Blockchain Market ($60.7 Billion by 2024) Driving Factors are Growing Initial Coin Offerings and Cryptocurrencies Market cap

Radiant Insights, Inc.

SAN FRANCISCO, November 28, 2018 /PRNewswire/ --

Global Blockchain Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. The Blockchain is a distributed ledger technology that keeps a record of all data exchanges and verifies each transaction. It is a mathematical structure for storing data, which is nearly impossible to fake and is used for storing valuable data. The global market for blockchain at $708 million in 2017 is anticipated to reach $60.7 billion in 2024. The factors that are playing a major role in the growth of blockchain market are high demand for ledger technology, growing initial coin offerings and cryptocurrencies market cap, reduction in total cost of ownership, and increasing acceptance of Blockchain-as-a-Service.

Blockchain market is segmented based on organization size, application, end-user, and region. Based on organization size the market could be explored in large enterprises and small & medium-sized enterprises (SMEs). Large enterprises sector is estimated to account for the significant market share in years to come. The reason behind the overall market growth could be customer satisfaction and huge investment in R&D activities. The market may be categorized based on applications like Governance, risk and compliance management, Payments, Supply chain management, Exchanges, Digital identity, Smart contracts, Documentation, and others could be explored in the forecast period. Payment sector may account for the significant market share of blockchain and is estimated to lead the overall market in the years to come.

IT and telecommunications, banking, financial services, and insurance (BFSI), real estate, government and public sector, transportation and logistics, healthcare and life sciences, travel and hospitality, media and entertainment, retail and e-commerce, and other end-users could be explored in blockchain in the forecast period. Real estate vertical is estimated to grow at highest CAGR in the years to come. Blockchain market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa).