Global blockchain Industry could be worth $20 billion in 2024

20 Mar, 2019 | Updated: 20 Mar, 2019
by Joeri Cant
Blockchain
Global blockchain Industry could be worth $20 billion in 2024

According to a recent press release by Transparency Market Research, a market intelligence and research firm, the global blockchain technology market could be worth $20 billion by the year 2024.

The report by TMR points out that the global blockchain technology market stood at $315.9 million in 2015.

The expectation for the blockchain technology market is that it stands to rise at an astonishing compound annual growth rate of 58.9% per year, which could push the total blockchain technology market to attain a valuation of US$20 billion by 2024.

The blockchain technology market is very fragmented in nature as most of it is still mostly unexploited. This is because of the presence of several new startups as well as well-known heavyweights in the market, notes Transparency Market Research. Companies are pushing time and boundries just to get their hands on as much share of the market as possible.

This relatively new and exciting industry hasn't only given life to a multitude of startups, it has as well earned the attention of global tech giants like Microsoft, IBM, Intel, and Amazon, just to name a few.

Read more: 'Crypto market valuations totally nonsensical and decoupled from reality'

The report further points out that North America will most likely take the lead in the blockchain market in the coming years.

'On the basis of geography, North America is expected to lead the global blockchain technology market in the coming years. This is mainly because of the presence of several players in the region and rising adoption of crypocurrency in retail and other distribution chain. Based on application, Private Blockchain technology market is projected to hold maximum share in the market.'

The steady rise in the adoption of cryptocurrency in the retail sector is noted to be one of the primary reasons why North America will be the one who will push forward blockchain adoption.

Recently Chepicap reported that Kevin McCarthy, the Republican Minority Leader in the United States House of Representatives, said that he believes that blockchain can make the U.S. Congress a more efficient and transparent place.

'Blockchain is changing and revolutionizing the security of the financial industry. Why would we wait around and why wouldn’t we institute blockchain on our own, to be able to check the technology but also the transparency of our own legislative process?', he said.

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