A new study from Fortune Business Insights, a company offering market studies and consulting services, estimates the blockchain technology market will reach $21 Billion by 2025, according to GlobeNewswire’s report on May 12. It stated that:
“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% during 2018-2025.”
Reasons behind the expansion
The main reason for the growth of the global blockchain technology market, according to the Fortune Business Insights report, is that more enterprises worldwide are increasing their investment in blockchain research and development from within.
The research also expects that rising interest from public or government authorities for growing research and regulatory approvals of products in the market will also accelerate the expansion of the blockchain industry.
Source: Fortune Business Insight
Companies would generate the largest revenue in the coming years
The Report says IBM would be the dominant player in the enterprise blockchain field. Other key players also include companies such as the Linux Foundation, Chain Inc., Oracle Corporation, Fintech & Blockchain Software House, Deloitte, Consensus Systems, Microsoft Corporation, Schvey, Inc., Altoros, Bits, Inc., Altoros, and VironIT.
The report examined various global industries, including government, healthcare, and banking, financial services, and insurance, or BFSI. It pointed out that:
“BFSI industry emerged as an early adopter of blockchain technology with the introduction of Bitcoin in 2009-10.”
As Cointelegraph reported previously, despite the current global markets recession and increasing unemployment rates, many blockchain jobs continue to rise due to the booming industry.