DUBLIN--(BUSINESS WIRE)--The "Blockchain Market By Industry Vertical (BFSI, Government, Healthcare, Retail & E-Commerce, Transportation & Logistics), Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity) And Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global blockchain market is expected to grow at a CAGR of 74.1% from 2018 to reach $28,248.7 million by 2023
Increasing Adoption of BaaS, increasing merchants accepting cryptocurrency, and growing interest in blockchain among financial institutions are the key factors driving the growth of the global blockchain market. However, regulatory uncertainty and limited scalability is hindering the growth of this market.
The payments segment accounted for the largest share of the global blockchain market in 2017. This segment is expected to grow at a CAGR of 72.2% during the forecast period. The rising need to transfer funds directly and securely to anyone and growing demand to reduce cost of transactions is driving the growth of this market segment.
On the basis of vertical, Banking, Financial Services and Insurance (BFSI) accounted for largest share of the global blockchain market. The rising need to simplify financial transactions, increasing demand to counteract fraud, and growing interest of companies to adopt blockchain are the major factors contributing in market growth.
Market Overview
Market Drivers
- Increasing Adoption Of BaaS
- Increasing Merchants Accepting Cryptocurrency
- Growing Interest in Blockchain among Financial Institutions
Restraints
- Regulatory Uncertainty
Opportunities
- Cost Reduction
- Blockchain in International Trade
- Smart Contract and Digital Identity
Challenges
- Limited Scalability
- Security, Privacy, and Lack of Awareness
Companies Mentioned
- Amazon
- BTL Group
- Chain Inc.
- Coinbase
- Digital Asset Holdings
- Earthport
- IBM
- Microsoft
- Ripple
For more information about this report visit https://www.researchandmarkets.com/research/d3krmk/blockchain?w=4
