Agitation for supply chain transparency and better security of supply chain transactions has spur global blockchain supply chain market’s growth.
Allied Market Research (AMR) — market research and consulting firm — carried a survey — which was published on July 8 — showing that the global blockchain supply chain market would exceed $9 billion by 2025.
An 80.2% compound annual growth rate (CAGR) surge from 2018 to 2025 that is expected affirms the prediction that the blockchain supply chain will be worth $9.85 billion by 2025. Supply chain transactions blockchain improved security and transparency demand are the main factors that AMR singled out to be driving the sector.
Predictions for the industry shows that the healthcare industry is forecasted to record the highest CAGR over the 2018 to 2025 period, but the retail sector would register the largest contribution to the total market revenue during that period. The oil and gas, beverages, food, and manufacturing, will follow closely in terms of registering a major contribution to the sector.
From a geographical perspective, AMR found out that North America region would become more advanced in technology adoption and infrastructure whereas Asia Pacific would register a 90.4% CAGR might be the highest growth in the blockchain supply chain market.
Reportlinker — a market research project — predicted in another study that the blockchain market will expound profoundly in the aerospace and automotive fields to eventually amount to be more than $20 billion by 2029. The major growth drivers, according to the research firm, are blockchain attributes like fast transaction settlements, risk of fraud removal, and transparency.
In 2019, spending on the global blockchain is expected to increase by 88.7% from the 2018 figure to reach nearly $2.9 billion. In this year, therefore, International Data Corporation, —another market research firm — predicts that distribution services and manufacturing will spend $642 million and $653 million respectively.