Blockchain Market to Exhibit 38.4% CAGR till 2025; Rising Research & Regulatory Approvals for Products to Boost Growth -- Fortune Business Insights
The blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, exhibiting a CAGR of 38.4% in the forecast period.
The banking, financial services, and insurance segment held the leading share of 41% in the global blockchain technology market in 2017.
The banking, financial services and insurance (BFSI) segment held 41% blockchain technology market share in 2017.
The global blockchain market is set to gain momentum as companies invest in research centers to develop and implement blockchain technology in their operations, according to a recent report from Fortune Business Insights.
Besides, the government and public authorities are showing more interest in gaining regulatory and research approvals for their products. Analysts state that the blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, thereby exhibiting a CAGR of 38.4% during the forecast period.
In terms of industry verticals, the banking, financial services, and insurance segment held the leading share of 41% in the global blockchain technology market in 2017. The segment will gain further impetus following the introduction of bitcoin. “Rampantly increasing cyber-attacks and frauds in the BFSI industry accounts for millions of dollars. This has become a global concern. To make the technology used in the industry safer and more secure, Deloitte and Microsoft Azure and other tech giants are offering blockchain services,” said a lead analyst.
Rising Usage of Bitcoins & IoT Solutions to Accelerate Growth
Blockchain technology helps users in building secure and stable records by utilizing timestamps and cryptography. It also offers a state-of-the-art version of the digital payment system. It does not require any central mediator and hence, the users are able to take part in peer-to-peer transactions efficiently. Additionally, the increasing adoption of Internet of Things (IoT) solutions and Bitcoins, as well as high demand for crypto currencies would augment the blockchain technology market growth during the forthcoming years.
BFSI Segment to Exhibit Steady Growth Stoked by High Demand for Faster Transactions
The banking, financial services and insurance (BFSI) segment held 41% blockchain technology market share in 2017. The industry is presently facing a major challenge of cyber-attacks and fraud. To battle these challenges, reputed companies, such as Deloitte and Microsoft Azure are mainly engaging in the deployment of blockchain-as-a-service offerings. In the developing economies, industry giants are enhancing the penetration of ‘Proof of Concept’ solutions. Apart from this, the increasing demand for transparent and quicker transaction methods would propel the growth of this segment in the near future.
For more information, visit www.fortunebusinessinsights.com