Blockchain Market to surpass $16bn by 2024

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Blockchain Market to surpass 16bn by 2024
Global Market Insights Inc.
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Industry Overview

• Blockchain Market to exceed USD 16 billion mark
  by 2024 driven by growing adoption of
  distributed ledger among banking and financial
  institutes. The increasing investment by the
  venture capitalists in the blockchain technology
  is a major factor propelling the market growth. A
  glut of investor interest has led to the
  explosion in the blockchain market space. In
  2017, approximately USD 1 billion investment in
  the blockchain start-ups with more than 185 deals
  across the globe has been witnessed. The number
  has significantly increased from the USD 545
  million investment with more than 135 deals in
  2016. This encourages the development of the
  cutting-edge technology and accelerates the
  adoption among the industry verticals.
• The growing trend of Initial Coin Offering (ICOs)
  also supports the blockchain market growth. The
  blockchain companies started to offer ICOs as the
  sale of coins tokens and to raise funds. In
  2017, the initial coin offerings have raised more
  than USD 2 billion with over 250 ICOs across the
  globe. This token can be subsequently traded on
  the cryptocurrency exchanges. It provides an
  early access to the potential blockchain
  protocols and applications. This is encouraging
  the investors to invest in ICOs.

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• The smart contract is also one of the prominent
  applications of the blockchain market and is
  estimated to grow at a CAGR of over 80 during
  the forecast period. Smart contract assists
  organizations and individuals conduct
  transactions of property, money, and shares in a
  conflict-free and transparent manner, eliminating
  the services of middlemen. It offers parties
  involved in the agreement with autonomy, safety,
  backup, speed, and accuracy. The smart contracts
  can be implemented on distributed ledger or
  non-distributed ledger systems. Blockchains are a
  form to distributed ledger systems, which make it
  impossible for a single party or a group to
  reverse the transaction once recorded in the
  database, eliminating the need for intermediaries
  to authenticate and settle transactions.
• The government sector is anticipated to grow
  significantly during the forecast period with a
  CAGR of more than 85 during the forecast
  timeline. The blockchain market growth is driven
  by numerous benefits offered by the technology.
  The blockchain offers three value propositions
  for enterprises, recordkeeping, value transfer,
  and smart contracts. It provides a unique
  non-corruptible record management system that
  tracks and validates changes. It can also reduce
  the number of intermediaries and increase the
  trust between the transacting parties, increasing
  the efficiency and reducing the time cost to
  process.

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Blockchain Market

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UK Blockchain Market Share, By End-use, 2017

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Industry Coverage

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• The Asia Pacific blockchain market is estimated
  to attain a noteworthy growth with a CAGR of over
  87 during the forecast timeline. The market is
  driven by increasing investments in the
  blockchain technology by venture capitalists. The
  government initiatives and policies are also
  augmenting the demand for the blockchain
  technology in the region. Furthermore, increasing
  number of the blockchain start-ups and ICOs in
  the region also propels the blockchain market
  share.
• The key vendors of the blockchain market are IBM,
  SAP, Ripple, R3, Microsoft, Abra, Alphapoint,
  Amazon Web Services, Asta Solutions, Bacoor,
  Bitfury, BitSE, Blocko, Blockstream, Bloq, BTL
  Group, Chain, Coinbase, Digiledg, Digital Asset
  Holding, and Earthport. The market is
  characterized to be highly fragmented due to the
  presence of both multinational companies and
  regional start-ups. The players are leveraging on
  the partnership and collaboration strategies to
  expand their product portfolio and increase their
  customer base. For instance, in 2016, the Chain,
  Inc. collaborated with the Visa, Inc., a global
  payment platform provider, to develop blockchain
  based cross-border payment solutions for the
  enterprises. Similarly, Peer Ledger partnered
  with SAFE- BioPharma association to develop the
  blockchain based solutions to enhance the health
  transaction security and protect the patients
  identity using the identity bridge product.

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