According to a recent research report by Fortune Business Insights, the global blockchain technology market is growing, and it shows no signs of slowing down any time soon. The market was valued at $1,640.7 million in 2017 and is forecasted to reach $21,070.2 million by the end of 2025, demonstrating a CAGR of 38.4%. Various industries are engaged in utilizing innovative blockchain technology, such as government, energy and utilities, healthcare and life sciences, telecom, media and entertainment, retail and consumer goods and manufacturing. As noted in the report, the banking, financial services and insurance (“BFSI”) segment accounted for 41% of the global blockchain technology market in 2017. This is driven by the massive amount of money lost due to fraud and cyber attacks in the BFSI segment. To combat this issue, major industry players including Microsoft Azure and Deloitte are currently focusing on the introduction of Blockchain-as-a-service offerings.
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The cycle of disruption and transformation is imminent for businesses looking to carve out a niche in highly competitive environments. While a few companies are focusing on transformational growth and addressing key challenges of disruptions, several others are simply unaware. Fortune Business Insights offers end-to-end solutions beyond flagship research technologies to help senior leaders across enterprises achieve their mission-critical goals. The company delivers recommendations enabling growth to help build organizations of tomorrow. For more information, visit the company’s website at www.FortuneBusinessInsights.com.
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