The global blockchain distributed ledger technology market has been estimated to be worth $5.4 billion by 2023, according to new research.
A report by Allied Market Research predicted the market could grow by up to 58% over the next six years.
Small fees for transactions in blockchain distributed ledger applications, the elimination of third parties in business deals and a reduction of fraud & identity theft are expected to be the main factors driving growth, the research said.
In 2016, the global blockchain market was valued at $228 million with North America dominating in terms of revenue, accounting for more than 40% of market share.
The research stated North America will likely hold its dominance on the market throughout the forecast due to its presence of key companies like Deloitte and IBM.
Himal Srivastava, research analyst for semiconductor and electronics at Allied Market Research, explained the blockchain distributed ledger market is in its early stages of growth.
“Exponential increase in data is expected to facilitate more research and development activities leading to increase competition in the market,” Srivastava said.