8.4 Projecting Market Growth in the Blockchain Space - Video Tutorials & Practice Problems

So as we look at the blockchain space and we look into the future. We have to factor in that this is just a moment in time. So let's see where we're heading and what the projections are for the blockchain space. So if we project market growth, we're looking at a very, very interesting growth curve. In fact, the global market for blockchain is anticipated to exceed $28 billion by the year 2024. It's a very healthy growth curve. And in fact it's expected to grow at a compound annual growth rate of 74.1%. So when you're really looking at the space, there's many, many things that are actually contributing to this growth. Some of these factors include, the increasing number of merchants that are accepting cryptocurrency. And if you look at the news, many, many new developments have been happening fairly recently. In fact whole foods has actually stated that they're gonna be accepting Bitcoin and many other companies are actually starting to say that they're accepting cryptocurrency as a form of payment. This goes in line with many other developments that have been happening globally. In fact in Japan, Japan accepts Bitcoin as a legal form of payment and it's actually very, very common to use Bitcoin and Bitcoin cash and cryptocurrencies in Japan. So what I'm saying is that as the world keeps growing cryptocurrency as a form of payment will continue growing. And this is one of the key reasons for this continued growth in the space. Additionally, there's an increasing interest in blockchain among financial institutions. Many of the things and we'll be discussing some of these in further lessons. Is how financial industries have actually been leveraging blockchain already. This is a trend that's growing and will continue growing. And this growth is driving towards this growth in the blockchain market. Additionally a key component, is the adoption of blockchain as a service because one of the stumbling blocks are holding back things that prevent people from using blockchain. Is that you have to create some sort of infrastructure or find some sort of way to set it up. But, if you provide a blockchain as a service offering, which many companies are increasingly doing, you're able to just provide it much as a subscription basis where you just pay for what you use. It's blockchain as a service. And this blockchain as a service offering is really a big factor driving towards the growth in the blockchain market.