The blockchain market consists of sales of blockchain technology by the entities that develop this technology. Blockchain is a decentralized ledger or a database that records the data of the organizations in many databases which is called a block over a network called chain connected in peer to peer version referred to as node. Blockchain is preferred for its safe, secure and transparent nature.
The global blockchain market is expected to decline from $2.45 billion in 2019 to $2.27 billion in 2020 at a compound annual growth rate (CAGR) of -7.27%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities that eventually led to a slowdown in the economy. The market is then expected to recover and grow very rapidly to reach $15.88 billion in 2023 at a CAGR of 91.25%.
