The global blockchain technology market is set to surpass $16 billion by 2024, according to a recent report from market research firm Global Market Insights, Inc.

The report

In a Sept. 20 news release, Global Market Insights provided highlights from its 180-page, concisely named report entitled "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."

According to the analysis, the key factor contributing to the global blockchain tech market growth will primarily be increasing adoption of blockchain by financial companies. Financial organizations will purportedly take up blockchain due to its ability to boost the efficiency of internal processes and cut the cost of operation in sectors such as trade finance, documentation and Know Your Customer checks.

Stakeholder segmentation of the blockchain market

A stakeholder segmentation of the blockchain market shows that application providers will see an 85% compound annual growth rate (CAGR) between 2018 and 2024, while digital identity application will purportedly register an over 90% CAGR throughout the same period. The latter will find its driver in the attempt to resist cyberattacks.

The report further states that the government segment of the blockchain market is expected to grow by 85% CAGR over the forecast period, and the market’s share from healthcare applications will register an 85% CAGR up to 2024 as well.

Other predictions

Earlier in September, Global Market Insights released a report that dove deeper into the blockchain tech in healthcare market, projecting that it will exceed $1.6 billion by 2025. Examination of medical outcomes, interoperability of health data and cost component reductions will further impact blockchain adoption, according to the assessment.

Tech market advisory firm ABI Research published its findings regarding global revenues from blockchain technology, in late August, the firm suggested that global revenues for blockchain tech are expected to hit $10 billion by 2023.