Blockchain market Revenue to reach US$20 bn by 2024 - Transparency Market Research

Highly competitive and emerging landscape of the global blockchain technology market is to reach revenue of US$20 Billion by 2024, notes latest Transparency Market Research report.

According to the research report, the global blockchain technology market was valued at US$315.9 Million in 2015. Now, it is forecasted to grow by CAGR of 58.9% from 2016 to 2024.

The key player in global blockchain technology market includes Microsoft Corporation, Ripple, IBM Corporation, Digital Asset Holdings LLC, Credits, Deloitte Touche Tohmatsu Limited, Chain Inc., Consensus Systems (ConsenSys), and R3.

Due to highly competitive landscape and the presence of these powerful and well-known players, most of the businesses implement mergers and acquisitions as a key strategy to grow their businesses.

The level of competition is expected to increase in forthcoming years. Companies operating in blockchain market are also implementing strategies such as to enhance product portfolio, geographical expansions and increasing capacity towards blockchain processes, state the latest report by TMR.

The interest of banking sector in blockchain technologies, growth in cryptocurrency-based transactions and associated blockchain processes such as mining and hashing driving the growth of blockchain market. The major obstacles to growth in blockchain market are the high level of volatility in cryptocurrency valuation and their trading along with high cost of setting up blockchain related technologies. However, businesses are expected to bring cost-effective solutions.

Geographically, blockchain market is segmented into North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. North America leads in there of revenue growth but countries like India and China are expected to fuel the growth of Asia Pacific region as well, predicts the report.