Enterprise Blockchain Market Will Grow to $21.07B by 2025, Driven by Investments in Research Centers
A recent report by Fortune Business insights predicts that the blockchain market will have grown to $21.07 billion by 2025. The firm which offers consultancy services and market studies noted this figure translates to a Compound Annual Growth Rate (CAGR) of 38.4% compared to 2017 stats.
“The blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025, exhibiting a CAGR of 38.4%”
Key Growth Factors
This industry has been expanding gradually since Bitcoin's launch about a decade ago. The trend, however, appears to have surged after the 2017 crypto market bull-run; BTC price hit an all-time high of over $20,000. Since then, the focus was diversified to blockchain tech as well given its fundamental role in hosting Bitcoin.
Fortune Business Insights now says that the next 5 to 6 years will be a high growth period characterized by investments in research by private companies. Currently, several entities have already pioneered research initiatives to inform on blockchain's feasibility and the value proposition. Notably, most of this fall in the BFSI sector which took the lead in Blockchain and crypto as soon as Bitcoin became popular.
Another factor that is likely to spur this growth is the involvement of government authorities in the recent past. The industry has seen a lot of activity from regulators seeking to oversee digital assets and blockchain tech while still at its early stages. This together with increased public participation is expected to attract more stakeholders as per the report.
This section was divided based on products, deployment, industry application, and geography. According to the stats, the two leading products set to be integrated by most entities will be vertical solutions and blockchain as a service (BaaS). The Proof-of-Concept consensus leads its peers when it comes to blockchain enterprise deployment.
As mentioned earlier, most companies that have made significant progress fall in the BFSI industry. However, there is also activity within other sectors like government, healthcare, and manufacturing. As for regions, North America currently dominates the blockchain market given it hosts some of the largest players which include IBM, Microsoft, and Oracle.