The global blockchain technology market is expected to grow at a compound annual growth rate (CAGR) of 42.8% and be worth US$ 13.96 billion by 2022, according to a new report by global market intelligence firm Netscribes.
The Global Blockchain Technology Market report has found that the top companies investing in blockchain, a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded, are Microsoft and IBM.
Microsoft has also undertaken a lot of initiatives and has merged with several start-ups in the recent years to apply blockchain in insurance, supply chain and also in IOT cloud.
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The report also found that blockchain technology is being “extensively used” in the BFSI segment for financial transactions and cross-border payments.
Healthcare, energy, media and informatics are the other sectors that have witnessed traction in adoption of blockchain based technologies.
Netscribes stated that the blockchain market is expected to exhibit “swift growth” due to less time consumption and transaction costs.
However, despite its forecasted upward trajectory, there is still lack of awareness and other regulatory problems that may hinder the growth and adoption of this technology.
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A key finding of the report was that the North American region accounted for the largest share of blockchain adoption in 2016 and is expected to dominate the overall market in the near future.
However, findings suggest that the Asia Pacific will adopt the technology at a faster rate, with China and India leading the way.
Presently, public blockchain dominates the overall market, but private blockchain technology has shown an increasing acceptance due to its more secure nature in allowing a limited number of users to access of transaction data.