutions, suggesting that more banks will accept and accommodate blockchain technology.
Besides banking systems, blockchain influence on the health sector will also increase, with projections indicating a rise in value to up to $231 million in 2023. Although the number is set to increase over the next six years, with a CAGR of 63%, the blockchain sector will have to increase spending to incorporate their systems into our health sector fully. Experts predict blockchain companies will use up to $5.6 billion by 2025 to actualize crypto incorporation in the health sector.
The increased funding is also meant to increase blockchain influence in the food and agriculture industries. In 2026, blockchain in the food and agriculture industries will be worth nearly $1.48 billion.
What Other Factors are Bound to Increase Blockchain Influence?
Seeing the potential returns they bring, investors have flocked the market in search of digital assets. Crypto companies are recording escalating transactions
and investments. As of June 2023, about 4.7 transactions are made every second using Bitcoin. The rise in transactions and investments will drive the crypto industry's growth and increase their market value.
Blockchain technology is constantly evolving, hence gaining the attention of potential investors and crypto owners. The rapid advances in tech have revolutionized our financial landscape and will continue to redefine our spaces and promote the industry.
The increased spending will be a key driver in crypto's development and integrations. It's only a matter of time before blockchain technology becomes a fully incorporated aspect in our society.
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