The global blockchain in supply chain market is forecast to maintain a compound annual growth rate (CAGR) of over 48% between now and 2023, reaching a total valuation of $424mn of the end of the period.
A new report from IndustryARC has revealed that this significant market growth will be driven by the increasing number of companies looking to reap the benefits of blockchain within their logistics operations.
North America is expected to account for the majority of this growth with a forecast revenue of $131.65mn by 2023. Meanwhile, the Asia Pacific is expected to grow at the fastest rate, predicted to maintain a CAGR of 56.1% through the next few years.
Elsewhere, developing economies in the Middle East, Brazil and Africa are currently seeing a rise in the number of government initiatives centred around blockchain as a result of the increasing demand for digitisation.
The report cites that features including smart contracts, the transparency of the technology and the growing use of data throughout the supply chain industry are all factors that will contribute to this growth.
For more information, see the full Blockchain Market in Supply Chain whitepaper.