Blockchain technology applied to many industries including the transportation sector is seen by many analyts as a fast growing and essential technology that will continue to grow at increasingly substantial revenues in the coming years. Grand View Research reported the global blockchain technology market size is expected to reach USD $1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. A different report from ReportLinker projected that the blockchain technology market in transportation and logistics industry and was poised to grow by $888.97 million during 2021-2025, progressing at a CAGR of 49.93% during the forecast period, while another report from Prophecy market Insights projected that the global blockchain in transportation and logistics market accounted for US$ 22.5 million in 2019 and is estimated to be US$ 765.5 million by 2025 and is anticipated to register a CAGR of 80.0%. Active Companies in the markets today include Pushfor Investments Inc. (OTCPK: PUSOF) (CSE: PUSH), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSXV: HIVE), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA).
Reports and projections may differ in some parts but they all do seem to predict great growth in the next few years. The Prophecy Report said: “Depending upon mode, the land segment is projected to grow at highest CAGR over the forecast period. Depending upon organizational size, the SMEs segment is projected to grow at highest CAGR over the forecast period due to the need for streamlining the business processes cost-effectively across SMEs. The adoption of the blockchain technology is currently in the experimentation phase in most of the SMEs; however, the adoption rate in the SMEs segment is expected to increase significantly in the coming years, owing to the low infrastructure costs and transparency. Depending upon application, the smart contracts segment is projected to grow at highest CAGR over the forecast period owing because smart contracts cut costs and eliminate middlemen.”