Blockchain tech market growing at 61.5% CAGR to 2021

Blockchain visual. Credit: Wikimedia Commons

The global blockchain technology market is projected to grow from $210.2 million in 2016 to $2.3 billion by 2021, led by infrastructure and protocols provider segment while media and entertainment vertical to have the highest growth rate during the forecast period. This amounts to a compound annual growth rate (CAGR) of 61.5 per cent.

Blockchain is a data structure enabling a digital ledger of transactions to be kept and updated, with the information stored across a network of computers, much like BitTorrent. This enables triple-entry bookkeeping, with changes to the record of transactions requiring consensus within the distributed network.

The decentralised digital commodity currency Bitcoin is a proof-of-concept and proof-of-value for the blockchain, which underpins the virtual currency.

According to a report by Markets and Markets, the countries which are showing particular growth in cryptocurrency and blockchain technology startups in the Asia Pacific (APAC) includes emerging economies, such as IndiaChinaAustralia, and Singapore, driven mainly by the digitisation of businesses in the small and medium enterprise (SME) segment, as well as large local enterprises (LLEs) with a regional footprints and MNCs. 

As such, the APAC if expected to witness the highest growth rate in the blockchain technology market. The blockchain technology market is growing rapidly as the organisations are more focused on developing mechanisms for transparency & immutability, as well as scalability.

However, factors such as lack of awareness about the blockchain technology and uncertain regulatory status are the major restraints in the overall growth of the market.

The infrastructure and protocols provider segment is estimated to have the largest market size in 2016 due to increasing need for services such as mining, public, and special protocols.

Furthermore, the application and solution provider segment will grow at the highest CAGR during the forecast period, due to demand for efficient business processing applications.

The blockchain technology solutions have been deployed across various industry verticals, including banking, financial services, and insurance (BFSI), government & public sector, healthcare & life sciences, retail & ecommerce, automotive, media & entertainment, and others.

The media and entertainment vertical is expected to witness the highest CAGR during the forecast period as the industry has been transformed with digital technology to solve various problems such as problem of copyrights by assigning rights, usage tracking, and distribution of all the content creators and owners using blockchain technology.

Also Read: 

Russia:Mail.ru Group acquires Pixonic for $30m; Sberbank hops on the blockchain bandwagon; Kassir.ru expands to Belarus and Lithuania

Russia hosts largest blockchain, fintech hackathon backed by Life-SREDA VC

hailand: Digital Ventures invests in US-based blockchain firm Ripple

China: Blockchain tech for social security funds okayed; eHi Car services to raise $150m loan facility

Singapore: IDA, Merrill Lynch, HSBC partner to develop blockchain trade finance prototype

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.