Just recently, Fortune Business Insights released a report claiming that the international blockchain market could hit $746.41 billion by 2032, up from $27.85 billion in 2024, demonstrating a CAGR of about 49.7%. This came after the institution valued the industry at $27.85 billion in 2024.
From these statistics, you can tell that perceptions about digital currencies like Ethereum as investment opportunities are rapidly changing. The days when investors would only focus on the Ethereum price USD are long gone.
Nowadays, this technology has become a foundational tool for digital transformation across different industries, explaining why research institutions expect the blockchain market to expand significantly. To learn more about its growing appeal, keep reading.
More emphasis on customer experience
At a time when the business sector has become exceedingly competitive, companies are prioritizing customer experience to improve their competitiveness. In fact, according to Zendesk, 90% have made this aspect their primary focus. And you don’t want to be left out just because you aren’t aligning with contemporary trends.
With blockchain, you can streamline processes and reduce transaction costs by reducing the need for intermediaries. This is especially handy for businesses that may want to improve payment experiences. Given the current tech advances, you’d expect most customers to be intolerant of payment delays.
And such experiences can really hurt your retention capability. In fact, according to SuperOffice CRM, just one bad negative experience could cause up to 1 in 3 customers to leave. So, to avoid being on the receiving end of such statistics, many businesses have been turning to blockchain to improve the immediacy of their payments.
Surprisingly, this approach can actually improve the competitiveness of a brand. A recent study noted that more than seven in ten shoppers used instant or faster payment methods. Plus, 78% confirmed that instant payments significantly affect their satisfaction. This already positions companies that use blockchain-based payments, which are way faster than traditional counterparts, ahead of competitors that don’t.
Small and medium-sized businesses (SMBs), especially those that want to improve their operations, also have cost benefits to reap from blockchain technology. Looking at statistics, Wise Newsroom claims these businesses lost about $800 million in hidden fees in international transactions in 2023 alone.
As if that’s not enough, 49% of the businesses claim that complexity in international payments is one of the main obstacles to worldwide expansion. But since blockchain can help get ahead of these challenges, SMBs have been massively adopting it, further emphasizing why Fortune Business Insights anticipates such an increase.
The increasing need for online security
The increasing number of cyberattacks has made consumers more aware of their online safety. In fact, Secureframe says that 85% of adults want to increase efforts towards improving their online sks magazine. Plus, according to 94% of companies, most of their customers would never buy from them if they had ignored this aspect of data privacy and security.
Unfortunately, amid these serious security concerns, only about 20% of privacy professionals are completely confident in their privacy law compliance. This is one reason many consumers survey platforms’ security before transacting. And as a forward-thinking brand, this is not a preference to ignore. In fact, working hard to cater to people’s need for more secure environments can distinguish you from the crowd.
This can lead to a better perception of your brand and encourage conversions, especially among populations that must trust a brand before transacting. Now that blockchain is more secure, it makes sense for more organizations to welcome it. It improves security through its decentralization, robust encryption and immutability. For example, once data is stored, you can’t manipulate it, which improves data integrity, especially when accountability is needed.
Improving efficiency
Let’s consider the supply chain sector, for instance. Using blockchain, you can record every transaction and movement of goods on a secure, unchangeable ledger that every stakeholder can access in real-time. There’s no more chasing down shipping manifests or verifying delivery records across disconnected systems.
This can save some coins for supply chain brands, which, according to Number Analytics, lose about $300 billion annually to fraud, delays and errors in the chains. Beyond that, blockchain can also help reduce operational costs by 20-30% by improving traceability alone.
Another area where this technology comes in very handy is coordination among supply chain partners. By allowing partners to share specific information without affecting crucial data through permissioned access, blockchain helps supply chain managers overcome challenges like data security and competitive intelligence, which are common in traditional counterparts.
As such, all parties can work from the same forecasts while logistic partners enjoy streamlined handoffs. This is why, in the supply chain industry alone, the blockchain market is expected to expand by a CAGR of about 90.2% by 2030, according to Grand View Research.
With such expectations in mind, it actually makes sense for Fortune Business Insights to predict this trend in the global blockchain market. Of course, it’s not just the supply chain sector rapidly opening up to this technology – other industries are also doing the same.
And this is partly because of how secure it is. Unlike traditional infrastructure, blockchain improves security through its decentralization, immutability and advanced encryption. Plus, decentralization eliminates the need for intermediaries, which leads to fast and cheap transactions. Given these benefits, more companies could welcome blockchain, leading to its further spread, just as experts predict.