According to California-based consulting and research firm Grand View Research, the market for blockchain technology will grow to be worth $7.59 bn by 2024. This constitutes a growth of 458% in the period based on a cumulative annual growth rate (CAGR) of 37.5% for the five-and-a-half-year period.
Asset and stock prices broadly track market growth, meaning that $1,000 put as a broad investment in as many blockchain firms as possible would return $5,000 in a few years if projections were to hold up. Regardless, the projection is promising for those working in the industry as well as investors in general. Another finding of the study places emphasis on the public blockchain market in particular, which should see a 39.2% growth average in the same period.
While these figures are promising, they are actually less than forecasted by another firm earlier this summer. A manager for International Data Corporation said they made a prediction of a market size of $11.7bn by 2022 (twice the growth rate of the latest report). Methodological differences and shifting market conditions often result in varying forecasts.
Deloitte has previously determined that three-quarters of the 1,000 corporates they questioned are considering implementing blockchain solutions as the industry moves closer and closer to mainstream adoption.
About the Source
According to the website of Grand View Research, “each year, Grand View Research completes more than 40 multi-country market, competitor, customer, and sourcing intelligence studies for clients […] The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world’s renowned academic institutions and Fortune 500 companies to understand the global and regional business environment.”