Blockchain Supply Chain Market to Near $10 Billion Estimate by 2025: Allied Market Research Study
Allied Market Research (AMR), a consulting and research firm, has just published a study concluding that the blockchain supply chain market will near $10 billion by the year 2025.
The study says that as a result of certain influential factors, including a higher need for transparency in the industry and improved security of the transactions in the supply chain, there will also be a significant rise in the Compound Annual Growth Rate (CAGR) amounting to 80.2%. The projected figure for the supply chain market by 2025 is $9.85 billion.
According to the study, the blockchain supply chain market was controlled by the retail industry and is still projected to continue its dominance during the period. This is due to a recorded increase in adoption because these retail entities have a growing need to
“streamline their supply chain processes.”
The healthcare sector is also favorably mentioned and the study states that it will have the most CAGR within the stated time frame.
This is because providers and key players also have a growing need to use blockchain technology for adequate monitoring and tracking of all healthcare products right from manufacturing all the way to delivery. The application of blockchain technology is also expected to significantly reduce the chances of dishonest activity especially as it might relate to counterfeiting and deliberate record manipulation.
Other notable Industries here include food and beverages, oil and gas and also manufacturing.
By geographical region, the study points to North America as the biggest blockchain supply chain market for 2017. AMR points out that:
“The North American region is considered to be the most advanced in terms of infrastructure and technology adoption. The wide presence of key industry players of blockchain technology solutions providers in the region is the major factor that drives the growth of the blockchain supply chain market.”
The study notes, however, notes that Asia Pacific is the region projected to record the biggest CAGR increase in the blockchain supply chain market, especially because there is noted development in some of the countries including Singapore, India, China, and Japan. The expected growth is set at 90.4%.
Other noted regions here include Europe – Germany, France, UK; and LAMEA (Latin America, Middle East, and Africa).
The study goes on to make some worthy mentions regarding “Key Market Players”. They include the Microsoft Corporation, Oracle Corporation, IBM Corporation, Huawei Accenture PLC, etc.
Reportlinker, a different market research firm published a report last month which estimated that by 2029, the blockchain market application in the automotive and aerospace sector will cross $20 billion.
Also, funds specifically directed to blockchain are expected to hit $2.9 billion this year. If this happens, it will represent an increase from last year by almost 90%. Of this $249 billion, the International Data Corporation estimates that distribution and manufacturing will each control $642 million and $653 million respectively.