Blockchain Market to 2027 - Global Analysis and Forecasts by Application (Payments, Exchanges, Smart Contracts, Documentation, Digital Identity, Governance, Risk & Compliance, and Others); Industry Vertical (BFSI, Retail, Government, Transportation and Logistics, Healthcare, Automotive, Media & Entertainment, and Others)
The global blockchain market was valued at US$ 1.57 Bn in 2018 and is expected to reach US$ 162.84 Bn by 2027 with a CAGR growth rate of 68.1% in the forecast period from 2019 to 2027.
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The increasing proliferation of Blockchain technology in various industries ranging from BFSI to retail is pushing the government and companies worldwide to focus and invest in Blockchain technology. Presently, Blockchain technology has a variety of use cases in the BFSI sector, and over the past few years, the applications of Blockchain in payments, smart contracts, document management, and others have been growing at an exponential rate. The successful implementation of Blockchain in BFSI sector attracted interest from other industries such as retail, logistics, government towards the benefits offered by Blockchain such as increased operational efficiency and reduced costs in various business functions. Blockchain technology is developing at an exponential pace with more and more companies