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Global Blockchain Market to Grow to $5.4 Billion within Six Years
Traders Magazine Online News, April 20, 2017
Blockchain ledger usage is expected to grow by leaps and bounds over the next six years, according to a new study.
The global blockchain distributed ledger market accounted for $228 million in 2016, and between 2017 and 2023 is expected to reach $5.43 billion, expanding at a compound annual growth rate of 57.6 percent. This is according to a new report, “Blockchain Distributed Ledger Market by Type and End User: Global Opportunity Analysis and Industry Forecast, 2017–2023,” released from Oregon-based Allied Market Research (AMD).
Last year, North America led the pack in terms of blockchain generated revenue, AMD said, as the region accounted for more than 40% of total global market share.
"The blockchain distributed ledger market is in its early stage of growth," Himal Srivastava, Allied Market Research Analyst for Semiconductor and Electronics, said in a release. "Blockchain-based solutions are projected to be adopted earlier in some industries such as financial services and the supply chain industry as compared to many other industries. The blockchain technology addresses security in areas including insurance, law and data security by validation of the information in the blockchain ledger. Exponential increase in data is expected to facilitate more R&D activities leading to increased competition in the market.”
The report also said that as knowledge of blockchain and digital edge tech grows more opportunityies will be afforded thos vendors and firms involved in the new technology.
Private blockchain currently is the leading segment in the global market, and is expected to remain so throughout the forecast period. However, the public blockchain segment is expected to experience significant growth as public blockchain is used in web-based control panels, the report says.
North America is expected to lead growth and usages throughout the report’s forecast period, thanks in part to the involvement multiple firms entering the space and capital available. Asia-Pacific is expected to grow as well.
To See the Full Summary and report, please click here.
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