When Satoshi Nakamoto introduced the blockchain technology in 2008, it did not get that much attraction and was only used in cryptocurrencies.
However, over the past few years, blockchain technology has spearheaded in various industries. Probably there is no industry in the world which has unscathed from its applications. There are so many developments going on across almost all industries.
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Blockchain Technology Market Size
The global blockchain technology market reached around US$ 1.8 billion, in 2019. The market size is forecasted to reach about US$ 18 billion, by 2025.
Analysis of Blockchain Technology Market
Blockchain technology is a distributed technology which records data in the form of blocks. All the blocks are connected on the network through hashes. There are developments in progress regarding blockchain integration in various areas. So far, the key focus remained on the cryptocurrencies over the past few years.
There are some developments going on to apply blockchain in areas such as supply chain, healthcare, finance, cloud computing, insurance, telecom, energy, manufacturing, transportation, consumer goods, media and entertainment, and IoT.
There are two basic types of blockchain networks which are private blockchain and public blockchain. As the name suggests, the public is an open blockchain which can be accessed by everyone, while private blockchain is limited to specific users.
The public blockchain accounts for larger market share as compared to a private blockchain, due to the wide use of public blockchain around the world. Bitcoin network is one of the examples of the public blockchain.
As there are developments in progress in various areas regarding the integration of blockchain, but the BFSI (banking, financial services and insurance) is considered to generate more revenue as compared to other areas. The reason behind the bigger market share in the early adoption of blockchain in BFSI, and acceptance, regarding incorporation, of customers around the world. This trend will continue in future.
North America will continue to have a larger market share as compared to other regions due to the presence of key blockchain companies, partnerships between companies for fast developments, and rapid adoption of virtual currencies.
Some of the key players in the development of blockchain include: