LONDON--(BUSINESS WIRE)--The global blockchain technology market in the transportation and logistics industry is expected to post a CAGR of close to 83%, according to the latest market research report by Technavio. However, during the forecast period, the growth momentum of the market is expected to decelerate on a year-over-year basis.
A key factor driving the growth of the market is the booming e-commerce industry. The demand for e-commerce is thriving across the world. The penetration rate of e-commerce across developed markets such as the US is expected to surpass 70% by 2022. The overall retail-e-commerce market is expected to reach more than 3.5 trillion by 2020. As the e-commerce industry has witnessed tremendous growth over the past few years, it has led to an increase in demand for logistics and supply chain.
This market research report on the global blockchain technology market in the transportation and logistics industry 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the advent of blockchain-as-a-service (BaaS) as one of the key emerging trends in the global blockchain technology market in the transportation and logistics industry.
Global blockchain technology market in the transportation and logistics industry: Advent of blockchain-as-a-service
BaaS is a service in which vendors set up the blockchain connected nodes on the enterprise’s behalf and manage the back-end. The growing demand for BaaS is encouraging vendors such as IBM, Oracle, Microsoft, and Amazon to invest in this technology by launching new products. Moreover, enterprises are experiencing the growing need to adopt BaaS, as it helps them in reducing fraud, increasing transparency, and providing secure record keeping. BaaS is slowly gaining ground in diverse fields such as insurance, cybercity, and supply chain management. This will lead to an increase in the adoption of BaaS in the transportation and logistics industry, thereby helping the market to grow during the forecast period.
“Growing use of blockchain technology for trucking and the growth of quantum computing are two major factors that are expected to boost the growth of blockchain technology in the transportation and logistics industry,” says a senior analyst at Technavio for research on IT professional services.
Global blockchain technology market in the transportation and logistics industry: Segmentation analysis
This market research report segments the global blockchain technology market in the transportation and logistics industry by geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of over 54%, followed by EMEA and APAC respectively. The Americas are also expected to witness the highest incremental growth, whereas the other two regions are expected to decline during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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