фото показано с : blokt.com

Regardless of their attitude towards cryptocurrencies, governments and companies around the world have a firm belief in the underlying blockchain technology. This belief was reflected in MarketsandMarkets’ recent research report, which claims that the blockchain market will grow at the rate of 79.6% and swell up to become a $7,683.7 million industry by the year 2022. The growth will come because of the rise to blockchain adoption in different sectors and the increasing demand for Blockchain-as-a-Service (BaaS) solutions.

The report suggests that the payments segment will be taking up the most significant market share by the application in the growth of this industry. As blockchain’s primary use case is related to financial services (i.e., cryptocurrencies), they will be experimented with in the financial ecosystem more rapidly. Blockchains will be used to improve transparency in the financial systems and make payments quicker and more efficient over time.

However, the fastest growth will be witnessed in the blockchain digital identity segment. The use of distributed ledgers could help in reducing fraud and making management easy. This growth will further be enhanced, thanks to more demand in international online money transfers and cloud-based services, which can all be effectively managed with the help of distributed ledger technology.

As far as global, regional growth is concerned, the Asia Pacific region will register the highest growth as blockchains are used in real estate, e-commerce retail, and banking, financial service and insurance segments more aggressively. The biggest chunk of the market share will still be with North America because of early adoption and innovation.

The report suggests that large enterprises will continue to dominate the market. This is because of their more abundant resources, ability to take risks and continuous investment in research and development activities. Organizations like IBM, Alibaba, and others who have already launched their blockchain initiatives will be securing a considerable market share for themselves.

Small and medium-sized businesses will display a higher compound annual growth rate compared to their larger competitors. However, most of this growth will come from BaaS initiatives. These projects could help other businesses minimize their infrastructure development costs and move to more efficient management systems hosted on blockchains.

Blockchain Market to Register Staggering Growth Till 2022 was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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