According to a report, blockchain market revenues will exceed 16 billion dollars by 2024 – Cryptocurrency

A report by the Global Market Insights company says that blockchain technology will have tremendous growth in the coming years, where it will mainly contribute financial organizations, and will exceed $ 16 billion.

This report develops the following topics:

Technology market by suppliers (infrastructure provider, applications and operators), Application (smart contract, payment and wallet and digital identity), exchange, compliance and risk management, end use (BFSI, Government, Health, Media and entertainment, Transportation and logistics), regional perspectives, competitive market share and forecast for 2024

According to the analysis, the key factor that would contribute to the global growth of the blockchain technology market will be the adoption of this technology by financial companies. These organizations will use blockchain for their ability to increase the efficiency of internal processes, and in turn reduce the cost of operation in sectors such as: commercial financing, documentation and controlsknow your client .

Blockchain market and segmentation

A segmentation of blockchain market stakeholders shows that application providers will see a compound annual growth rate (CAGR) of 85% between 2018 and 2024, while the digital identity application will record a CAGR of more than 90% during the same period.

The study states that the s is expectedThe government sector of the blockchain market grows 85% of TACC during the forecast period, and the market share of healthcare applications will also record 85% of TACC until 2024.

The impetuous rise of cryptocurrencies in the industry also contributes to the growth of the blockchain market. The crypto ecosystem has witnessed a staggering 300% increase in market capitalization recorded in 2017. Consequently, the number of business developers begin to explore the potential of blockchain for several use cases.

The Delaware-based firm predicts the considerable growth that the worldwide Blockchain technology market will have in the coming years, starting with financial organizations, and the crypto world.

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