In a report from Grand View Research published last month, the authors project that the blockchain industry could experience growth over the next decade that would result in its value rising to as much as $7.74 billion by 2024. The report projects that much of that growth will be fueled by financial sector interest in the blockchain in the Asia-Pacific market and North America as a host of factors combine to promote greater acceptance and adoption of the technology.
Among the factors given prominence in the report are continuing industry investments, new interest in innovative solutions that rely on distributed ledger technology, and the continuing growth in the use of digital currencies by consumers and businesses. While the overall projection of growth may be overly optimistic at this stage in the nascent technology’s development, recent news regarding enterprise solutions and other commercial applications for the blockchain do lend credence to many of the report’s underlying assumptions.
Grand View Research estimates that the global market for blockchain technology had a value of $509 billion a year ago, so the growth projection might seem lofty. However, with major financial entities and governments announcing efforts to incorporate distributed ledger technology into their operations, growth is all but inevitable.
Commenting on its estimates, the company noted that North America may have been the major source of growth in 2015, but that growth is expected to pick up in the Asia-Pacific market in the coming years:
“The North American dominated the overall market and accounted for 40.9% of the global revenue. This can be attributed to faster adoption of innovative technologies in developed countries such as the U.S., and Canada.
The growing financial sector in emerging countries such as China and India is predicted to stimulate the Asia Pacific regional growth. The regional industry is presumed to grow at a CAGR of 37.6% in the coming years.”