Blockchain technology market forecast revealed

Research and Markets has revealed the forecast on the much hyped blockchain technology market for 2015 – 2024.

The global blockchain technology market is expected to reach $7.74 billion by 2024.

Main vendors in the blockchain technology market include: Deloitte, IBM, Linux Foundation and Microsoft.

ALSO READ the full report on global blockchain technology market

Blockchain technology will see the increasing adoption in sectors such as the financial services, public sector and healthcare segments – fuelling the growth.

The main benefits of blockchain technology are the eradication of the requirement of a financial institution to validate transactions, reduce duplicative record keeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement.

The emergence of blockchain technology enables large enterprises to convert their databases to become universal — allowing multiple institutions to use it at the same time. Blockchain technology will bring together various different systems assisting in increasing the efficiency.

The major drivers that stimulate the growth in the blockchain technology market include the interest of the BFSI sector and increasing merchants accepting crypto currencies among others. The instant settlement of various financial transactions and optimized settlement options for the netting and clearing process will also fuel blockchain technology market.