The global blockchain market is expected to grow to $29.7 billion by 2025

Markets and Markets, the world's leading market research institution, recently released a blockchain market research report that the global blockchain market size is expected to reach $3 billion in 2020, and this data will grow rapidly to $29.
7 billion by 2025, with a compound annual growth rate of 67.
3%.

According to the report, the main forces driving the development of the blockchain market include increased venture capital investment and investment in blockchain technology, the growing popularity of blockchain technology in retail and supply chain management, and the growing focus on
reducing operating costs.

Based on type, the hybrid blockchain type segment will grow
at the highest CAGR during the forecast period.
In terms of types, blockchains are mainly divided into public, private, and hybrid blockchains
.
Among them, permissioned blockchain is the most common type of hybrid blockchain
.
Permissioned blockchains provide a hybrid solution
between the low-trust public blockchain and the single, high-trust entity model of the private blockchain.
Permissioned blockchains, often referred to as consortium blockchains, have predetermined criteria that enable a number of selected nodes to participate in the verification
of the transaction process.
The market size of hybrid types in the blockchain market is expected to grow
at the highest CAGR during the forecast period.

Based on organization size, the blockchain market is segmented into small and medium-sized enterprises (SMEs) and large enterprises
.
From 2020 to 2025, the SME segment is expected to grow
at a higher CAGR as the number of blockchain startups will increase dramatically.
Blockchain technology can prove to be an asset for SMEs as it helps reduce operational costs
by eliminating intermediaries required for trans-regional transactions.
One area where SMEs can leverage blockchain technology in their manual or semi-automated processes, including invoicing, inventory, and payroll
.
For example, smart contracts are a key feature offered by blockchain solutions that can prove more economical, helping small and medium-sized businesses streamline their operations
at a cost-effective pace.

Based on the regional market, North America is expected to dominate the blockchain market in 2020 and maintain its dominant position
during the forecast period.
The global blockchain market by region covers North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
.
North America is home to most industries with a large operational base and has witnessed significant implementation
of smart contracts, documents, and payment applications in most of its industries, especially BFSI, retail and e-commerce, and healthcare and life sciences.
The region is poised to become the earliest and largest adopter of blockchain solutions, driven by increased capital investment in the development of distributed ledger technology that provides transparency and faster transactions
to customers.

Adoption in various industries such as transportation and logistics, retail and e-commerce, media and entertainment, real estate, IT, and telecommunications is expected to continue to grow
, thereby driving the market.
In addition, financial institutions in the Asia-Pacific region are investing heavily in designing permissioned blockchain networks to streamline their internal operations and minimize costs
.
Technology integration in these verticals is changing the way
business is done across industry verticals.