A recent report by a B2B Research Organization, MarketsandMarkets states that the blockchain market is set to grow at the rate of 79.6% by 2022. The rise would bring the value of the market up to $7,683.7. Despite the disregard and distrust towards the technology, it is continuously growing and it is expected to be accepted by different sectors and industries in the near future that might result in the predicted growth.
"The blockchain market size is expected to grow from USD 241.9 Million in 2016 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%. The major growth drivers of the market include the increasing demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes and creating transparency and immutability, faster transactions and increasing adoption of Blockchain-as-a-Service . The base year considered for this report is 2016 and the market forecast period is 2017–2022."
The growth is expected to be affected majorly by the payment sector. Today’s world is working towards a cashless future. People are continuously looking for platforms where they can perform transactions safely and transparently which is what blockchain provides. A big chunk of the growth would be dedicated towards the Blockchain digital identity segment with the constant developments, reducing fraud with a distributed ledger system.
Application and solution provider segments are also predicted to have a big part in the growth because of significant value added to businesses and increase of online money transfers done overseas and cloud-based services.
Source: marketsandmarkets.com
Big firms will continue leading the market with the biggest share in the market growth because of their mere size and the effect they have on the market. Still, smaller firms will be displaying a higher growth rate from BaaS initiatives which will result in a lower infrastructural development cost for such businesses.
The prediction doesn’t only ensure a future with blockchain but also gives the organizations the motivation to make a move. It is also a chance for the firms and people against blockchain a chance to reconsider and give this flourishing, growing market a chance.
