How blockchain revenue will reach $10.6 billion in 2023
More CIOs and CTOs are looking for digital transformation and smart technology solutions to their line of business leader innovation requirements. Blockchain and related distributed ledger technologies are already making an impact outside of the finance and insurance space from which they emerged.
Promising new use cases are being trialed in a number of digitally transforming sectors — notably supply chain management, retail and consumer, arts and entertainment, and public services.
Blockchain applications market development
ABI Research now forecasts over $10.6 billion in software and services revenue for all combined blockchain related markets globally by 2023.
“The success of blockchain in fintech has prompted significant investment in deploying the underlying infrastructure for application development and testing in other industries. Tech giants such as IBM, Microsoft, Amazon, SAP, HPE, and Oracle, among others, are pushing Blockchain-as-as-Service for first movers, often enabling integration with their existing enterprise software and cloud services,” said Michela Menting, research director at ABI Research.
A number of high-profile proofs-of-concept and pilots with leading multinational organizations are driving both interest and increased investment in blockchain technology.
Most notably, use cases for tackling endemic problems in the global supply chain are proving particularly popular among early-adopters. Blockchain technology is being leveraged to resolve complex issues around transparency, efficiency, and cost.
Successful pilots run by the likes of Walmart and Maersk in tracking and monitoring products on a global scale are emerging into commercialized platforms that will be market-ready in the next few months.
According to the ABI assessment, the successful transition of these test cases to commercialization in such a global industry will in turn drive efforts to deploy blockchain to address barriers and risks in other sectors too – especially within adjacent industrial markets.
Outlook for blockchain market upside
The blockchain technology startup scene is dynamically rising to the challenge, with the brunt of activity concentrated in North America, Europe, and selected Asia-Pacific countries.
Some highly innovative companies tackling the supply chain space include Blockfreight, Modum, OriginTrail, Skuchain, Sweetbridge, SyncFab, and T-Mining. These latest findings are from ABI Research’s blockchain market dataset and related market study reports.
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