According to the new report by IndustryARC, blockchain market in supply chain is expected to reach $424.24 million by 2023 with a compound annual growth rate (CAGR) of 48.37% during the forecast period.
The expected key players of the blockchain market in the coming years are IBM Corporation (TIKER: IBM.FWB), Coinbase, Blockcypher, Inc., BTL Group Ltd, Microsoft (TIKER: MSFT.NASDAQ) and others.
Analysts believe that North America is going to dominate the blockchain market with a revenue of $131.65 million by 2023.
In Asia Pacific, the market is expected to have a CAGR of 56.1% in the coming years.
In other economies like Middle East, Africa, and Brazil, the increasing demand for digitization is due to government initiatives through foreign investment in these countries to become the top global economies.
Digital currency is the latest trend being followed in the market. Blockchain transactions has become more flexible and many manual tasks are carried out automatically using smart contracts.
This reduces the costs and speeds up the processes, which in turn spurs the cryptocurrency market.
By Ksenia Batanova