The global blockchain market is set to see rapid growth between 2018–22 and is expected to be worth almost $7.6bn by 2022, growing at a CAGR of 80% during the forecast period, MarketsandMarkets has found.
According to MarketsandMarkets, the main factors driving the growth are the rising adoption of blockchain technology solutions and the increasing demand for blockchain as a service (BaaS).
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Of these applications, the payment segment is expected to occupy the largest market share during the forecast period, due to blockchain's notoriety for improving efficiency and transparency in payment systems.
Of the growth, MarketsandMarkets commented: "Based on providers, the application and solution provider segments are expected to dominate the blockchain market and grow at the fastest rate during the forecast years, due to significant value added to the businesses, rising demand for international online money transfer network and cloud-based services."
The report additionally found that North America is expected to dominate the market, due to the regions early adoption of cryptocurrency and blockchain technology. However, APAC is expected to experience the highest CAGR as it sees the growth of blockchain applications across a number of industries.