According to a new market research report by IndustryARC, the global blockchain market is expected to reach a total value of US$424.24 million by 2023 with a CAGR of 48.37% during the forecast period.
North America is expected to dominate the blockchain market, with a revenue of $131.65 million by 2023.
In the Middle East, the increasing demand for digitization is due to government initiatives through foreign investment in these countries to become the top global economies.
This enhances the scope for the blockchain solutions in the Middle East which is seen as a key major growth area.
Smart contracts and blockchain technology are the main driving forces for contract management, and this in turn drives the market due to better economic efficiencies, saving time and other factors.
A blockchain management ensures the creation of smart contracts, comprising of terms and conditions. Hence, manufacturers and partners can trust the contract and the identity of their counterpart, meaning supply chain players have the opportunity to finally collaborate meaningfully.
IBM Corporation is one of the leading companies in developing blockchain technologies and operates in business segments such as analytics, cloud, commerce, IT, infrastructure, and security.
IBM has recently announced an initiative with Maersk Line to develop blockchain.