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2020 is done and dusted. It was a tough year for many. Several events took place, especially the Covid-19 pandemic that not only intensified different trends in market but also it led to new trends.
Since 2021 has already begun, it is important to understand what the new trends in market are. Let us look at the 5 trends we can expect for the blockchain in 2021 and beyond.
1. Global market size is expected to grow exponentially. The popularity of blockchain technology grew in the year 2020 and it is expected to grow even more. Businesses from different industries showed growing interest to adopt to new technology to accelerate the business. The global market size is expected to expand by USD 39.7 billion by 2025, at an effective Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025.
2. Private Blockchains (Permissioned) will Dominate. Another important trend we will observe is that private blockchain will become the major contributor to the blockchain market growth. It provides opportunities for corporates in utilizing the blockchain technology for B2B Business.
3. Banking and financial sector will dominate the market. Of all the industries affected during the Covid-19 pandemic, Financial sector is the one area that has been greatly hit. With falling margins and profits and to meet the customer demands, banks have been forced to adopt to new technology. The integration of fintech and blockchain technology enables them to streamline operations and update their operations.
4. Growing DLT-offerings by non-traditional financial institutions Another trend that we are expected to see in the year 2021 is the rise in the number of non-traditional financial institutions. This has led to not only corporates but also consumers opting for online based mode of transaction and financial services.
5. Cryptocurrencies might reach new heights. 2020 has proven to be a good year for crypto markets and expectations are for the 2021, to be an even better year for bitcoin and other cryptos. The cryptocurrencies have taken centre stage, as many investors are looking for safe assets, driven by the pandemic. As we have already entered 2021 and we are adopting to new normal, social distancing and cashless transactions will set the stage for cryptocurrencies.
6. Corporates need to accelerate digital transformation. Digital transformation is no longer a choice for businesses, it is important for survival. Due to the increased strain that the Covid-19 pandemic’s strain put up on day-to-day business, there is a need for corporates to accelerate their digital transformation process and emerge stronger than they were before. Many industries are now looking at blockchain as a helpful tool to become more digital.
*7. Globally, 30% of projects will make it into production. * It is predicted that a growing number of blockchain based projects will moved to the production stage. According to a survey conducted by Gartner, more than 40% of the surveyed corporates has at least one pilot project running. They have predicted 30% of global projects will now move into production, partly due to Covid-19 pandemic. Most networks that transition from pilot stage to production will run on private blockchain platforms.
To advance in the career and upscale in the market, it is important to take up blockchain certification courses.
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