Blockchain Technology Market Size to Hit $7.59 Billion by 2024, Predicts Grand View Research, Inc.
Grand View Research, Inc., has predicted that the global blockchain technology market size would reach USD 7.59 billion by 2024 based on a 37% compound annual growth rate (CAGR).
The company expects that the rising demand of the technology across key sectors such as technology, media and telecom, healthcare, transportation, consumer or industrial products and financial services will drive the expected growth.
Of interest the company says is the blockchain technology’s ability to garner relevance as it doubles as an electronic transaction-processing and record-keeping system. With it public users can securely keep track of information movement through the network without third-party verification. Reputed for its almost impenetrable security blockchain is the technology of choice for secure online transactions and payment gateways.
Continuous Market Growth Expected For Blockchain Technology
According to the Grand View Research report, the market for the technology is not slowing down and is expected to record significant growth on the strength of its numerous benefits including lifting the limitation of transaction authentication by financial institutions, minimizing data duplicity, offering secure access to data on the go, digital currencies and generally changing the way the world transact business.
The future looks rosy for the blockchain technology market as growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies would also improve the efficiency of the underlying financial processes. To do this and further help minimize risks, the report records that the technology has attracted investments from by various financial institutions in association with key technology players.
By this growing interests, the public blockchain network segment is anticipated to witness significant growth over the forecast period, registering a CAGR of 39.2%. The market is still in the development phase and is, therefore, marked by an extensive presence of new developments in the technology and its integration, the report added.
Top vendors already in the market include vendors in the market are Chain Inc.; Circle Internet Financial Limited; Digital Asset Holdings; Eric Industries; IBM Corporation; Linux Foundation; Post-Trade Distributed Ledger; R3; Ripple; and Safello.
Blockchain technology will also enable an irrevocable immediate settlement that will, in turn, restrict any kind of transactional changes once the request has been processed. These technological changes are also expected to fuel market growth.
The Grand View Research blockchain technology market report is one of its leading reports in the industry. Other related reports include:
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