The global blockchain supply chain market will soar to over $9 billion by 2025 according to a study published by market research and consulting firm Allied Market Research (AMR) on July 8th, 2019.
According to AMR, the global blockchain supply chain market will amount to $9.85 billion by 2025. This is showing an 80.2% surge of the compound annual growth rate (CAGR) from 2018 to 2025. Among the key driving factors according to AMR are the sector’s demand for transparency, improved security of supply chain transaction.
By industry vertical, the retail sector is forecasted to lead in terms of contribution to the total market revenue from 2018 to 2025. The healthcare industry according to research will purportedly see the highest CAGR over the projected period. Other industries following are manufacturing, food and beverages, and oil and gas.
AMR sees North America as the most advanced region when it comes to infrastructure and technology adoption, while Asia Pacific region is expected to register the CAGR highest growth of 90.4% for the blockchain supply chain market during the forecast period.
Also it has been predicted that the blockchain market in the automotive and aerospace fields will reach over $20 billion by 2029. The study also sees blockchain features such as transparency, fast transaction settlements, and removal of risk of fraud as major growth drivers.