Blockchain Could Become an $8 Billion Global Industry
The next eight years could see the blockchain marketplace grow to almost $8bn in value, according to a new research report.
The report, prepared by Grand View Research, points to a combination of industry investments, enterprise interest in blockchain solutions and growing use of digital currencies among consumers as the lead driver of expected growth.
Overall, the market could be as valuable as $7.74bn by 2024, the firm estimated.
As for where geographically that growth is anticipated to take place, Grand View suggests that most is going to emerge from financial sectors in the both the North American and Asia-Pacific markets. On the latter area, the agency suggests, significant growth will be seen over the next eight years.
The company said of its estimates:
"The growing financial sector in emerging countries such as China and India is predicted to stimulate the Asia Pacific regional growth. The regional industry is presumed to grow at a [compound annual growth rate] of 37.6% in the coming years."
While Grand View’s take on the years leading up to 2024 may be a bit rosy, industry commentators have speculated that the next year or two could see significant growth in the blockchain space, particularly as commercial-scale products and services begin to come online in a meaningful way.
As Deloitte's Eric Piscini speculated in a recent op-ed for CoinDesk, 2017 is shaping up to be a “make-or-break year” for the technology. Other commentators have pointed to the need to both learn the lessons of the past, as well as work collaboratively moving forward, as that period of growth begins.
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