The global blockchain supply market has experienced incredible growth in the past few years. This growth is expected to be even more aggressive in the next five years, a new study has revealed. According to the study, the blockchain supply chain market is expected to hit close to $10 billion by 2025, up over 10,000% from $93 million.
Global firms have been on a quest to simplify the supply chain process, enabling them to access everything they require on a single platform. Blockchain has been the technology that has made this possible, and global multinationals from all industries are investing heavily in the technology.
The report, by market research firm Allied Market Research, stated, “The global blockchain supply chain market size was valued at $ 93.16 million in 2017, and is projected to reach $ 9,852.91 million by 2025, growing at a CAGR of 80.2% from 2018 to 2025.”
The platform component segment was the most dominant segment in the blockchain supply chain market, and the researchers expect this to be the case for the next five years. Firms have taken to blockchain platforms to streamline the supply chain process. With an increase in the number of tech firms offering these platforms, the prices have also gone down, further making blockchain platforms more popular.
While the platforms segment has dominated and will continue to do so, the healthcare industry is expected to experience the highest compound annual growth rate (CAGR). Healthcare providers are using blockchain technology to monitor health products from production to delivery, while pharmaceutical companies are able to fight counterfeiting.
The study also revealed that the North American region has dominated the blockchain supply chain market. The region is equipped with “strong broadband access and presence of significant number of market players. Further, the North America region is considered to be most advanced in terms of infrastructure and technology adoption,” the study stated.
Blockchain technology has continued to impact many diverse industries, transforming many processes and introducing speed, security and efficiency. Recently, Japanese IT giant Fujitsu implemented a blockchain-powered system that assigns a rating score to users on the blockchain. Earlier this month, the three largest Australian banks joined IBM’s blockchain-based bank guarantee platform. The world’s second-largest food and beverage company Nestle also recently announced plans to implement a palm oil blockchain pilot.
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