(EMAILWIRE.COM, October 25, 2018 ) The blockchain market size is estimated to be USD 411.5 million in 2017 and is projected to reach USD 7,683.7 million by 2022, growing at a Compound Annual Growth Rate (CAGR) of 79.6%. The demand for distributed ledger technology, reduced total cost of ownership, rising cryptocurrencies market cap and initial coin offerings, increasing demand for simplified business processes, transparency and immutability, faster transactions, and Blockchain-as-a-Service are propelling the growth of this market.

Among various applications, digital identity is expected to grow at the fastest rate in the blockchain market due to the availability of commercially feasible solutions that deliver identity verification and authentication for financial transactions. The distributed ledger technology integration provides a solution to mitigate identity management and authentication problems by delivering secured digital identity solution that eliminates the need for central authority and trusted third parties. This makes it easier for the individuals to manage and have control over personal information and its access.

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The real estate industry vertical is expected to grow at the highest rate during the forecast period, owing to the increased adoption of blockchain platforms and rising applications across multiple industries. This has driven the blockchain market among the real estate sector. The integration of blockchain in this sector has transformed developing regions from semi-transparent to transparent, thereby providing complete transparency to the customers at a faster speed.

The SMEs segment is expected to be the fastest growing market in terms of blockchain adoption, as it helps build various automated processes to streamline the non-financial transactions including bank-to-bank and business-to-business transactions involving stock market shares and other assets.

North America, owing to the early technology adoption and the presence of a large number of blockchain solution providers, is expected to maintain its regional dominance during the forecast period. The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period, due to the ongoing technological advancements and increasing usage of the technology across multiple industry verticals.

Rising adoption of blockchain technology for communication service providers; need to transform international trade and supply chain management; increased adoption of distributed ledger technology for payments, smart contracts, and digital identities; and a new breed of programmable blockchain platforms are the primary factors that unlock the opportunities for the key players in the blockchain market.