Global Blockchain market to touch valuation of $20 bn by 2024: Report

According to a recently launched report by TMR, the global blockchain technology market was noted at US$315.9 mn gained in 2015. The market is expected to rise at an astonishing CAGR of 58.9 percent during the forecast period that is from 2016 to 2024.Rising at this CAGR, the global blockchain technology market is likely to attain a valuation of USD 20 bn by 2024.

The competitive landscape of the blockchain technology market is highly fragmented in nature. This is because of the presence of several emerging vendors as well as well-known players in the market, notes Transparency Market Research (TMR).

Players operating in the global blockchain technology are increasing their venture capital funding and investments in the blockchain technology in order to tap growth in the global blockchain technology. Some of the predominant players operating in the global blockchain technology market are IBM, Microsoft, SAP, Oracle, Bitfury, Cegeka, Intel, AWS, Earthport, Guardtime, Digital Asset Holdings, Chain, Huawei, BlockCypher, and Symbiont.

Blockchain Technology to Grow Owing to Increasing Need for Secure Digital Transaction

Transaction transparency and reduced cost of transaction are the two primary drivers behind increasing adoption of blockchain technology by business leaders. Blockchain refers to a distributed ledger technology that records transaction data into blocks. These blocks are linked to each other in proper linear, chronological order like a chain. This is the reason blockchain transaction is immune to digital malpractices such as hacking. Owing to the immense benefits, several business units are adopting blockchain technology as their preferred transaction mode. The higher adoption of blockchain technology is another factor expected to expand the global blockchain technology market in future.