Blockchain Technology Market -  Emerge With Magnanimous Revenue

Posted by RASHMI on May 7th, 2019

The global blockchain technology market is developing at a rapid rate and is predicted to observe high growth in the coming few years. The increasing number of innovations and the rising awareness among consumers regarding the benefits of using blockchain technology to accelerate the growth of the market in the near future.

As per a new market research by Transparency Market Research, in 2015, the global market for blockchain technology was worth US5.9 mn and the market is projected to reach a value of US bn by the end of 2024. The market is predicted to register a whopping 58.90% CAGR between 2016 and 2024.

The adoption of blockchain technology helps in creating a transparency and simplified the business processes, owing to which, the market is predicted to observe a high growth in the next few years. In addition to this, the increasing popularity of blockchain as a service and the low cost of ownership are estimated to encourage the growth of the global blockchain technology market in the next few years.

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On the other hand, the changing regulatory status and the non-availability of a common set of standard are likely to hamper the growth of the overall blockchain technology market in the next few years. Nonetheless, the increasing adoption of the blockchain technology for smart contracts, payments, and digital identities is estimated to offer potential growth opportunities for the market players in the near future.