Blockchain market revenue to exceed $16 billion by 2024

The Asia Pacific blockchain market is estimated to register a prominent CAGR of more than 87%

Blockchain market revenue to exceed $16 billion by 2024. Source: shutterstock.com

The global blockchain technology market will be primarily driven by increasing adoption of the technology by financial organizations. Blockchain can significantly enhance the efficiency and reduce the cost of operation across several applications such as trade finance, documentation or KYC, collateral management, cross-border payment and identity management, which is anticipated to considerably boost the technology adoption in the coming years.

Increasing industry penetration of cryptocurrency is also contributing towards the blockchain market growth. The cryptocurrency market has witnessed a staggering 300% increase in market capitalization recorded in 2017. Consequently, the number of developers and business verticals have started exploring the potential of blockchain for various use-cases. Rising investments by venture capitalists in the technology are fueling the blockchain technology market trends over the forecast period.

Infrastructure provider segment of blockchain technology market held 65% of the revenue share in 2017. Infrastructure providers design core software blocks which play a key role in the deployment of the network. Escalating demand for the blockchain standards and protocols is a crucial factor fostering the market growth. These standards and protocols help blockchain network and application developers in designing customized and distributed network for their clients.

Digital identity application is anticipated to register the most lucrative growth rate at over 90% CAGR through 2024. Increasing risk of cyberattacks is the major factor propelling blockchain technology adoption among digital identity detection applications. Besides, the lack of efficient identification systems for securing personal information coupled with rising demand for secure international identification are accelerating blockchain technology market revenue across the security space.

SEE ALSO: Top 10 blockchain professions in 2019

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