Blockchain will have a US$120B economic impact by 2024, says study

Sainul Abudheen
Blockchain will have a US$120B economic impact by 2024, says study

In Asia-Pacific, China, India, Australia and New Zealand are investing into blockchain-based solutions to disrupt traditional business processes to enhance their performance

Blockchain will have a US$120 billion economic impact by 2024, reveals a new market report by a team of academic experts and business leaders.

The report, titled Future of Blockchain Market and done by Critical Future (an AI and blockchain expert consulting services company) further reveals that the global blockchain market size will grow from US$548.2 million in 2018 to US$10.1 billion by 2024, at a compound annual growth rate (CAGR) of 62.61 per cent during the forecast period.

Of the 1,800 business professionals surveyed for the report, 79 per cent believe blockchain technology is broadly scalable and will eventually achieve mainstream adoption.

The report details how blockchain is set to disrupt 44 different industries, including banking, logistics, charity, education, healthcare, human resources, public sector, music, law enforcement and sports, social media, and gaming.

Also Read: Asia is becoming the blockchain capital of the world

As per this study, the Asia-Pacific region is expected to show the highest growth rate during the forecast period. Major economies in Asia-Pacific such as China, India, Australia, and New Zealand are investing into blockchain-based solutions to disrupt traditional business processes to enhance their performance. However, North America and Europe remain major players in the blockchain space generating 70 per cent of the revenues in the industry.

Key players in the blockchain applications market are working in the wallets & money service and capital markets & financial service industries. These two categories account for more than half of the investment share in blockchain.

Adam Riccoboni, Managing Director at Critical Future, said: “Understanding these trends can inform direct investment in new blockchain applications and create huge scale opportunities. This report is therefore required reading for companies considering investments in blockchain, investors developing blockchain portfolios, entrepreneurs developing new high growth businesses, consulting firms, developers, and quite frankly any business person that knows how important it is to stay informed.”

The report reveals why the blockchain industry is growing at a rapid pace and how it has garnered serious attention and participation from leaders in key sectors including enterprise companies, venture capitalists, and regulatory bodies.  This participation has resulted in legislation in a number of jurisdictions around the globe, where policymakers hope to ensure safeguards for users whilst not stifling innovation.

Also Read: Blockchain is slow, neither safe nor reliable, and is already finished, says Stefano Virgilli

According to Jeremy Baker, BBC Commentator and Affiliate Professor at ESCP Europe, said: “Reading this report made me realise blockchain technology introduces a new paradigm. The World Wide Web is merely Internet 1.0 in terms of our online communication. Blockchain is, in a sense, Internet 2.0 and represents the internet of value, ownership and trust – as the extensive market research contained in this report so clearly demonstrates. Eight out of 10 business people now see blockchain as going mainstream – that is highly significant,” he said.

“Reading this enlightening report, it is clear that blockchain is here to stay. The report made me understand blockchain’s specific impacts across various industries, in the same kind of way the World Wide Web did. It will have a profound effect on society, as it creates a global network of trust, allowing individuals, organisations and even machines to transact with each other, but — for the first time in history — without having to trust each other,” Baker added.

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