Skip to main content

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 start-up 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.

Popular posts from this blog

How a Digital-First CEO Leads Transformation

Some leaders reject the notion that "wait and see" is the best response to disruptive change. Savvy senior executives are already driving digital business transformation throughout their organization in an effort to gain a bold strategic advantage. According to the latest market study by International Data Corp (IDC), Digital-First CEOs plan to drive at least half of their income from digital business products, services, and experiences by 2027 -- that's ahead of the market average of 39 percent. Driven by their response to the COVID-19 pandemic, these business leaders have changed how they think about the relationship between business and technology, and how they approach the next digital transformation era -- from scaling digital technology to guiding a viable digital business. Digital Business Market Development IDC defines digital business as value creation based on technology, which entails: 1) Automated customer-facing processes and internal operations; 2) Provision

Digital Solutions for Industrial & Manufacturing Firms

Executive leaders of fast-moving consumer goods (FMCG) are seeking guidance on how to apply new business technology in their manufacturing operations. CIOs and CTOs are tasked with gaining insight into the best solutions for digital transformation. ABI Research evaluated the impact politics, regulation, the economy, supply chain, ESG, and technology are having on FMCG, pharma, producers of steel, chemicals, pulp and paper -- as well as the mining and oil & gas sectors. Digital Transformation Market Development "Our assessment found that the FMCG sector is under pressure from all sides," says Michael Larner, industrial & manufacturing research director at ABI Research . Securing raw materials is challenging considering lockdowns in China and limited grain supplies from Ukraine. Supply shocks are raising input costs, and operating costs are rising with higher energy costs coupled with the pressure to pay higher wages and work sustainably. "We all hoped that with th

5G Fixed Wireless Access Revenue to Reach $24B

Available Internet access at an affordable cost is essential for everyone to participate in the Global Networked Economy. The deployment of fifth-generation (5G) wireless communications infrastructure is enabling the introduction of lower-cost broadband services in some markets. Fixed Wireless Access (FWA) allows mobile network operators (MNO) to deliver high-speed Internet connections in areas that have either insufficient or no prior wireline broadband access services. It's also used in urban, suburban, and rural areas where fiber optic communication is considered too expensive to install and maintain. With this new technology, MNOs have the potential to provide broadband capability at similar levels to fiber optic networks. Fixed Wireless Access Market Development Therefore, FWA can be used to supplement existing wired broadband Internet service offerings, provide additional broadband capacity, or act as a backup service for home or business applications. Although FWA is well es