LONDON, 27 November 2018 (GLOBE NEWSWIRE) – According to the latest publication of Meticulous Research®, the global blockchain market Growth is expected at a CAGR of 74.1% from 2018 to reach $ 28.248.7 million by 2025. The increase in the take-up of BaaS, the increase in traders who accept cryptocurrency and the Growing interest in the blockchain among financial institutions are the key factors driving the growth of the global blockchain market. However, regulatory uncertainty; limited scalability; security and privacy; and lack of awareness hinder the growth of this market.
On the basis of the vertical, the global blockchain market is segmented in a capillary manner into ten main segments, namely, banking, financial and insurance services (BFSI); government; health and life sciences; media and entertainment; retail and e-commerce; travel and hospitality; transport and logistics; real estate; IT and telecommunications; and other. In 2017, the BFSI segment accounted for the largest share of the global blockchain market and is expected to grow to a CAGR of 70.0% during the forecast period.
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The global blockchain market is broadly segmented by application across eight main segments, namely payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk and compliance management, and others. . In 2017, the payments segment represented the largest share of the global blockchain market. The growing need to transfer funds directly and securely to anyone and the growing demand to reduce transaction costs promotes the adoption of blockchain in this application area.
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Geographically, North America has represented most of the blockchain market. North America is home to various global technology companies, making it a dominant market worldwide. The Asia-Pacific blockchain market is expected to grow at the highest CAGR in the coming years, mainly attributed to the rapid adoption of blockchain technology in the financial chain and supply chain sectors. In addition, government initiatives and collaboration with private organizations to implement the blockchain to protect current systems further push the demand for blockchain into the APAC region.
The main players operating in the global blockchain market are Amazon, IBM, Microsoft, Ripple, Chain, Inc., Earthport, Coinbase, Bitfury Group, BTL Group and Digital Asset Holdings, among many others.
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