Industry News – Blockchain market expected to swell by 2023, largely thanks to VC

January 10, 2019

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The “Blockchain Market by Provider, Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Supply Chain Management, and GRC Management), Organisation Size, Industry Vertical, and Region – Global Forecast to 2023” report is now available.

 

It’s predicted that the global blockchain market will grow from $1.2 billion in 2018 to $23.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 80.2% during the forecast period.

 

Why? Well, growing venture capital funding is one major reason, as well as investments in blockchain technology. The increasing need to create business transparency and immutability, simplify business processes, and swelling popularity of blockchain technology in retail and supply chain management are also earmarked to propel the market.

 

One word of warning though: the limited availability of technical skill sets for implementing the blockchain technology and ambiguous regulatory and compliance environment may hinder the blockchain market rise.

 

Read more here.