The global blockchain technology market is anticipated to reach a value of $13.96 billion by 2022 and register a compound annual growth rate (CAGR) of 42.8 per cent during the period. This was revealed in a market report on this technology segment by Netscribes Inc., a global market intelligence firm, titled Global Blockchain Technology market.
Financial transactions and cross-border payments are currently the areas where the BFSI segment is extensively using the new blockchain technology. there has been some traction in the adoption of blockchain-based technologies in some other sectors such as healthcare, energy, media and informatics. The market for blockchain technologies is anticipated to show fast growth because of the ability of the technology to provide a more swift, transparent and secure mode for financial transactions. It is also a cost-efficient alternative for traditional modes of transactions.
But there are a number of headwinds that could hinder the growth rate of the adoption of this new technology and these include issues with regulation and governance and a lack of awareness of this technology. Despite some of these anticipated headwinds, customers, financial institutions and government regulators all across the world would be benefitted by the potential to create value by the use of the blockchain technology market.
The report highlights some of the key aspects related to the growth of the technology and its present commercial status. In the near future, the world market for blockchain technologies is anticipated dot be dominated by the North American region and this region made up the bulk of blockchain adoption in 2017.
Microsoft and IBM are the top companies that offer blockchain technology based solutions. Blockchain technology and services in insurance, supply chain and also in IoT cloud have been applied by Microsoft as the company has initiated a number of measures in this regard and in the recent years has merged with several start-ups.
The overall market is dominated by blockchain at present. But because of the fact that a limited number of users are allowed access off transactions and because of its more secure nature, there has been a rising trend off acceptance of private blockchain technology.
Research and information value chain are areas that Netscribes offers its services that include market intelligence and content management. Effective decision-making and strategic implementation is aided by the solutions provided by Netscribes through its tactical and actionable insights.
(Adapted from Businesswire.com)