FELTON, California, 2 December 2020 / PRNewswire / – The global blockchain technology market is estimated to catch up 57,641.3 million USD, by the end of 2025, and is expected to grow at a CAGR of 69.4% over the forecast period, 2019 to 2025, according to a new report from Million Insights. Blockchain technology helps monitor all types of cryptocurrency transactions. This technology functions as an electronic record keeping and transaction and processing system. This solution allows networked users to track data across a secure network, thereby eliminating the need for third-party authentication.
The market is expected to grow at a rapid pace thanks to various benefits such as minimized error rate, elimination of reconciliation and reduction of record sensitivity. The blockchain technology solution makes the database universal and allows different institutions to use it. This universal access at the same time increases the efficiency of the system.
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The growing demand for blockchain solutions in healthcare, financial services, media and telecommunications, public sector and the transportation sector is driving market growth. The growing acceptance of cryptocurrency and the growing demand from the BFSI industry are also proliferating the need for blockchain technology. This technology provides instant settlement for financial transactions with optimized options.
Key participants in the blockchain technology market include, Microsoft Corporation; Linux Foundation; IBM Corporation; Deloitte; BTL Group; R3; Chain Inc.; Global Arena Holding, Inc. (GAHI); Circle Internet Financial Limited; Eric Industries; and Ripple.
Additional key findings from the report suggest:
- The public segment is expected to reach the fastest CAGR of more than 70.1% over the projected period, 2019 to 2025. The increasing adoption of this solution in government and institutions supports the growth of the segment.
- The applications and solutions components segment is estimated to increase the CAGR by more than 71.2% during the projected period. Various benefits such as reduced data duplication and timely authentication are contributing to market growth.
- The digital identity applications segment is expected to record the fastest CAGR in the coming years.
- Based on the size of the firm, the small and medium-sized business segment is expected to record the fastest CAGR of over 70.7% during the projected period.
- In 2018, the financial services segment led the blockchain technology market with the highest share and is expected to continue to dominate over the next six years.
- Asia Pacific is expected to record the highest CAGR from 2019 to 2025. The growing demand for blockchain technology in banks and financial institutions is driving market growth.
Browse 150 pages of research report summaries on the “global blockchain technology market” on: https://www.millioninsights.com/industry-reports/global-blockchain-technology-market
Million Insights has segmented the global blockchain technology market by type, component, application, business size, end use, and region:
- Blockchain Technology Type Outlook (Revenue, USD Million, 2015-2025)
- Perspectives of Blockchain Technology Components (Revenue, USD Million, 2015-2025)
- Application and solution
- Infrastructure and protocols
- Blockchain Technology Application Outlook (Revenue, USD Million, 2015-2025)
- Digital identity
- Smart contracts
- Supply chain management
- Blockchain Technology Enterprise Size Outlook (Revenue, USD Million, 2015-2025)
- Big business
- Small and medium-sized enterprises
- End Use Perspectives of Blockchain Technology (Revenue, USD Million, 2015-2025)
- Financial services
- Health care
- Media and entertainment
- Transport and logistics
- Regional Perspectives of Blockchain Technology (Revenue, USD Million, 2015-2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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