Global blockchain market estimated to total more than $3 billion by 2023

The global blockchain supply market is expected to grow from $145 million in 2018 to $3.314 billion in 2023, according to Research and Markets. The growth reflects an 87% compounded annual growth rate.

Growth will primarily result from growing demand for supply chain transparency and for enhanced security of supply chain transactions, noted the report. Growing need for automating supply chain activities and eliminating middlemen with blockchain in supply chain management would create opportunities for market growth during the forecast period.

Blockchain uses noted in the report include payment and settlement, counterfeit detection, manufacturing product traceability, and risk and compliance management.

“The product traceability application segment is expected to dominate market in terms of market size, as the blockchain technology could provide real-time information related to products at each stage of supply chain and thus, helps to eliminate possibility of counterfeiting,” noted a Research and Markets press release.

According to the report, blockchain supply chain applications are growing in retail and consumer goods, healthcare and life sciences, manufacturing, oil and gas, and logistics.

Also, the blockchain supply chain market is segmented into five main regions in the report: North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is expected to account for the largest share of the overall market in 2018. North America is considered the most advanced region in terms of technology adoption and infrastructure.