The blockchain market is booming — revenue is expected to exceed $16B by 2024 and will be spurred by an increase in adoption.
A new report by Global Market Insights provides us with a clue as to how much the blockchain industry is expected to grow in the coming years. According to revenue alone, the industry will bring in some $16B annually by 2024, the report predicts.
In 2017, the reported revenue of the blockchain sector stood at around $200M. If the market achieves a revenue stream of $16B by 2024, that would place the compound annual growth rate between 2018 and 2024 at over 75%. This impressive feat would also make the industry among the fastest-growing in all of the tech world.
Digital Identity, Government, and Healthcare
Global Market Insights found that the digital identity application has the most room to grow. The report estimates this particular sector’s compound annual growth rate will be 90% between 2018 and 2024, significantly higher than what is expected in other blockchain-related sectors. Overall, it is the increasing risk of cyberattacks which will propel the technology to new heights, especially in the realm of data protection and privacy.
Moreover, blockchain’s use in government-related functions is also set to reach impressive growth rates. The report predicts a compound annual growth rate of 85% from 2018 to 2024. This is because the technology can help create a trustless, secure system which will make government responsibilities much more efficient.
Thirdly, healthcare will also be disrupted by blockchain as per the report. Global Market Insights predicts a compound annual growth rate of 85%. Data-sharing among healthcare providers and more efficient administrative functions will be among the key drivers.
Asia-Pacific Region to Experience the Most Growth
Although the blockchain industry will see high growth rates throughout the world, the Asia-Pacific market seems likely to experience the largest boom. From 2018 to 2024, the compound annual growth rate is expected to be 87% across the board. The addition of new, more blockchain-friendly market policies will undoubtedly further spur this growth.
Overall, it seems clear that the blockchain industry is destined to disrupt multiple other industries and will soon begin raking in billions of dollars in revenue annually. However, if you take the long-term view, this is still a far cry from its fullest potential which will be realized in the decades to come.
Do you agree with the report’s findings? Do you find them reasonable? Let us know your thoughts in the comments below.