Market research firm MarketsandMarkets: The blockchain market value may exceed $2.3 billion in 2021, and the United States will dominate

According to a new market research report by MarketsandMarkets, the world's second largest market research consulting firm, "Forecasting the Global Blockchain Technology Market in 2021 Based on Suppliers, Applications, Organization Size, Industry and Region", the blockchain market value will grow from US$210 million in 2016 to 23.1亿美元in 2021, with a compound annual growth rate (CAGR, the annual growth rate of an investment in a specific period) of 61.5% .

The main factors driving the growth of blockchain market value are its transparency and immutability. In addition, low cost is also an important factor. The blockchain market is developing so rapidly because of the application of distributed ledger technology in many fields, including payment, smart contracts, exchanges, digital identity and document certification.

Application and solution providers have the highest CAGR

The global blockchain market will see the highest CAGR in the application and solution providers segment between 2016 and 2021. The providers of these segments provide payment, document verification, transaction, and other solutions to improve business operations.

Banking, financial services and insurance sectors had the largest market size in 2016

The blockchain market involves many industries, among which banking, financial services and insurance industries dominate. They have the largest market share because the seamless connection between traditional payment systems and blockchain systems will eventually lead to an increase in demand for banking and financial transactions. In addition, the report predicts that the entertainment and media industries led by blockchain technology will develop the fastest, followed by medical and life sciences.

North America Dominates Blockchain Market in 2016

The report pointed out that North America had the highest share of the blockchain market in 2016, because the technology in this region is more advanced and most of the early adopters of blockchain are from North America. The Asia-Pacific region will achieve the highest compound annual growth rate between 2016 and 2021. India, Australia and China will benefit first from the transparency, immutability, scalability and huge potential of blockchain.

The report also mentions the development strategies that major players in the blockchain market can adopt, including acquisitions and mergers, cooperation, corporate expansion, and product development. Several blockchain technology suppliers mentioned in the report are mainly from the United States, such as Microsoft, IBM, Deloitte, Ripple, Chain, BitFury, Coinbase, Circle, Digital Asset Group (DAH), 21 Inc, etc.