The global blockchain technology market is estimated to reach USD 57,641.3 million, by the end of 2025, and is anticipated to grow at a CAGR of 69.4% over the forecast period, 2019 to 2025, according to a new report by Million Insights. Blockchain technology helps to monitor all types of cryptocurrency transactions.
This technology works as a record-keeping & electronic transaction & record processing system. This solution enables users that are connected over the network to track data through a secured network, thereby, eliminating the need for third party authentication.
The market is anticipated to propel at a rapid pace due to various benefits such as minimized error rate, elimination of reconciliation, and reduction in record delicacy. Blockchain technology solution makes the database to be universal and allows different institutions to utilize the same. This universal access at the same time increases the efficiency of the system.
Growing demand for blockchain solutions across healthcare, financial services, media & telecom, public sector, and transportation sector is boosting the market growth. Increasing acceptance of cryptocurrency and rising demand from the BFSI sector is also proliferating the need for blockchain technology. This technology provides instant settlements for financial transactions with optimized options.
Key participants in the blockchain technology market include, Microsoft Corporation; Linux Foundation; IBM Corporation; Deloitte; BTL Group; R3; Chain Inc.; Global Arena Holding, Inc. (GAHI); Circle Internet Financial Limited; Eric Industries; and Ripple.
Further key findings from the report suggest:
- Public type segment is projected to propel at the fastest CAGR of over 70.1% over the forecasted period, 2019 to 2025. Growing adoption of this solution in government & institutions is supporting the segmental growth.
- Application & solution component segment is estimated to grow the CAGR of more than 71.2% during the forecasted period. Various benefits like reduced data duplication, timely authentication are contributing to market growth.
- Digital identity application segment is projected to register the fastest CAGR in the next few years.
- Based on the enterprise size, small and medium enterprise segment is anticipated to register the fastest CAGR of over 70.7% during the forecasted period.
- In 2018, financial services type segment led the blockchain technology market with the highest share and is estimated to continue its dominance in the next six years.
- Asia Pacific is projected to register the highest CAGR from 2019 to 2025. Growing demand for blockchain technology in banks & finance institutions is driving the market growth.