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Blockchain Industry will reach $21 billion globally by 2025, study suggests

Written by  May 15, 2020

Fortune Business Insight, a market reporting and consulting firm, suggests the global blockchain industry will be valued at a mammoth $21 billion in the next five years.

You can see the results of the research study that they carried out for more details.

Global Stimulus for Blockchain

The report explored the rise of financial technology and blockchain companies working towards financial inclusion and targeting developing countries and regions to leverage growth. Such regions, incidentally, have witnessed a growth in educated talent in the past decade, and are well-suited to interact with and understanding distributed ledger mechanisms.

The study noted blockchain’s market was valued at just $1.67 billion in 2017. But the rise in institutional adoption, developed countries introduced legal and financial framework, and the massive public interest in cryptocurrencies have contributed towards the industry’s growth.

Furthermore, as software and financial companies launch blockchain-based projects and divisions, the surge in related services and products is imperative. Fortune notes internal investment in blockchain projects is increasing as well, with annual budgets now devoted a small percentage of funds towards the effort.

The study stated, “The blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025 exhibiting a CAGR of 38.4% during 2018-2025.”

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Government and Company Projects Bolster Growth

Government and regulatory interests are listed as another major theme driving blockchain growth. Fortune says regulatory approvals and calls for research, seen in countries like China, will tend to accelerate blockchain development internationally.

Source: Fortune Business Insight

A few companies cited IBM as a potentially “dominant” player in the enterprise blockchain field. Others, like the Linux Foundation, Microsoft Corporation, and Oracle, have already started blockchain projects in a limited capacity.

Despite the current global market recession and increasing unemployment rates, blockchain jobs continue to rise due to the booming industry.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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