Global Blockchain Technology Market in the Agriculture Sector 2018-2022
LONDON: Technavio analysts forecast the global blockchain technology market in the agriculture sector to grow at a CAGR of over 56% during the forecast period, according to their latest market research report.
The rising adoption of IoT is one of the major trends being witnessed in the global blockchain technology market in the agriculture sector 2018-2022. Some of the key vendors offering blockchain technology are focusing on developing the technology with IoT platforms to ensure added benefits to end-users.
The IoT devices used in smart supply chain management in the agriculture sector require an application platform to transmit data. Blockchain technology is gaining popularity in the smart supply chain management in the agriculture sector.
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According to Technavio analysts, one of the key factors contributing to the growth of the global blockchain technology market in the agriculture sector is the government initiatives to develop blockchain technologies:
Global blockchain technology market in the agriculture sector: Government initiatives to develop blockchain technologies.
Globally, government agencies are focusing on supporting the implementation of blockchain technologies for the growth of the agriculture sector. Government agencies are also focusing on expanding the use of blockchain technologies in the agriculture sector. Government initiatives will also encourage farmers to use blockchain technologies in the agriculture sector and influence the growth of the market during the forecast period.
According to a senior analyst at Technavio for research on life science research tools, “In January 2018, the UK government announced its support for blockchain based technologies. The government announced its plans to invest around USD 26 million in projects that will result in new products or services across various sectors including agriculture.”
Global blockchain technology market in the agriculture sector: Segmentation analysis
The global blockchain technology market in the agriculture sector research report provides market segmentation by product (public, consortium, and private), by the application (food safety, supply chain, community farming, and agriculture trading), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major products, the public segment held the largest market share in 2017, contributing to over 46% of the market. This product segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for more than 57% share. It was followed by EMEA and APAC respectively. The region dominated the market owing to the government initiatives associated with rapid adoption of modern technologies in the agriculture sector.