Global blockchain market size is expected to reach $13.96 billion by 2022
Blockchain market is growing and shows no signs of slowing down. According to a 95-page report from ResearchAndMarkets.com, the global Blockchain market is expected to grow at a CAGR of 42.8% (2017-2022), resulting in a global revenue of USD 13.96 billion by 2022. A lot has happened since then. Today,
Blockchain technology is being used increasingly in the Banking Financial Services and Insurance (BFSI) segment for financial transactions and cross-border payments. In the banking and financial sector, it is utilized to secure payments, maintain customer identities, settle cross-border payments, etc. Blockchain has many other applications as we discussed in this post. Blockchain is poised to change the way we do business.
Blockchain technology is also employed in the healthcare sector, supply chain management, energy, media, informatics, etc. BFSI however, holds the largest share while Blockchain in retail industry under supply chain management is the fastest growing sector.
The Blockchain Technology market is further classified into three main types based on its users’ accessibilities – Public Blockchain Technology, Private Blockchain Technology and Mixed Blockchain Technology. Public Blockchain technology rules the roost. The US dominates in Blockchain patents application. About half of the total Blockchain patents applied are primarily for financial applications.
The key growth factors include financial technology (FinTech) companies that are planning to invest a part of their total investment in the distributed ledge technology, i.e., Blockchain. The decentralized nature of the technology attracts the banking sector to adopt it.
The Blockchain technology market is expected to exhibit swift growth owing to less time consumption and its transparent nature that also requires less transaction costs. There are still threats to blockchain adoption. Even though the Blockchain market is expected to grow globally, there still a lack of awareness, regulation problems and clashes of ideology that hinders its adoption.
The rise in blockchain market size is not all that surprising given recent investments in blockchain startups. According to CBInsights, the technology analytics company that builts software that predicts what the next technology trend will be, “the total market capitalization ofcryptocurrencies alone, hovers around $150B (with a single bitcoin trading for upwards of $5,000), Walmart and Pfi zer have completed successful blockchain pilots in food safety and medicine tracking, and initial coin offerings (ICOs) have exploded in popularity, closing on $2B+ in funding in 2017 alone.” Blockchain equity funding has also increased significantly.