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Blockchain Sales to Reach $291 Billion by 2030: Report
According to the report, blockchain was the most discussed topic alongside ESG and AI in documents submitted by construction companies
The blockchain industry is expected to witness substantial growth, with sales expected to rise from $12 billion in 2023 to $291 billion by 2030, at a compound annual growth rate (CAGR) of 55%, according to a recent GlobalData study.
This increase is primarily driven by developments in asset tokenization and a shift towards more targeted investments in sectors such as infrastructure services and blockchain development.
Highlights
The report entitled “Thematic Research: Blockchain” shows a strategic shift from the generic and indiscriminate use of the technology towards its use in particular strategic contexts.
The report states that construction firms are not making major investments in cultivating internal blockchain knowledge, despite their expansion. Instead, they use ready-made blockchain apps or rely on external IT and professional services for blockchain knowledge. Any use of blockchain in the construction industry could start with the adoption of Building Information Modeling (BIM) software. In a survey on BIM use in 2023, 54% of 150 companies surveyed said they had made investments in BIM and planned to make more in the next two years.
After an annual peak of 1,700%, the number of active construction workers in the construction industry peaked in the third quarter of 2021. This pattern is consistent with the 450% increase in overall cryptocurrency market capitalization over the same period of time.
Blockchain in construction company documents
The report also shows that blockchain was the most discussed topic alongside ESG and AI in submissions from construction firms, with references to blockchain peaking in 2022. Despite the growing interest, there are still hurdles to overcome before the blockchain can be widely used in the industry. construction industry. These include unstable conditions on site and weak data connectivity on construction sites.
Due to the complexity and dynamic nature of the construction industry, each project often involves a number of suppliers, subcontractors and stakeholders. This could make supply chain management and coordination difficult, which could lead to errors, delays and higher expenses. These problems could be solved by blockchain technology, which offers a transparent and secure means of tracking and managing transactions.
The main conclusion of the report is that asset tokenization is becoming increasingly significant. This procedure transforms digital or tangible assets into divisible and tradable digital tokens. This method provides a new perspective on asset ownership by enabling fractional asset acquisitions, which could change the way illiquid assets such as fine art, real estate and precious metals are managed.
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