Esticast Research Shows Global Blockchain Market To Grow To $10 Billion USD By 2024
Several important companies are using the blockchain technology right now, which is certainly making an impact in this market. Companies from the Americas, Europe and Asia are developing new solutions using the decentralized distributed public ledger technology. This has created an effect in the industry that will reach smaller companies as well when they start to use these services.
If the trend continues at this speed, the blockchain industry could be worth $10 billion USD by 2024. Data from the Esticast Research and Consulting center states that there is no way to stop this technology from taking over the world.
The blockchain market was valued at only $26.1 million USD in 2016, which was only two years ago, will have the amazing value of $9.6 billion in 2024. How will this happen? With a significant adoption of this technology in the world. The public blockchain sector will grow exponentially but it will be the private sector that will contribute with over 50 percent of the market growth in the next years.
IBM will certainly be one of the most prominent companies to use the blockchain. In 2016, it held over 10% of the market and you can bet that it will keep a fair share of it in the future, too.
This initial boost could be very important for IBM to dominate the market as other companies, even giants like Microsoft, are already behind the tech giant in the area.
Which Sectors Will Have More Growth?
The banking and insurance sectors will receive more widespread attention from the blockchain technology and will be the ones that will use it the most in the future. While the market will diversify, it is sure that they will keep being an important sector for the industry.
Other relevant sectors include the media and entertainment industry as the blockchain can help to cut intermediaries in distributing content and monetizing it.
North America will be the region of the world that will see the greatest rise in the growth rates of the blockchain technology but some other markets like China will still be very powerful as well.
However, the growth of the blockchain will be very diverse and a wide range of industries and countries are going to be affected by the upcoming changes that are happening.