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Blockchain business to hit $2 trillion by 2030: IHS Markit

The UK-based research firm says blockchain has great potential to disrupt various industries. It also reveals its projections in the supply chain and logistics field, as well as the retail market

The blockchain market is increasing exponentially worldwide across all industries and is expected to be worth $2 trillion by 2030, according to IHS Markit.

It was  valued at $2.5 billion last year, but has picked up momentum in many sectors and has deepened roots in countries such as the Philippines.

Supply chain and logistics

The supply chain and logistics industry will be the second largest market for blockchain by value. To put that into context, it is expected to grow to $15.5 trillion by 2025, while the current outsourced spend on trucking/transporters in Asia is $143 billion per year.

IHS Markit also says that with the projected increase in blockchain projects that become commercially launched, revenues are “projected to reach $462 billion by 2030”.

Power and energy

Within the power and energy sector, the value of blockchain will increase from $20 million last year to $158 billion by 2030.

In the healthcare vertical it will grow from $50 million in 2017 to $134 billion in 2030.

As more governments turn to blockchain technology, IHS Markit estimates the value in the public sector will rise from $13 million last year to $98 billion in 2030.

It believes that blockchain has the potential to improve efficiencies within the healthcare industry and, therefore, by 2021, “the global telemedicine market is projected to exceed $55 billion”.

E-commerce and retail

“In 2016, global retail sales were approximately $22 trillion and e-commerce sales were around $1.9 trillion (or 8.6% of total retail sales). In 2017, e-commerce sales were estimated to be $2.3 trillion and are projected to reach $4.5 trillion by 2021,” IHS Markit concludes.

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