FinTechBlockchainBlockchain supply chain market expected to grow to $3.3bn by 2023

Blockchain supply chain market expected to grow to $3.3bn by 2023

A new report by research and markets has revealed that the blockchain supply chain market is expected to grow at a compound annual growth rate (CAGR) of 87% between 2018 and 2023.

If you have been watching the World Cup recently you may have noticed a blockchain advert that featured heavily during the breaks. It shows blockchain business Hdac promoting technology to connect devices across the household. This is just one example of how blockchain is expanding – and a new report has forecast its expansion within the global supply chain.

The report by Research & Markets predicts that blockchain technology will be key within the supply chain, its growth fueled by the need for transparency and security. The adoption of the technology is increasing across industries and the size of the market is predicted to grow from $145m in 2018 to $3.3bn by 2023.

The importance of product traceability is a key driver of blockchain adoption, particularly in the retail and healthcare industries, where it can help in the fight against the spread of counterfeit goods and medicines. The use of blockchain technology in the supply chain is expected to see the highest CAGR growth in healthcare and life sciences.

The report also touches on geographical areas expected to have the largest share of the market. The most advanced region in terms of adoption and infrastructure is North America, as a result of its highly developed capital markets and a forward-looking approach to innovation.

Factors that could be detrimental to blockchain adoption include lack of awareness and technical understanding across the major APAC countries such as China, Singapore and Japan, according to the report.

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