According to a report published by Allied Market Research, titled, “Blockchain Distributed Ledger Market by Type (Private Blockchain & Public Blockchain) and End User (Government, BFSI, Automotive, Retail & e-commerce, Media & Entertainment, and Others) – Global Opportunity Analysis and Industry Forecast, 2017-2023”, the Global Blockchain Distributed Ledger Market accounted for $228 million in 2016, and is expected to reach $5,430 million by 2023, growing at a CAGR of 57.6% from 2017 to 2023. In 2016, North America dominates the global market, in terms of revenue, accounting for more than 40% share of the global market, followed by Europe.
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Negligible fees for transaction in blockchain distributed ledger applications, elimination of third parties in business deals, and less chances of fraud & identity theft are the key drivers for the growth of global blockchain distributed ledger market. Moreover, increase in awareness toward blockchain distributed ledger applications among people is expected to provide lucrative opportunities to market players. Private blockchain is the leading segment in the global market, and is expected to maintain this trend throughout the forecast period. However, public blockchain segment is expected to witness significant growth in the future, as public blockchain is used in web-based control panels.
The BFSI sector is projected to maintain its lead in the end-user segment. In the emerging economies, business and technology are connected to each other through digital economy, where blockchain creates a whole new paradigm. Recently governments, central banks, private banks, and online banks of all types have shown a great deal of interest in distributed ledgers and block chain technology.
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