Skip to main content

Blockchain In Supply Chain Market to Expand with Significant CAGR By 2028

 

The global blockchain in supply chain market size is estimated to be valued at $14,884.4 million by 2028, surging from $423.0 million in 2020, at a CAGR of 57.4%.

COVID-19 Impact on the Blockchain in Supply Chain Market

During the COVID-19 pandemic, the global commercial market trends is projected to be moderately impacted. This is due to the implementation of curfews by government agencies in most countries, as well as a rise in business insurance prices. However, the blockchain in supply chain industry has found its way to rise its recessionary curve with new methods and strategies. For instance, blockchain in supply chain is being used in the manufacture of COVID vaccines throughout the world. So, it can be considered that the blockchain in supply chain has been affected moderately due to the coronavirus outbreak.

Access to Exclusive PDF Sample Report Here! @ https://www.researchdive.com/download-sample/8493

Global Blockchain in Supply Chain Market Insight

The rising demand for supply chain transparency, as well as the desire for increased supply chain transaction security, are driving the market value. The benefits of blockchain supply chains, such as cost reductions, provenance tracking, customer trust, and the avoidance of burdensome record-keeping and product monitoring, underpin the market value. In addition, the growing desire to eliminate middlemen by automating supply chain activities, as well as the introduction of IoT, are projected to propel the blockchain supply chain market growth.

During the forecast period, however, the market is projected to be limited by a lack of knowledge regarding blockchain technology and a scarcity of skilled labor. Furthermore, network security threats and confusing regulatory standards are projected to constrain sector growth.

The lucrative rise of mobile subscribers and smartphone users around the world has led to a significant portion of the population purchasing goods and services using smartphones and other gadgets apparently increasing blockchain in supply chain opportunity. Nonetheless, the current extended supply chain management system, as well as other problems, result in losses and a reduction in end-user service. Smart contracts using blockchain technology regulate the intermediaries, such as payment processing partners and shipping suppliers. The blockchain creates a read-only record of data that provides clients with information such as the product's origin, as well as the components and processing it through before being delivered.

Global Blockchain in Supply Chain Market, Segmentation

The global blockchain in supply chain market is segmented based on component, application, end-use and region.

Component:

The component sub-segment is further classified into platform and services. The platform sub-segment is predicted to have a dominating market share in the global market and register a revenue of $9,443.7 million during the forecast period.

This is because blockchain solutions are increasingly being used to automate supply chain processes. The platform segment is expected to grow considerably as a result of market competitors' low and varied pricing plans. Furthermore, it immediately helps business agility by allowing for faster development and more frequent product releases. To achieve this agility, continuous integration methodologies and automatic application deployment (consortium) are deployed.

Application:

The application segment is further divided into payment & settlement, inventory management, product traceability, compliance management, and other sub-segments. The product traceability sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $3,389.1 million by 2028, growing from $91.7 million in 2020, with a CAGR of 58.4%.

Traceability has become a fundamental requirement for multi-tier and multi-site production. It gives consumers visibility and satisfies their demands for transparency and quality assurance. The textile & apparel industry is one example of a sector that requires traceability to handle concerns such as information asymmetry and visibility.

End-Use:

The distribution channel segment is further classified into manufacturing, retail, transport & logistics, healthcare, energy & resources, and others. The retail sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $1,868.8 million by 2028, growing from $50.0 million in 2020, with a CAGR of 58.6%.

The retail industry dominated the blockchain supply chain market share and is expected to continue to do so during the forecast period due to increased adoption by retail operators to optimize their supply chain transactions and procedures. Blockchain in supply chain is being used by the retailers, for instance, to manufacture emergency kits during the pandemic. Furthermore, as a result of this, the need for blockchain logistics and supply chain management services in the retail industry is projected to increase.

Region:

The market for blockchain in supply chain in Asia-Pacific is anticipated to be the fastest growing market and reach $4,063.4 million by 2028, with a CAGR of 58.2%.

Asia-Pacific is getting increasingly technologically advanced as a result of early adoption of new technology. The rising trend of APAC enterprises toward leaner and agile supply chains with end-to-end visibility through the use of the latest technology is one of the biggest drivers of blockchain supply chain software and services in the region. Moreover, the investment by key companies like IBM and Oracle are increasing noticeably in this region which is further adding to the growth of the market.

Speak to our Expertise before buying Report@ https://www.researchdive.com/connect-to-analyst/8493

Key Players in the Global Blockchain in Supply Chain Market

Some of the leading global blockchain in supply chain market players are 

  1. IBM
  2. Microsoft
  3. SAP SE
  4. Oracle
  5. Huawei
  6. Guardtime
  7. TIBCO Software
  8. Bitfury
  9. Interbit
  10. AWS.

Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

Labels:

Comments

Post a Comment

Popular posts from this blog

Collaborative Robot (Cobot) Market Insights Deep Analysis 2022-2030

  With the advancements in technology, robotics is becoming available at a price that suits the pockets of even smaller as well as bigger companies. All thanks to the development of low-cost components, which have paved way for the   upsurge of the collaborative robots or cobots  .Collaborative robots are intended to collaborate with humans at work sites, and hence making automation a trouble-free job for businesses of all sizes. By now, cobots have been seen as a game-changer for a wide variety of applications. W hy cobots over traditional robots? The new robotics technology is outdoing the weighty, daunting robots usually locked in the cages for security reasons. Now, it’s time to make use of cobots in those heavy industrial tasks! These robots are quite affordable, safe, and flexible to deploy. They are programmed to work in collaboration with humans and not under humans—unlike traditional robots. With these advanced-automated robots, you can forget the cages and make ...
Post a Comment
Read more

Intraoperative Neuromonitoring Market Revenue to Record Stellar Growth Rate

  According to  Intraoperative Neuromonitoring Market   Analysis by Research Dive, the global market forecast will be   $3,413.0 million   by the end of 2026 , at a   4.5% CAGR , growing from   $2,400.0 million in the end of 2018 . Intraoperative Neuromonitoring Market Drivers: Growing aged populace globally, along with increasing occurrence of chronic illnesses, are the major driving aspects for the intraoperative neuromonitoring market growth. Furthermore, intraoperative monitoring is an important process that assists in risk management throughout complex surgeries. This factor is projected to propel the market size in the coming years. Furthermore, rising trend of medical tourism along with growing investments for healthcare infrastructure in developing economies are projected to create significant revenue generating opportunities in the global market. Nevertheless, shortage of trained workforce for the control and maintenance of intraoperative neur...
Post a Comment
Read more

2-ethylhexyl Caprate Market to Incur Meteoric Growth During 2018-2026

Introduction: 2-Ethylhexyl Caprate Market 2-ethylhexyl caprate , also known as 2-ethylhexyl decanoate, is an organic chemical compound with the molecular formula C18H32O2. In the manufacturing of 2-ethylhexyl caprate, ethyl reacts with hexyl in the presence of caproic acid as a catalyst to form 2-ethylhexyl caproic acid, which on further treatment with esterification process forms a mixture of 2-ethylhexyl caprate crude. This mixture of 2-ethylhexyl caprate crude is distilled to obtain pure 2-ethylhexyl caprate. 2-ethylhexyl caprate finds several applications in chemical, pharmaceutical and textile industries as a reagent, catalyst and excipient. Along with this, 2-ethylhexyl caprate is used in the manufacturing of elastomers and coatings. On the basis of safety, 2-ethylhexyl caprate is the least harmful in the available caprate group and has low vapor pressure, which can reduce hazards while handling as compared to other caprates, such as ethylhexyl palmitate and oth...
Post a Comment
Read more