Today I briefly visited the site of “Grand View Research” (California based consulting company specializing on Indian market, which was cited in one of group’s posts on transportation management systems market four weeks ago). I found there an extract from the report, which I earlier neglected, named “Blockchain Technology Market Size, 2019–2025”.
It says: “The global blockchain technology market size was valued at USD 1,590.9 million in 2018 and is expected to grow at a CAGR of 69.4% from 2019 to 2025.” and also: “The North American region dominated the blockchain technology market in 2018 and was valued at USD 612.3 million.”
On the other hand, analytics provided by data platform “Research and Markets” (mentioned in this group back in March) estimated that: “Blockchain spend has increased at 110.1% during 2018 to reach US$ 1,651.2 million. Over the forecast period (2019–2025), spend on blockchain is expected to record a CAGR of 44.5%, increasing from US$ 3,127.3 million in 2019 to reach US$ 41,112.6 million by 2025”.
Assuming that the “blockchain technology market” includes “blockchain spend”, the difference between GVR and R&M projections are remarkable. Say that US takes about 40% of overall DLT market. It gives us its overall size at about $103 billion according to R&M in 2025 but only $38 billion if we take GVR data as a basis.
At the same time, according to another data provider — IDC (March report): “during the 2018–2022 period “blockchain spending” will grow at 76.0% annually reaching $12.4 billion in 2022" (or about $36 billion in 2025). Remarkably close to GVR’s numbers both in growth rate and size estimates, isn’t it?
Might it be that we have something like a consensus starting to form among different analytic companies? Was R&M wrong by assigning to only US the whole world-wide growth in blockchain, or it’s simply that GVR researches find their inspirations in IDC’s reports a bit too often?
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