The global blockchain market is expected to reach US$60 billion by 2024, according to a report published by US-based firm Wintergreen Research.
Wintergreen says the global blockchain market was valued at US$708 million in 2017 and points to the technology’s increasing uptake across various sectors as one driver for the estimated valuation.
Online payments in particular, the report said, have benefited from the distributed ledger due to its ability to further track financial transactions.
Enterprise blockchain revenue is also anticipated to grow, with market research firm Tractica predicting it will grow from US$4.6 billion in 2018 to US$20.3 billion by 2025.
The report highlighted what the new business model blockchain enables and suggested it would replace intermediate trust agents.
“Markets and applications ripe for blockchain are those where trust among participants is low and the need for records security and integrity is high,” said Tractica principal analyst Joe Hoffman.
“New market opportunities can be created with blockchains without ever having a trusted authority other than the enterprise blockchain network, a key factor that will accelerate adoption in the years to come.”