Oyster Bay, New York-headquartered ABI Research, a market-foresight advisory company offering strategic consultation on the most fascinating transformative technologies, has forecasted more than $10.6 billion in blockchain revenues by 2023.
The blockchain revenues prediction is for all combined markets worldwide, including the finance and insurance industries, public services, supply chain management, arts and entertainment and retail and consumer.
“The success of blockchain in fintech has prompted significant investment in deploying the underlying infrastructure for application development and testing in other industries,” said ABI Research director Michela Menting in a press release ABI Research sent to CoinReport. “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.”
Numerous high-profile proofs-of-concept and pilots with top multinational corporations is pushing increased investment as well as interest in the technology, said the news release. Proving specifically popular are use cases for dealing with endemic problems in the worldwide supply chain, with blockchain being exploited to solve complex problems around cost, efficiency and transparency.
Successful pilots by such corporations as Maersk and Walmart in tracking and monitoring products globally are appearing into commercialized platforms that will be ready for the market in the next few months. ABI Research says this will in turn push for blockchain deployment to deal with risks and barriers in other industries as well, particularly in connected industrial markets.
With most action taking place in North America, Europe and certain Asia-Pacific countries, the blockchain startup scene is vigorously stepping forth. Dealing with the supply chain industry are some pioneering firms including T-Mining, OriginTrail, Blockfreight, SyncFab, Modum, Sweetbridge and Skuchain.
These findings are from ABI Research’s market dataset on Blockchain and Distributed Ledger Technologies and Blockchain In the Supply Chain: Reducing Friction for Faster And More Efficient Logistics reports.
Image via press release