LONDON, Nov. 27, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global blockchain market is expected to grow at a CAGR of 74.1% from 2018 to reach $28,248.7 million by 2025. 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; limited scalability; security, and privacy; and lack of awareness are hindering the growth of this market.
On the basis of vertical, the global blockchain market is segmented broadly into ten major segments, namely, banking, financial services and insurance (BFSI); government; healthcare and life sciences; media and entertainment; retail and e-commerce; travel and hospitality; transportation and logistics; real estate; IT and telecommunication; and others. In 2017, the BFSI segment accounted for the largest share of the global blockchain market and is expected to grow at a CAGR of 70.0% during the forecast period.
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The global blockchain market is segmented broadly by application into eight major segments namely, payments, exchanges, smart contracts, documentation, digital identity, supply chain management, governance, risk & compliance management, and others. In 2017, the payments segment accounted for the largest share of the global blockchain market. The rising need to transfer funds directly and securely to anyone and growing demand to reduce cost of transactions propels the adoption of blockchain in this application area.
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Geographically, North America accounted for the largest share of blockchain market. North America is a home to various global technology companies, which makes it a dominating market throughout the world. The Asia-Pacific blockchain market is expected to grow at a highest CAGR in the next few years, mainly attributed to rapid adoption of blockchain technology in the financial and supply chain industries. In addition, government initiatives and collaboration with private organizations to implement blockchain to secure current systems is further propelling the demand for blockchain in APAC region.
The major players operating in the global blockchain market are Amazon, IBM, Microsoft, Ripple, Chain, Inc., Earthport, Coinbase, Bitfury Group, BTL Group, and Digital Asset Holdings, among many others.
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