By 2026, the value of the blockchain market will likely reach US$35 billion at a CAGR of 88%, increasing from US$224 million in 2017, according to Maximize Market Research. Among the major contributors to the projected growth are blockchain’s ability to reduce costs and simplify business processes, as well as the increasing market cap of cryptocurrencies.
In the next six years, blockchain infrastructure and protocol providers are expected to dominate the market, but the application and solution provider segment will likely see growth at a higher CAGR. Compared with 2017, the payment application sub-segment held the largest market share.
Geographically, North America is forecast to hold the largest blockchain market, with the Asia Pacific seeing the highest CAGR.
The study also found that global demand for the blockchain market will rise further, following increasing use in banking and financial transactions as well as the popularization of digital identities.
The Banking, Financial Services, and Insurance (BFSI) sector is projected to dominate the blockchain market during the forecast period from 2017-2026, while the highest growth rate will be found in the media and entertainment sector. The growth in this sector will be mainly caused by the increasing use of blockchain across smart contracts, document management, and digital identities.
In terms of the size of enterprises, large enterprises are expected to hold the maximum share, whereas small and medium-sized enterprises (SMEs) will likely account for the highest growth rate in the blockchain market. Both large enterprises and SMEs are predicted to adopt the technology, mainly due to its high cost-effectiveness and time efficiency.
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