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Application providers segment of the blockchain market will register a robust 85% CAGR between 2018-2024. Application providers design applications that run on top of existing blockchain networks. The market segment is largely driven by the capability of providers to deliver notable solutions to customers by offering timely reconciliation and authentication for regulatory procedures and minimizing the transcription data duplication.

Digital identity application is anticipated to register the most lucrative growth rate at over 90% CAGR through 2024. Increasing risk of cyberattacks is the major factor propelling blockchain technology adoption among digital identity detection applications. Besides, lack of efficient identification systems for securing personal information coupled with rising demand for secure international identification are accelerating blockchain technology market revenue across the security space.

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