The global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, at an impressive Compound Annual Growth Rate (CAGR) of 67.3% during 2020–2025. The increasing need for simplifying the business processes and need for supply chain management applications integrated with the blockchain technology will drive the overall blockchain market.
Private blockchain type is estimated to hold the largest market size in 2020. A private blockchain is a shared database or ledger that is secured by traditional security techniques, such as limited user rights. Generally, security is provided to a private blockchain using private keys that are known only to the related organization.
A private blockchain is a category of the blockchain technology, where write permissions are kept centralized to a single organization. Read permissions might also be restricted based on the organization’s usability. A private blockchain provides more opportunities to businesses in terms of leveraging the blockchain technology for business-to-business use cases.
Deloitte’s 2019 Global Blockchain Survey revealed that blockchain is going through a path of diffusion across industries far beyond its initial Fintech applications.
More organizations in more sectors—such as technology, media, telecommunications, life sciences, health care, and government—are expanding and diversifying their blockchain initiatives.