Transparency Market Research predicts that the global blockchain technology market will grow at a CAGR of 58.7% from $315.9 million in 2015 to touch $20 billion by 2024.
TMR believes the blockchain has real traction among consortia, projecting that it will grow at a CAGR of 58.9% with its advantages of "large-scale deployment and enhanced flexibility."
The research group predicts that Asia-Pacific region will grow significantly at a CAGR of 61.3% with China, Japan and India being the key contributors.
TMR claims that R3, Chain and IBM collectively currently dominate 45.3% of the global blockchain technology market.