Blockchain platform and services market to worth nearly $200B by 2030

While blockchain has come a long way in recent years, it remains a nascent technology

Blockchain platform and services market to worth nearly $200B by 2030. Source: shutterstock.com

Revenue from blockchain platforms and services is expected to rise from $4 billion in 2020 to a huge $199 billion by 2030, according to GlobalData. The reason for that is businesses seeking to accelerate digital transformation and development spend big on blockchain.

Earlier, GlobalData noted that businesses must make a targeted, tactical digital transformation for companies to survive in the new world. However, the adoption of blockchain has lagged behind that of other emerging technologies.

It is easy to forget that blockchain has not been around for long due to the massive hype surrounding it. Businesses have been busy showboating the technology in lackluster and short-lived experiments in the last few years. Now this has given way to use cases focused on addressing actual problems, rather than just showing off, the technology can begin to rise to its true potential

Nicklas Nilsson, Senior Analyst for Thematic Research at GlobalData

The adoption of blockchain has lagged behind that of other emerging technologies. The reason is that few understand the technology.

Unless blockchain is simplified and perceived as a solution that can provide tangible benefits, it risks being left behind. Blockchain vendors need to take a more business-oriented approach to educate executives about the benefits of the technology. Blockchain projects with a clear business use case and measurable outcomes are more likely to be adopted. Good examples would be IBM’s Food Trust network, the trade finance consortium eTradeConnect managed by the Hong Kong Monetary Authority, and the logistics and supply chain consortium TradeLens initiated by Maersk. COVID-19 has accelerated digital transformation, but executives face an abundance of technologies and must assess differing priorities

Nicklas Nilsson, Senior Analyst for Thematic Research at GlobalData

We’ve reported that over half of Germans have never heard of blockchain.

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Blockchain platform and services market to worth nearly $200B by 2030

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