As per the latest study published by market research and consulting firm Allied Market Research (AMR) on July 8, the global blockchain supply chain market expects to cross $9 billion by 2025.
AMR projects that the global blockchain supply market will reach $9.85 billion by 2025. This is an increase of 80.2% in compound annual growth rates (CAGRs) between 2018 and 2025. AMR points out the demand for transparency in supply chain transactions and greater security.
The industry verticals will make it more likely that the retail sector will contribute more to total market revenue between 2018 and 2025. However, the healthcare industry is expected to see the highest CAGR during the forecast period. It will be joined by manufacturing, food, and beverages as major contributors.
AMR believes that North America is the region with the best infrastructure and technology adoption. Asia Pacific will see the greatest growth in the CAGR (90.4%) during the forecasted time.
Another study by market research project Reportlinker forecasted recently that blockchain market in the automotive and aerospace fields will purportedly reach over $20 billion by 2029. According to the study, blockchain features like transparency, speedy transaction settlements and elimination of fraud are major growth drivers.
This May, the global blockchain spending accounted for almost $2.9 billion, marking an 88.7% increase from 2018. International Data Corporation estimates that in 2019, manufacturing and distribution services will have a reported spending of $653 million and $642 millions on blockchain.