Indian research company Fior Markets has published a report on the blockchain industry. Company employees they predict that the market for distributed database technology will increase to $ 169.5 billion by 2025. The average annual growth rate, taking into account compound interest, will be 83.8%.
According to Fior Markets, applicationblockchain in various areas of business can reduce operating costs and improve work processes. The main factors contributing to the development of the industry will be an influx of investments, the use of blockchain-based software for transaction processing, the use of smart contracts and digital personalities. Nevertheless, market growth limits the lack of professional staff.
The document indicates the enterprises that occupy leading positions in the blockchain industry:
To strengthen market position, leadersDevelop innovative products and enter into partnership agreements. For example, in 2018, Microsoft began to cooperate with the Nigerian payment operator Interswitch Group, and SAP launched a service to integrate the blockchain into the infrastructure of enterprises.
In 2017, the blockchain market capitalization levelwas $ 1.3 billion. $ 620 million came from software providers. The capital of small and medium-sized enterprises operating in the blockchain industry was estimated at $ 830 million. 24.5% of the market was controlled by the vertical segment, which includes financial, insurance, state and transport institutions, as well as companies operating in the field of real estate, tourism, entertainment, media and health. Smart contracts accounted for 27.6% of the total blockchain market turnover.
Asia Pacific ranked firstplace in terms of industry ($ 540 million). North America dominated this territory, as local firms actively used blockchain technology. The Asia-Pacific region will remain the leader in terms of market growth, because it includes technologically advanced countries that have qualified specialists.