The global blockchain technology market size is expected to reach $57,641.3 million by 2025, registering a CAGR of 69.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc.
Grand View says the market is expected to grow rapidly due to numerous benefits that it provides, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative recordkeeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement.
In addition, increasing demand for this technology across financial services, consumer or industrial products, technology, media & telecom, healthcare, transportation, and public sector is largely responsible for driving the market toward growth. The major drivers include the growing interest of the Banking, financial services and insurance (BFSI) sector and increasing merchants accepting cryptocurrencies among others.
Additional key findings from the Grand View study include:
- The public segment is anticipated to grow at the highest CAGR of 70.1% from 2019 to 2025. This growth can be attributed to growing tendency of institutions and government to inculcate open and efficient transactions.
- The application and solution segment is anticipated to grow at the highest CAGR of 71.2% from 2019 to 2025. This growth can be attributed by ability of the providers to deliver the services to enterprises by offering timely authentication and reconciliation and reducing the data duplication.
- The digital identity segment is expected to emerge as the fastest-growing application segment over the next six years. This growth can be attributed to the increasing number of cyber-attacks across the globe.
- The financial service segment dominated the market in 2018 and is expected to maintain its dominance over the forecast period. Growing investments in the technology by various financial institutions in association with key technology players is expected to further improve the efficiency of the underlying financial processes and help minimize the risk.