According to the market research report published by MarketsandMarkets named “Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organization Size, Industry Vertical, and Region – Global Forecast to 2023″ the international Blockchain Market will keep on growing form its value of 1.2 billion US$ in the year 2018 to the 23.3 billion US$ in the year 2023. The CAGR during 2018-2023 is expected to be 80.2%.
The driving factors behind the increased capital value of Blockchain Market is the increased funding and investments in Blockchain technology, the increased focus on decreasing the cost of operation and the fame of Blockchain in the retail market.
The digital identity applications help business to identify the identity of customers and it is an important part of modern technology. The Blockchain is decentralized and it can be used in integration with digital identity to makes the transaction more secure and scam free to a great degree. The digital identity application will be the fastest growing application in the Blockchain Market because it offers more privacy to the customers and it is free from the influence of a central authority.
The retailers working in the Blockchain market are trying to find a more commercially reliable way of operation. The major companies in the market are also trying to find an identity management solution based on the Blockchain for both personal use and transaction. From the year 2018 to 2023 CAGR for the Blockchain Market is expected to be the highest of all time. The regions covered by worldwide Blockchain Market are Europe, Latin America, Asia Pacific (APAC), North America, and the Middle East and Africa (MEA).
North America is the base for most of the industries around the world and it has seen the implementation of payment methods related to Blockchain technology. North America is expected to be the largest adopter of the Blockchain solution due to increased funding and development of Blockchain technology in the area. Different industries in North America are adopting this technology at a fast pace making it more desirable technology. Financial institutions in the APAC are largely investing in the network of Blockchain to make the operation and payments easier. The involvement of Blockchain is changing the perception of people regarding the business of the industry.
The report includes different strategies of the markets such as the merging of companies, acquisitions of companies, development of different products, collaboration and partnerships of companies and the expansions of businesses. The major players included in this report have adopted the Blockchain Market.