Netscribes, Inc., a global market intelligence firm, released its†Global Blockchain Technology Market†report. According to Netscribes, the global blockchain technology market is expected to grow at a compound annual growth rate (CAGR) of 42.8%, and would be worth USD 13.96 billion by 2022.
Blockchain technology is being extensively used in the BFSI segment for financial transactions and cross-border payments. Healthcare, energy, media and informatics are other sectors that have witnessed traction in the adoption of blockchain-based technologies. This market is expected to exhibit swift growth as it provides a faster, transparent, secure, and cost-efficient alternative for transactions.
Despite its forecasted upward trajectory, there is still a lack of awareness and other regulatory problems that could hinder the growth and adoption of this technology. Nonetheless, the blockchain technology market has the potential to create value and help customers, financial institutions and government regulators worldwide. Some of the key highlights from the report are mentioned below.
Key Highlights:
- The North American region accounted for the largest share of blockchain adoption in 2016 and is expected to dominate the overall market in the near future. Asia Pacific is expected to adopt this technology at a faster rate owing to its wide adoption in China and India.
- The top companies providing blockchain solutions are Microsoft and IBM. Microsoft has undertaken a lot of initiatives and has merged with several start-ups in the recent years to apply blockchain in insurance, supply chain and also in IoT cloud.
- Presently, public blockchain dominates the overall market. However, private blockchain technology has shown an increasing acceptance due to its more secure nature as it allows the access of transaction data to limited number of users.
