According to a new report by Global Market Insights, revenue in the blockchain industry is expected to reach $16B by 2024. This would be a compound annual growth rate of 74% between 2018 to 2024 if it ends up being true.
The blockchain industry will bring in tens of billions of dollars annually in revenue by 2024, predicts a new report by Global Market Insights. In 2017, this number stood at around $200M. This means that an impressive 75% compound annual growth rate (CAGR) will be needed to reach $16B by 2024. This would effectively make the industry the fastest-growing in the entire tech world.
Three industries would be most important for this growth, according to the report. The CAGR was estimated for the years 2018 to 2024.
- Digital identity application is the leading sector to lead this expansion. The report places CAGR at 90%.
- Government functions will also demand blockchain technology, with CAGR expected to be around 85%.
- Healthcare and data-sharing will prove to be a major sector as well, with CAGR expected to also be around 85%.
Altogether, the Asia-Pacific market will lead with the largest boom as per the report. It is expected to have a CAGR growth rate of 87% between 2018 and 2024. Altogether, this means that Asia will lead the way towards blockchain adoption.
Although the report makes scant mention of security tokens since they do not generate ‘revenue’ per say, any further adoption of blockchain technology is good for the security token space as a whole. Ultimately it is the tokenization of assets and real-world adoption that will propel the blockchain industry to mainstream acceptance.
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