According to market research firm Global Market Insights, Inc. global blockchain technology market is to surpass $16B by 2024.
On Sept 20, a press report highlighted that Global Market Insights released a 180 page report titled “Blockchain Technology Market By Providers (Infrastructure Provider, Application Provider, Operators), Application (Smart Contract, Payment & Wallet, Digital Identity, Exchange, Compliance & Risk Management), End-Use (BFSI, Government, Healthcare, IT Service, Media & Entertainment, Transportation & Logistics), Regional Outlook, Competitive Market Share & Forecast 2024.”
The report said that financial companies will take up blockchain technology for their internal efficiency, to cut operation cost in “trade finance, documentation and Know Your Customer checks”.
The growth of the global blockchain technology market will mainly be due to the adoption of blockchain by financial companies.
Earlier Global Market Insights released a report in September regarding blockchain in healthcare technology predicting that it will “exceed $1.6 billion by 2025”.
“Examination of medical outcomes, interoperability of health data and cost component reductions” will make the healthcare industry to adopt blockchain technology according to the report.
ABI Research, a tech market advisory firm published a report in late August from the global revenues of the blockchain technology that “blockchain tech are expected to hit $10 billion by 2023.”