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Blockchain Technology Market Size

Report ID: GMI2194
Published Date: Nov 2019
Report Format: PDF

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Blockchain Technology Market Size

Blockchain Technology Market size surpassed USD 488 million in 2018 and is predicted to grow at more than 69% CAGR between 2019 and 2025.

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Blockchain technology is an emerging technology of distributed database, which records all the transactions & digital events executed & shared among numerous contributing parties. Each transaction across the public ledger is validated by an agreement between most of the stakeholders in the organization. It contains a demonstrable & certain record of each transaction ever executed.

Blockchain Technology Market Report Attributes
Report Attribute	Details
Base Year:	2017
Blockchain Technology Market Size in 2017:	488 Million (USD)
Forecast Period:	2019 to 2025
Forecast Period 2019 to 2025 CAGR:	69%
2025 Value Projection:	25 Billion (USD)
Historical Data for:	2014 to 2018
No. of Pages:	259
Tables, Charts & Figures:	259
Segments covered:	Providers, Application, End-use, and Region
Growth Drivers:	Growing adoption of distributed ledger among banking and financial institutes Rising market capitalization of cryptocurrencies Increasing venture capital investment in Blockchain and ICOs Benefits offered by the technology
Pitfalls & Challenges:	Stringent government regulations Data safety & security Limited scalability

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The blockchain technology market growth is attributed to the increasing demand from firms operating in the BFSI sector to develop several personalized products and services to their customers. Insurance companies are focusing to enhance their offerings and developing innovative products & services such as peer-to-peer insurance, index-based insurance, and smart contracts. The market players operating in the BFSI sector are expected to use the technology in their products and services to expand into unserved and underserved regions including Latin America and the Middle East & Africa. Additionally, the technology will cater to the growing demand for real-time insurance payouts in the event of a covered claim from policyholders, which will further propel market revenue.

Authors: Preeti Wadhwani, Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of blockchain technology was surpassed USD 488 million in 2018.

The industry share of blockchain technology is predicted to grow at more than 69% CAGR between 2019 and 2025.

Cryptocurrencies are based on blockchain technology, representing a new development across the payments landscape. Cryptocurrencies offer a lower transaction fee compared to other payment methods, which attract individuals and entities for cross-border payments as other payment methods involve higher transaction fees.

The digital identity application is estimated to grow at 78% CAGR over the next few years. Blockchain-based identity platforms have various applications in unregulated countries or countries with weak identification systems. Various governments have implemented blockchain-based identification platforms at the national level to facilitate secure & transparent transactions across private & public sectors.

Asia Pacific market share is estimated to proliferate over the forecast timeline due to rapid digitization across BFSI sector in the region. The South Korean government is investing huge amounts in startups to boost the blockchain industry in its country.