According to the latest research on the blockchain, a market is expected to grow from USD 241.9 Million in 2016 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%. The study answers several questions for the stakeholders, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.
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The major growth drivers of the blockchain market include the increasing demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes and creating transparency and immutability, faster transactions and increasing adoption of Blockchain-as-a-Service. The base year considered for this report is 2016 and the market forecast period is 2017–2022.
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The blockchain ecosystem comprises vendors, such as Abra (US), AlphaPoint (US), Amazon Web Services, Inc. (US), Bitfury Group Limited (US), BTL Group Ltd.
(Canada), Chain, Inc. (US), Coinbase (US), Digital Asset Holdings LLC. (US), Earthport PLC (UK), Factom (US), International Business Machines Corporation (US), Microsoft Corporation (US), and Ripple (US).
Payments application segment is expected to hold the largest market size during the forecast period
The block chain is a peer-to-peer technology with nodes supporting the ledger and the mining process, and enables connectivity that significantly transforms the payment industry. The integration of the technology provides real-time payments against assets with an immutable state and digital identity, and result in substantial cost savings in the context of reconciliation and settlement for many financial institutions and banks.
In addition, block chain automates the payment processing activities, eliminates the need for intermediaries, and reduce the administrative costs and time for providers and payers.
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All these factors are expected to be fueling the overall growth of this segment in the block chain market. The other stakeholders of the blockchain market include cryptocurrency vendors, research organizations, network and system integrators, blockchain service providers, distributed ledger technology solution providers, marketing analytics executives, third-party service providers, and technology providers.
Blockchain Key Target Audience
- Service providers and distributors
- Blockchain application builders
- Customer experience management professionals
- Independent Software Vendors (ISVs)
- Analytics consulting companies
The report provides detailed insights into the global blockchain market, which is segmented by provider, application, organization size, industry vertical, and region. Among applications, the payment application would continue to dominate the market during the forecast period owing to reduce risks, improved efficiency, and transparency in payment systems provided by blockchain across different verticals.
Digital identity application is expected to grow at the fastest rate owing to its applications in multiple transactions and reduced fraud rate and easy management.
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