The freshly minted report shows the industry is expected to see a compound annual growth rate of nearly 59% from the measurement period of 2016-2024. The global market is expected to hit a substantial $20 billion valuation in the next five years. However, the growth of the industry is expected to come from a diverse swath of sources as the industry continues to rapidly change.
“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,” according to Cision PR Newswire, citing the report.
Blockchain, as defined by PR Newswire, “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.”
Some of the major players driving the growth, according to PR Newswire, are:
- Digital Asset Holdings
“On the basis of geography, North America is expected to lead the global blockchain technology market in the coming years,” reads a statement from PR Newswire. “This is mainly because of the presence of several players in the region and rising adoption of crypocurrency in retail and other distribution chain.”
Two key drivers of blockchain’s anticipated growth are its heightened transparency with respect to transactions and inherent cost reductions, according to the report, although the technology is still considered an experiment and not without limitation. A lack of awareness as well as strict government regulations for related cryptocurrency transactions have worked against the market’s growth.
Data Bridge Market Research Offers a Competing View For a Growing Market
A separate report from Data Bridge Market Research classifies the blockchain market as “consolidating,” with a small number of key players operating in a relatively small number of countries, according to a press release.
“These major players have adopted various organic as well as inorganic growth strategies such as mergers [and] acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market,” according to the release.
As blockchain technology is adopted, market demand increases, the report suggests. Adoption has gained momentum on the back of annual savings and infrastructure cost cuts to the tune of $8 billion to $12 billion.
The report covers data in 28 countries spanning North America, South America, Asia-Pacific, Europe, Africa and the Middle East.
The countries with the largest skin in the game, according to Data Bridge Market Research are: the U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil.