Global Blockchain Market by Provider, Application, Organization Size, Industry Vertical & Region – Forecast to 2022

News Desk 27 April 2018

1 minute read

Blockchain and Crypto News MENA DUBAI UAE

The “Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region – Global Forecast to 2022” report has been added to ResearchAndMarkets.com’s offering.

The global blockchain market size is expected to grow from USD 411.5 million in 2017 to USD 7,683.7 million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%.

The demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes, transparency and immutability, faster transactions, and Blockchain-as-a-Service are said to fuel the growth of this market.

Rising importance and adoption of blockchain for communication service providers, transformation of international trade and supply chain management, new breed for programmable blockchain platforms, and high adoption of blockchain for payments, smart contracts, and digital identities would create opportunities for the growth of this market.

The blockchain is a peer-to-peer technology with nodes supporting the ledger and the mining process, and enables connectivity that significantly transforms the payment industry. The integration of the technology provides real-time payments against assets with an immutable state and digital identity, and result in substantial cost savings in the context of reconciliation and settlement for many financial institutions and banks.

Companies Mentioned