Blockchain Market Worth 7,683.7 Million USD by 2022

PUNE, India, December 15, 2017 /PRNewswire/ --

According to a new market research  report  "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 2022", published by MarketsandMarkets™, the market size is expected to grow from USD 411.5 Million in 2017 to USD 7,683.7 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 79.6%.

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Browse 77 market data Tables and 39 Figures spread through 161 Pages and in-depth TOC on "Blockchain Market"

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The key factors including reduced total cost of ownership, faster transactions, simplified business process with transparency and immutability, and rising cryptocurrencies market cap and ICO are expected to drive the overall growth of the market.

The application and solution provider is expected to have the largest market share during the forecast period 

These application and solution providers in the Blockchain Market deliver significant value to the businesses by reducing duplications in transactional data, providing periodic reconciliation and authentication for commercial and regulatory reasons. These vendors provide international online money transfer network and cloud-based services using blockchain that allows people to do transactions more easily. Application and solution providers have the potential to deliver disruptive outcomes and reshape digital businesses by providing distributed ledger technology to multiple industry verticals.

Digital identity is estimated to grow at a high CAGR during the forecast period 

The digital identity management is said to be the fastest-growing application in the Blockchain Market, as it eliminates the need for central authority and third-party, thereby making it easier for the individuals to manage and control over personal information and access. The vendors operating in the global market are focusing on developing commercially feasible solutions. Moreover, the focus of dominant players in the market is toward the development of blockchain-based identity management solutions for financial transactions and personal use cases.