Report: Global Blockchain Tech Market will surpass $ 16 billion by 2024

According to a recent report from market research firm Global Market Insights, Inc. the global market for blockchain technology is estimated to exceed $ 20 billion.

The report

In a press release of September 20, Global Market Insights presented highlights from its 180-page & # 39; s long report entitled "Blockchain Technology Market By Providers (Infrastructure Provider, Application Provider, Operators), Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, compliance and risk management), end use (BFSI, government, healthcare, IT service, media and entertainment, transport and logistics), regional outlook, competitive market share and 2024 forecast. "

According to the analysis, the main contributing factor to the global growth of the blockchain technology market will be primarily the increasing acceptance of blockchain by financial companies. Financial organizations will use blockchain because of the capacity to increase the efficiency of the internal processes of companies and to reduce the operational costs in sectors such as trade financing, documentation and Know Your Customer.

Stakeholder segmentation of the blockchain market

A stakeholder segmentation of the blockchain market shows that application providers will see an 85% Compound Annual Growth Rate (CAGR) between 2018 and 2024, while the digital identity application is reported to record a CAGR of more than 90% over the same period. The latter will find his driver in an attempt to resist cyber attacks.

The report further states that the government segment of the blockchain market is expected to grow by 85% CAGR during the forecast period, and that the market share of healthcare applications will register an 85% CAGR until 2024.

Other predictions

Earlier in September, Global Market Insights released a report that went deeper into the blockchain technology in the healthcare market, with a projection of more than $ 1.6 billion in 2025. Examination of medical results, interoperability of health data and cost component reductions will increase acceptance of further influence blockchain, according to the assessment.

Technology market consultancy firm ABI Research published its findings at the end of August with regard to the worldwide revenue from blockchain technology. The company suggested that by 2023, global revenue for blockchain technology is expected to be $ 20 billion.

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