With many types of technologies like ‘Artificial Intelligence’ and ‘Machine Learning’ pouring in with time, Blockchain technology is right in the center of the horizon of silicon valley. According to a report compiled by Meticulous Research on the projected growth of the current blockchain market, by 2025, the blockchain market estimation is forecasted to grow at a compound annual growth rate (CAGR) of 74.1 percent, which will take the industry to $28 billion.
The current size of the technology market as concluded by the Meticulous Research stands to be $385.5 million.
If we take cryptocurrency market capitalizations into consideration, the figure may not sound much interesting, but the estimated worth don’t include any individual cryptocurrency market caps.
As revealed in the report, the following factors will fuel the blockchain growth:
Interestingly, the payments form the significant part of the technology and thus, the report stated that the banking and financial sector are the top leaders in accounting for the largest share of the total market.
“The rising need to transfer funds directly and securely to anyone and growing demand to reduce the cost of transactions propels the adoption of blockchain in this application area.”
Conclusively, the finance-focused blockchain sector is anticipated to swell at a CAGR of 70 percent by 2025.
The growth is complemented by factors like simplified financial transactions, increasing demand to counteract fraud, and the ever-growing interest of companies to adopt blockchain.
Regarding region, the Asia-Pacific blockchain market is speculated to grow at the fastest rate and the reason behind it is credited to the rapid adoption of blockchain technology in the financial and supply chain industries.
Currently, the leaders in the global blockchain market include Amazon (U.S.), IBM (U.S.), Microsoft (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Earthport (U.K.), among many others.