In its recent research report titled Blockchain Technology Market Size, Share & Trends Analysis Report By Type (Public, Private, Hybrid), By Application (Financial Services, Consumer Products, Technology, Telecom), And Segment Forecasts, 2018–2024, Research and Markets claims that the blockchain technology market could grow to become a $7.59 billion industry in the next six years. During the forecast period, the industry will experience a compound annual growth rate (CAGR) of 37.2%. The increasing demand for distributed ledgers will help the market grow at an unprecedented rate.
Who Will Demand Blockchain Technology?
The role of distributed ledgers will become very prominent in the financial service market, as well as in consumer and industrial products. Technology, health care, transportation, media, and telecom businesses will also become increasingly aware of the technology and accelerate demand. The public sector’s interest in the role of blockchain technology will also be one of the major drivers of growth.
Overall, different industries will understand that blockchain can be used as a secure, immutable record-keeping system that can be applied in their supply chains to track information. Not only this — blockchain can also help in product verification by eliminating the use of third-party verification systems. It can also speed up online transactions, digitize currency and create secure online payment gateways for the various parties connected to the network.
The technology could also solve accounting problems, reduce duplicated records, minimize errors in record keeping and eliminate the need for reconciliation. It could be useful for saving costs while authenticating transactions quickly and connecting different systems in business more effectively.
The banking, financial services, and insurance sector are showing a keen interest in the technology. The number of merchants accepting cryptos is likewise increasing.
More Key Findings From the Report
Financial institutions will be one of the most influential players in the blockchain market as they seek to minimize risk and improve the efficiency of their financial processes.
The public blockchain segment will be growing at a CAGR of 39.2% during the forecast period. As the market will still be in an early development phase, many new integrations and innovations will be witnessed.
Market growth could also be fueled by the fact that blockchains provide “irrevocable immediate settlements.”
Prominent vendors in the market will include R3, IBM Corporation, Linux Foundation, Ripple, Eric Industries, Digital Asset Holdings, Circle Internet Financial Limited, Chain Inc., Safello and Post-Trade Distributed Ledger.