The global blockchain technology market is estimated to surpass $16 billion by 2024, according to a recent report from market research firm Global Market Insights, Inc.The reportIn a Sept. 20 press release, Global Market Insights provided highlights from its 180-page-long report entitled "Blockchain Technology Market By Providers, Application, End-Use, Regional Outlook, Competitive Market Share & Forecast 2024.".
Per the analysis, the key factor contributing to the global blockchain tech market growth will primarily be increasing adoption of blockchain by financial companies.
Financial organizations will purportedly take up blockchain due to its ability to boost the efficiency of companies' internal processes and cut the cost of operation in sectors such as trade finance, documentation and Know Your Customer.
Stakeholder segmentation of the blockchain marketA stakeholder segmentation of the blockchain market shows that application providers will see an 85% compound annual growth rate between 2018 and 2024, while digital identity application will purportedly register an over 90% CAGR throughout the same period.
The latter will find its driver in the attempt to resist cyberattacks.
The report further states that the government segment of the blockchain market is expected to grow by 85% CAGR over the forecast period, and the market's share from healthcare applications will register an 85% CAGR up to 2024 as well.
Earlier in September, Global Market Insights released a report that dove deeper into the blockchain tech in healthcare market, projecting that it will exceed $1.6 billion by 2025.
Examination of medical outcomes, interoperability of health data and cost component reductions will further impact blockchain adoption, according to the assessment.
Tech market advisory firm ABI Research published its findings regarding global revenues from blockchain technology, in late August, the firm suggested that global revenues for blockchain tech are expected to hit $10 billion by 2023.
Report: Global Blockchain Tech Market to Surpass $16B by 2024
Publicado en Sep 21, 2019
by Cointele | Publicado en Coinage
Ethereum Name Service Adds Multicoin Support
Distributed naming system Ethereum Name Service has announced the launch of multicoin support as 15 cryptocurrency wallets already plan to utilize the new feature.
You Can Now Get a Master's in Blockchain From a School in Malta
The University of Malta's Masters Blockchain and Distributed Ledger Technology began its inaugural semester this October, with around 35 students enrolled in the island nation's only DLT-specific masters program - one of the few such programs around the world.
California Man Sues AT&T Over Loss of $1.8M and Crypto Accounts
California resident Seth Shapiro has filed a lawsuit against wireless service giant AT&T alleging that its employees helped to perpetrate a SIM-swap which resulted in the theft of over $1.8 million in total, including cryptocurrencies.
As Bitcoin price nears 50% drop, analyst foresees deeper correction for Ethereum
Since achieving $13,920 at the yearly peak, the Bitcoin price is nearing a 50 percent drop and according to a technical analyst, it could mean a larger correction for Ethereum.