A report into the projected growth of the current blockchain market by Meticulous Research has produced some incredibly bullish forecasts for the industry. By 2025, it’s expected to have grown at a compound annual growth rate (CAGR) of 74.1%, reaching $28 billion.Future Looks Bright for Blockchain TechnologyIn a report published today, Meticulous Research has stated that the size of the global blockchain market will reach an impressive $28 billion by 2025.To us more used to dealing with cryptocurrency market capitalisations, this might look like a sharp fall. However, the figures do not include any individual cryptocurrency market caps. To put it into perspective, the current size of the technology market is stated by Meticulous as being $385.5 million.The researchers believe that explosive growth will be driven by a variety of factors. These include: rising rates of adoption of Blockchain-as-a-Service (BaaS), increased merchant acceptance of cryptocurrency, and heightened interest from traditional financial interests.The report states that the banking and financial sector currently accounts for the largest share of the total market. Payments are cited as the largest form of application of the technology. The finance-focused blockchain sector is expected to grow at a CAGR of 70% by 2025. Meticulous speculated as to why this area is emerging as the largest use of the technology:“The rising need to transfer funds directly and securely to anyone and growing demand to reduce cost of transactions propels the adoption of blockchain in this application area.”BaaS is cited as a way to bridge the current gap between technical expertise in building and programming blockchain and actually using the technology in business applications. BaaS allows customers to build their own distributed ledger technology appliations using a cloud-based service provider.Related Reading: Ethereum Co-Founder Vitalik: IBM Blockchain Is “Missing The Point”They manage all the more complex back-end processes and allow programmers to get on with building their applications. As successful blockchain-based applications come to market, the demand to learn the skills to code on public blockchain platforms such as Ethereum increases. This, in turn, helps the industry to grow.Moreover, increasing cryptocurrency adoption in retail is further strengthening the tech’s market. The report cites companies such as Expedia, PayPal, Subway, Shopify, and Microsoft as examples of big companies that have accepted digital currencies for payments. Meticulous goes on to speculate that the current levels of hype around blockhain technology will only incentivise others to follow suit in the coming years.Finally, the report states that North America is currently the home of most of the blockchain market’s tech companies. However, Asia-Pacific is named as the area expected to grow most by 2025. Reasons cited for this include how quickly nations such as Korea and Japan are embracing cryptocurrency and the technology in industries such as finance and supply chains.Featured image from Shutterstock.