Interest in Blockchain Market Continues to Grow Globally

According to a report from Grand View Research, the global blockchain technology market size is expected to reach USD 7.59 Billion by 2024 while growing at a CAGR of 37.2 percent during the forecast years.

Blockchain technology is considered as an electronic transaction-processing and record-keeping system, which eliminates the need for third-party verification. The technology helps facilitate faster settlement, enhanced security and provided greater efficiency.

The blockchain industry is still in the development phase and further technology advancement would fuel the market growth. The public blockchain network segment is one of the fastest growing sectors and is expected to have a CAGR of 39.2 percent.

Interest in blockchain technology continues to increase. According to a survey conducted by Deloitte, nearly 40 percent of more than 1,000 global executives said that their organization will invest USD 5 Million or more in blockchain technology in the coming year.

And, 74 percent of respondents report that they see many of their organizations adopting the technology. About 34 percent of that number say their companies have been working on some blockchain system, while 42 percent say their companies plan to build their blockchain application within the next 12 months.