Global Block chain in supply chain Market was valued at US $ 14.18 billion in 2023 and is expected to reach US $ 27.1 billion by 2032 growing at a CAGR of 63.9% during the forecast period 2024–2032. Market revenue growth is primarily driven by the increasing desire for more transparent supply chains. Furthermore, improvements in inter-organizational communication technologies along the supply chain also lead to a high focus on security of information and records. As a result, the use of blockchain technology in the supply chain has become increasingly popular due to these factors. Further, it is projected that the pattern will continue in the forecast period.
In the near future, blockchain-based supply chains are expected to gain more ground with the emerging demands for product or commodity traceability during transport and rising IoT cases as well as digital records of data. Blockchain retail and supply chain industry will trigger major market players to invest funds toward the blockchain supply chain market during the forecast period.
The growth rate of transparency and anti-fraud measures in the supply chain with the corresponding regulatory pressure for government support to automatization of the supply chain market and reduction effects by brokers contribute to an increase rate of global acceptance of blockchain supply line. Other critical factors likely to bolster the market growth during the review period include higher concerns about data/information security, purchase, sales and approval of legitimate information authentication and an enormous increase in the use of blockchain technology, among others, in the retail, e-commerce, logistics and F&B
The expansion of the global blockchain supply chain market is projected to be sustained by increasing adoption of technologies like artificial intelligence, IoT, ML, and cloud based systems together with ongoing technological advancements through the projection period. Blockchain interoperability, standardization and stricter policies are likely going to curtail the growth of global blockchain market.
The Block chain in supply chain Trend Analysis
Various information, transactions, and retail sector. Potential sources of data may include information on the authentication process, sales and purchase, charges, certifications and approvals, and also payments. Supply chain organizations frequently face the following challenges: lower costs, faster production, continuous performance monitoring over quality and products delivery flows. Specifically, the adoption of blockchain technology by industry players in supply chain management is already underway with the aim of improving the overall last mile delivery. The introduction of blockchain in the area of supply chain management systems prevents data alterations thus being among top growth drivers to the overall blockchain market. Moreover, this technology allows transaction recording on distributed recorders thus most organization enjoy increased transparency, resistance to falsification, and better operation.
Segmentation Analysis of the Block chain in supply chain Market
Blockchain Supply Chain Component Insights:
The market for blockchain supply chain components is divided into two segments: service, and Region – Global Forecast to 2027”. The services segment held the largest revenue share of the blockchain supply chain market in 2020. Over the forecast period, this revenue share is expected to grow at a considerable pace. Market growth during the forecast period is expected to be supported by an increase in demand for supply chain transparency, growing adoption of supply chain technology functionalities, and provision of improved services such as decentralization, immutability and faster & cheaper transactions.
Blockchain Supply Chain Type Insights
The blockchain supply chain market is divided into three type: public, private and consortium. This will drive up the revenue CAGR of this segment a lot faster in the course of the forecast period. With the aforementioned ability to grant full power to a particular group, where any member can change balances, create rules and invalidate transaction that are mistake-based has is expected greatly boost the market in blockchain supply chain over the forecast period. The proliferation of concerns relating to data security, information integrity and control of cyber risks amongst them by Distributed Denial-of-Service (DDoS) attacks, and SQL injection is expected to drive the market further during the projected period.
Blockchain Supply Chain Application Insights
Accordingly, the blockchain supply chain market is segmented on the basis of applications such as smart contracts, payment & settlement, product traceability compliance management and inventory monitoring etc. This will markedly boost the revenue growth rate of the inventory monitoring segment throughout the forecast period. Factors like the rise in concern for security of data, increase in need to have distributed servers and improvement of technology observed with retail and logistics industry will primarily drive the growth of blockchain supply chain market. The market is expected to continue expanding in the course of the forecast period due to increasing need for data accuracy and fitness, increased focus on workflow optimization, and ensuring that records are correct and inventories straightforward.
Blockchain Supply Chain End-Use Insights:
Various industries such as manufacturing, logistics, retail, healthcare, food & beverages and oil & gases among others constitute the blockchain supply chain market when segmented by end use.The highest market share for the blockchain supply chain was in the logistics sector, 2020. The trend is expected to remain the same through the forecast period, with an increasing pace. The blockchain supply chain market is expected to expand over the forecast period due to growing concerns about tracking of shipment, maintenance of cumbersome records and increased transparency in transporting products.
Regional Analysis of the Block chain in supply chain Market
Blockchain supply Chains in North American markets.
The largest revenue share contribution in terms of the global blockchain supply chain market was observed in North America in the year of 2020. The blockchain supply chain market in the region is likely to grow further as technologically advanced systems such as the Internet of Things and artificial intelligence are adopted. Other drivers expected to push up the regional market growth include major players’ rising investments in product expansion and innovation; also, there is an increase in demand for large-scale infrastructure and technology development.)
Blockchain supply chain in Asia-Pacific blockchain.
Revenue from the blockchain supply chain market in Asia Pacific is expected to grow at a relatively high CAGR rate during the forecast period. The market in this region is growing because of such reason as arising worries about security of data and the internet including cybersecurity and growing practice deployment of blockchain technology for telecom, logistics, retail and E-trade. It is projected that this upward trend will be sustained over the forecast period.
COVID-19 Impact Analysis on Block chain in supply chain Market.
It is predicted that coronavirus will affect trends in world markets with moderation. This also means that most countries enforce curfews and increase the cost of business insurance. However, Blockchain has been able to overcome this downward trend in supply chain management through its innovations. One example is using blockchain technology in the global vaccine supply chain. Consequently, this means that the coronavirus incident has just made an average of disturbance to the blockchain technology applied in supply chain management.
Top Key Players Covered Block chain in supply chain Market
Key Industry Developments in the Block chain in supply chain Market
| Report Components | Details |
|---|---|
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Quantitative Units | Revenue in US $ |
| Drivers | Retail and supply chain management industries see a number of transactions, Increasing popularity of blockchain technology in retail and SCM |
| Segments Covered | By Component Outlook: Platform, Services; By Type Outlook: Public, Private, Consortium; By Application Outlook: Smart Contracts, Payment & Settlement, Product Traceability, Compliance management, Inventory Monitoring, Others; By End Use Outlook: Manufacturing, Logistics, Retail, Healthcare, Food & Beverages, Oil & Gases, Others |
| Countries Covered | U.S. and Canada in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the APAC, Others include Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina, Mexico, and Rest of South America as part of South America |
| Market Players Covered | IBM Corporation, Oracle Corporation, SAP SE, Microsoft Corporation, Huawei Technologies Co., Ltd., Amazon Web Services Inc., Guardtime Inc., TIBCO Software Inc., Auxesis Group, BTL Group, Accenture PLC, Omnichain Inc |
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