Financial Services & Insurance Research News

Blockchain market revenue will reach $9.6 billion by 2024 examined in new market research report

Financial Services Market Research

Emerging market Central Securities Depositories (CSDs) could deploy blockchain as a tool, by which corporate actions could be complemented and trade settlements will be speeded up. However, lack of technical understanding about the blockchain concept and lack of awareness about the Blockchain and uncertain regulatory status is supposed to curtail the overall market growth.

As per the report "Blockchain Market By type (Public blockchain, Private blockchain), By provider (Application and solution, Middleware, Infrastructure and protocol), By organization size (Large enterprises, Small and medium enterprises), By End-User (Government, BFSI, Automotive, Retail & E-Commerce, Media & Entertainment), Industry trends, Estimation & Forecast, 2016 - 2024." The global blockchain market was valued at $216.1 million in 2016 and is projected to reach $9.6 billion by 2024, growing at a CAGR of 60.8% from 2017 to 2024. In 2016, the BFSI sector generated the highest revenue share in the global blockchain market.

Among major regions, North America block chain market was the highest revenue generating region valued at $89.1 million in 2016.

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Private Blockchain dominates the market due to its emergence as open source protocol

The private blockchain segment led the global blockchain market holding more than half of the total market share.