The blockchain technology market is expected to grow at a CAGR of almost 43% between 2017-2022, reaching a global revenue of almost $14bn by 2022, according to a report by SB Wire.
The report found that blockchain technology is being used most increasingly in banking financial services and insurance (BFSI) sector. In this sector, blockchain is used to secure payments, protect customer data and settle cross-border payments, to name a few of its applications.
"Blockchain technology is also employed in the healthcare sector, supply chain management, energy, media, informatics, etc.," SB Wire stated. "BFSI, however, holds the largest share while blockchain in retail industry under supply chain management is the fastest growing sector."
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The report also noted that the US currently dominates the market in terms of blockchain patents. This revelation is contrary to an iPR report last month that suggested Chinese-based tech company Alibaba has filed for the most patents and that China are leading the way in blockchain patents, responsible for 56% of the world's patents compared to the US's 22%.
One of the key reasons for the market growth is the investment in blockchain by Fintech companies, which are attracted to the decentralization the technology offers.
Despite the increasing adoption, CB Wire noted that "even though the Blockchain market is expected to grow globally, there still a lack of awareness, regulation problems and clashes of ideology that hinders its adoption".