In our last post we discussed Gartners outlook to the software integration market with revenue on pace to surpass $27 billion in 2017, an increase of 7 percent from 2016.

Today we want to take a look at the report from Research and Markets covering the blockchain technlogy market and its outlook (http://www.researchandmarkets.com/research/twkp6b/blockchain_market). The Blockchain market size is expected to grow from USD 210.2 Million in 2016 to USD 2,312.5 Million by 2021, at a Compound Annual Growth Rate (CAGR) of 61.5% during the forecast period.

The blockchain technology market is growing rapidly as the organizations are more focused on transparency, immutability and scalability. Factors such as lack of awareness about the blockchain technology and uncertain regulatory status are the major restraints in the overall growth potential. Infrastructure and protocols provider segment is estimated to have the largest market size at the current moment 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.

Small and Medium Enterprises (SMEs) and large enterprises are rapidly deploying the Blockchain solutions. The demand for Blockchain solutions is increasing due to the cost-effective and time-efficient features; its growth is specifically high in SMEs, where low cost solutions are much required.

Included in the scope are emerging economies, such as India, China, Australia, and Singapore which are showing particular growth in cryptocurrency and blockchain technology start-ups. This is mainly due to the digitization of businesses by small, medium, and large enterprises in the region. This region is expected to witness the highest growth rate in the blockchain technology market.

So for companies like Unibright providing a solution for customers to use blockchain technology and to integrate their current off-chain processes into various blockchain technologies, this shows a huge market potential. Especially when the growing demand in the field of software integration and automation is taken into account additionaly.

For us at unibright.io it is very thrilling to experience the growing demands in the fields we are working in. Establishing the first framwork for blockchain based business integration was a combination of our history in business integration and our enthusiam for blockchain technology and its potential for business processes.