As per a recent press release by market intelligence and research firm, Transparency Market Research, the global blockchain technology market could be worth $20 billion by the year 2024. The report also notes that the global blockchain technology market stood at $315.9 million in 2015.
The idea is, if the blockchain technology market can rise at an astonishing compound annual growth rate of 58.9% per year, then the total blockchain technology market will be able to attain a valuation of US$20 billion by 2024.
The blockchain technology market is very fragmented in nature in the sense that most of it is still mostly unexploited. This is because of the presence of what Transparency Market Research explains to be several new startups as well as well-known heavyweights, in the market. Companies are pushing time and boundries just to get their hands on as much share of the market as possible.
Not only has this relatively new and fresh industry, given life to a multitude of startups, it has also grabbed the attention of global tech giants like Microsoft, IBM, Intel, and Amazon, just to name a few.
The report further points out that North America will most likely take the lead in the blockchain market in the coming years. It read,
‘On the basis of geography, North America is expected to lead the global blockchain technology market in the coming years. This is mainly because of the presence of several players in the region and rising adoption of cryptocurrency in retail and other distribution chain. Based on application, Private Blockchain technology market is projected to hold maximum share in the market.’
Recent reports reveal that Kevin McCarthy, the Republican Minority Leader in the United States House of Representatives, believes that blockchain can make the U.S. Congress a more efficient and transparent place. He said,
‘Blockchain is changing and revolutionizing the security of the financial industry. Why would we wait around and why wouldn’t we institute blockchain on our own, to be able to check the technology but also the transparency of our own legislative process?’, he said.