Blockchain Distributed Ledger Market to reach $5430 million by 2023
While the interest in blockchain is growing rapidly, the Blockchain Distributed Ledger market is still in its early stages. It is projected that blockchain based solutions are to be adopted earlier in some industries like financial services and supply chain and much later in others.
According to a report published by Allied Market Research, called, ‘Blockchain Distributed Ledger Market’ by Type and End User: Global Opportunity Analysis and Industry Forecast, 20172023, the global blockchain ledger market is estimated to reach $5430 million globally by 2023. It accounted for $228 million in 2016. This means it will be growing at a CAGR of 57.6% from 2017 to 2023.
The blockchain technology covers security in areas like law, insurance and data security. Blockchain has negligible transaction fees, it eliminates third parties in business deals and lowers the chance of fraud and identity theft. Because of these reasons, blockchain is becoming increasingly attractive and lucrative for businesses around the world.
In 2016, North America accounted for more than 40% of the global market in terms of revenue, followed by Europe. Private blockchain forms the main segment in the global market and is expected to keep up with this position. However, at the same time, public blockchain is also expected to grow significantly in the future because of its use in web-based control panels.
The Banking, Financial Services, and Insurance (BFSI) sector is expected to maintain its leadership in the end user segment. Governments, central banks, private banks, online banks and others have shown increasing interest in blockchain technology and distributed ledger.
The report also states that Asia-Pacific is likely to grow the most because of an increase in internet transactions, usage of internet and adoption of new technologies. Also, the increase in the payment management devices in China, India, South Korea and Japan for the end user in banking, real estate, digital currency will help to accelerate this growth.
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