The global blockchain technology market is forecasted to exceed $16 billion by the year 2024, as per a recent report by Global Market Insights, Inc.

The report

In a release published on September 20^th, Global Market Insights gave excerpts from its 10-page report, called “Blockchain Technology Market By Providers (Infrastructure Provider, Application Provider, Operators), Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), End-Use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Regional Outlook, Competitive Market Share & Forecast 2024.”

As per the research analysis, the important factor contributing to the global blockchain technology market boost will be by financial companies adopting blockchain. Financial institutions are reportedly going to take up blockchain ultimately because of its capability of boosting efficiency of internal procedures and reduce the operation cost in industries like trade finance, Know Your Customer checks, as well as documentation.

Stakeholder segmentation of the blockchain market

The stakeholder segmentation of the blockchain market suggests that application providers will witness an 85% compound annual growth rate (CAGR) between the years 2018 and 2024. The digital identity application will reach over a 90% CAGR over the same duration, the driver being the initiatives for eliminating cyberattacks. 

Additionally, the report notes that the government segment of blockchain market is envisioned to increase by 85% CAGR during the same period, and the healthcare market sector will register an 85% CAGR by 2024.

Other predictions

In September, the Global Market Insights reported that blockchain technology in the healthcare sector is set to surpass $1.6 billion by 2025. The splurge in blockchain adoption will be due to the cost component reduction, examination of medical outcomes, and interoperability of health data. 

In August, ABI Research, the tech market advisory firm, released its findings about the global revenues from blockchain technology, suggesting that the compound global revenues for blockchain technology is forecasted to rise up to $10 billion by the year 2023.