Blockchain in supply chains global market to reach $424 million by 2023

The global market for blockchain in supply chains is forecasted to maintain a compound annual growth rate (CAGR) of over 48% between now and 2023, reaching a total of $424 million of the end of the period.

North America will be responsible for the majority of this growth with a forecast market size of $131.65 million by 2023. However, Asia Pacific is expected to grow the fastest, predicted to maintain a CAGR of 56.1% through the next few years.

According to a new report from IndustryARC, this significant market growth will be driven by the increasing number of companies looking to reap the transparency and security benefits of blockchain within their manufacturing and supply chain operations.

To learn more about blockchain in supply chains, download the 2018 MHI Annual Industry Report: “Overcoming Barriers to NextGen Supply Chain Innovation.”