As per BIS Research, the global decentralized identity market is still at a nascent stage with the identity management systems shifting from centralized and federated identity solution to decentralized identity solutions.
The blockchain in automotive and aerospace & aviation industry analysis conducted by BIS Research highlights that the market is projected to grow at a CAGR of 60.35% during the forecast period 2019-2029.
Currently, the blockchain in agriculture and food market, is generating revenue based on the pilot projects run by individual agricultural startups or consortiums of large food companies, retail companies, trading companies, and blockchain technology product providing companies.
The global blockchain in the healthcare market is expected grow at a CAGR of 63.85% from 2018 to 2025, to reach a value of $5.61 billion by 2025. The use of blockchain for healthcare data exchange will contribute the largest market share throughout the forecast period, reaching a value of $1.89 billion by 2025.
Blockchain as a technology is being gradually adopted across various facets of the financial services industry. Cost benefits, elimination of intermediaries and cost, transparency, removal of risk of unscrupulous activity, government initiatives, establishment of consortiums, and entry of leading financial institutions are some of the factors that have been driving the adoption of blockchain across the industry.
Venture capitalists are estimated to have invested over a $1 billion in 2016 to explore the new avenues that blockchain technology presents. This is a two fold increase from 2014 when the investment stood close to half a billion dollars.