NEW YORK, Oct. 18, 2023 /PRNewswire/ — The blockchain and distributed ledger technology (DLT) market continues upward despite continued volatility. ABI Research, a global technology intelligence firm, expects revenues to grow steadily to reach a market value of US$25 billion by 2027 as the worldwide slowdown drives operational efficiencies in the underlying technology.
“Blockchain technologies continue to evolve in short two- or three-year cyclical patterns. New applications emerge quickly and furiously, reaching astronomical heights in a few months before crashing and burning completely. The 2021 NFT rise and subsequent 2022 downfall is but one example of the dizzying heights that blockchain hype can achieve. The much-hyped demand in industrial and supply chain applications has also simmered considerably, with many large projects and deployments cut. However, this fast succession of hyped bubbles reveals an underlying core infrastructure that hardens and improves after every burst,” explains Michela Menting, Senior Research Director at ABI Research.
The work on making blockchain and DLTs more energy efficient continues strongly, showing that the technologies can be more sustainable over time. Better consensus mechanisms, the switch from proof of work to proof of stake, and the emergence of green cryptocurrencies all contribute to making the technology better adapted to sustainability demands.
Beyond that, applications in specific sub-markets are maturing, especially in the financial and banking space. Digital financial assets (such as Central Banking Digital Currencies) and DLT implementations are maturing quickly to improve reconciliation, clearance, and settlements. Maturing regulatory frameworks are driving those applications forward, resulting in successful deployments across the sector.
“The overall blockchain market is still very nascent and fragmented, prone to extraordinary growth spurts in niche and select applications that escalate quickly and crash just as fast. But the core foundation that allows these applications to emerge in the first place continues to evolve slowly and will ultimately become an entrenched technology of modern ICTs,” Menting concludes.
These findings are from ABI Research’s Blockchain and Distributed Ledger Technologies and Industrial Blockchain and Distributed Ledger Technologies market data reports. These reports are part of the company’s Cybersecurity Applications and Industrial & Manufacturing Technologies research services, which include research, data, and ABI Insights. Market Data spreadsheets comprise deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.
About ABI Research
ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.
For more information about ABI Research’s services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com.
SOURCE ABI Research
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