Research published by Global Market Insights has predicted that the Blockchain market size to be more than $16 billion by 2024.
This prediction comes with the expectation of rapid growth over the coming years as businesses realise the significant reduction of operational costs and efficiency that Blockchain can provide.
Significant growth within the Blockchain space certainly isn’t slowing down with a growing number of patents filed for the technology.
Data collected by Thomson Reuters has indicated hundreds of new patents have been filled setting a record high of 406 in 2017 which is up from 134 in 2016. About 56% of patents filed in 2017 came from China, followed by the United States.
Alex Batteson, an editor in the IP & IT practice area at Thomson Reuters Practical Law, said: “Blockchain is seen as the next frontier of financial services technology architecture – an area that swallows up vast amounts of capital expenditure every year. Companies are keen to stake out their territory as the technology rapidly advances.”
There have been many of such predictions over the past few years, and prices have been varied, to say the least, in a report written by Wintergreen Research it states that the Blockchain market is anticipated to reach $60.7 billion by 2024.
Vitalik Butterin, Co-Founder of Ethereum, said: “If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Both pieces of research released nine months apart yet have a huge difference when it comes to predictions of how fast the market for Blockchain technology is growing.