Blockchain technology growth has continued to increase in the past five years and this trend is set to continue according to latest research reports.
In a report released on Research and Markets.com, the global blockchain technology market is projected to hit $57 billion by 2025. According to the analysis, the value of the blockchain market is expected to register a CAGR of 69.4% from 2019 to 2025.
So what does this mean in retrospect? Blockchain technology is expected to continue its record growth in adoption within different sectors.
With an increasing demand for this technology in fintech, consumer services, health, media and supply management chain. Blockchain market is expected to move vertically towards the trend, thereby increasing its value.
The Research Report also Highlighted some Findings Which are Expected to Occur Within the Timeframe of 2019-2025
It is anticipated that the public sector will have a CAGR of 70.01% within this period. Government agencies and institutions have begun to implement blockchain solutions in different sectors and this is expected to drive the numbers within the public sector.
Furthermore, the applications and solution sector is speculated to have a CAGR of 71.2% due to the increase of blockchain solutions. More institutions have begun to implement blockchain solutions which has driven the value of this sector.
Small and medium enterprises are not left behind as the findings reveal that this sector is expected to have a CAGR of 70.7% within this period. Which is majorly due to the increasing demands of cryptocurrency payments by merchants within this sector.
The Financial Sector is Expected to Continue its Dominance Within the Blockchain Technology Market.
This is not surprising given that blockchain technology’s greatest exponent, cryptocurrencies, were developed as a potential replacement for fiat currencies.
In addition, the growing investment by financial institutions has also been key to the dominance of this sector in blockchain technology.
Lastly the Asia Pacific region is anticipated to emerge as the fastest growing blockchain region during the time frame. This is as a result of the rising adoption of the technology by financial institutions within that region.
This report has only served to reinforce the growing belief within the blockchain industry, which has to do with becoming one of the dominant sectors in world’s economy.
The major participants in this research include Chain Inc., Circle Internet Financial Limited, Digital Asset Holdings, Eric Industries, IBM Corporation, Linux Foundation, Post-Trade Distributed Ledger, R3, Ripple, and Safello.