Part 1 - Top 10 Blockchain Predictions Everyone Cannot Miss
Blockchain technology is often hyped as the next era of “internet”. However, what is the actual market potential of blockchain technology? Read the following top 10 blockchain predictions and you won’t get confused anymore!
Market potential of blockchain
Exhibit 1: Market Potential of Blockchain by 2030
Source: Cisco, IBM, IDC, Fiormarkets, Statista, Blockchain.News Data
1) Blockchain business value-added: 3.1 Trillion by 2030
According to Gartner’s research, the business value added by blockchain will grow to slightly more than 176 mn by 2025, and surge to exceed 3.1 trillion by 2030 (see Exhibit 1). Cisco further stressed that the 3.1 trillion market potential will be driven primarily by improved cash flow, asset provenance, native asset creation and new trust-based business models.
2) Blockchain market size: 60.4 bn by 2024
According to Wintergreen research, the size of blockchain market will reach 60.42 bn by 2024. The report further indicated that 65% of the blockchain market will go to banking, finance and insurance industry. This is followed by cybercurrency (16%) and internet of things (10%) (See Exhibit 2).
Exhibit 2: Blockchain Market Segment Forecasts, 2018 - 2024
Source: WinterGreen Research Inc
3) 10% World GDP stored in crypto asset by 2027
Cisco predicted that 10% World GDP will be stored in crypto asset by 2027, which is founded upon the belief that several trillion pounds of value may be stored on permissioned blockchains. The World Economic Forum made similar estimation early in 2015, stressing 10% of World GDP will be stored on blockchain technology.
Blockchain and IoT
4) 20% of IoT deployments will enable blockchain services in 2019
IDC research indicated that by 2019, 20% of IoT deployments will have basic levels of blockchain services enabled, as IoT adoption grows in major industry, government and consumer sectors.
5) Blockchain IoT Market worth 3,021 mn by 2024
According to the report published by MarketsandMarkets, the blockchain IoT market is expected to grow USD 113.1 mn in 2019 to USD 3,021 mn by 2024. The market is expected to grow at a CAGR of 92.92%.
There are 4 reasons to drive the growth of blockchain IoT market: growing needs for IoT security, increasing adoption of IoT, simplifying business processes and affording transparency and immutability, as well as increasing emphasis on operational efficiency.
Part 2 is coming up, stay tuned!