The global blockchain supply chain market is expected to reach over $9 billion by 2025, according to a study published by market research and consulting firm Allied Market Research (AMR) on July 8.

AMR estimates that the global blockchain supply chain market will amount to $9.85 billion by 2025, showing an 80.2% surge of the compound annual growth rate (CAGR) from 2018 to 2025. Among the key driving factors, AMR named the sector’s demand for transparency, and improved security of supply chain transactions blockchain could purportedly ensure.

By industry vertical, the retail sector is forecasted to lead in terms of contribution to the total market revenue from 2018 to 2025, although the healthcare industry will purportedly see the highest CAGR over the projected period. Those industries are accompanied by manufacturing, food and beverages, and oil and gas as the major contributors to the blockchain supply chain market.

Based on geography, AMR considers North America to be the most advanced region in terms of infrastructure and technology adoption, while the Asia Pacific region is expected to register the CAGR highest growth of 90.4% for the blockchain supply chain market during the forecast period.

Another recent study by market research project Reportlinker predicts that the blockchain market in the automotive and aerospace fields will reach over $20 billion by 2029. The study also sees blockchain features such as transparency, fast transaction settlements, and removal of risk of fraud as major growth drivers.

As reported in May, global blockchain spending will purportedly account for almost $2.9 billion in 2019, which is an 88.7% increase from 2018. Per market research firm International Data Corporation, manufacturing and distribution services are predicted to see spending on blockchain amount to $653 million and $642 million respectively in 2019.