Skip to main content

Blockchain In Supply Chain Market to Reach US$14,884.4 million 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.

COVID-19 Impact on Blockchain in SUpply Chain Market. Click here to Connect with Expert Analyst

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.

Get Access to the PDF Sample of Blockchain in Supply chain market

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.

Comments

Popular posts from this blog

Development: Aerospace 3D Printing Market Strategy Planning by Top Manufacturers

  Aerospace 3D Printing Market Analysis 2026: According to a study of the Research Dive,  aerospace 3D printing market  forecast shall cross  $5,933.4 million by 2026 , growing at a  CAGR of 26.8%  during forecast period. Aerospace 3D printing is primarily used to increase the efficiency of A&D supply chain, reduction of storage costs of inventory and waste production materials. Furthermore, the Aerospace 3D printing industry is focusing more on creating parts of aircraft that are lighter and stronger than parts made by using traditional manufacturing. Astonishing advantages of 3D printings in the supply chain of the aerospace and defense industry are projected to surge in the global market. In addition, the financial support provided by the government and non-government organizations across the globe is also driving the 3D printing in aerospace industry. For instance,   National Aerospace Technology Exploitation Programme grants £140,000 funds for...

What is the current and future scenario of Oxygen Cylinder And Concentrator?

  According to a study,  Oxygen Cylinder and Concentrator Market  by Research Dive, the market is expected to reach $5,052.1 million by 2026, registering a CAGR of 8.7% from 2019-2026. Growing utilization from different applications and increasing focus on consumption are some of the oxygen cylinder and concentrator market drivers. The oxygen cylinder and concentrator market is primarily dominated by growing utilization from different applications, for instance, healthcare, pharmaceutical & biotechnology and manufacturing industries. According to American Academy of Allergy, Asthma & Immunology (AAAAI), about 320 million people worldwide are diagnosed with Asthma, of which about 255000 are suffering from the disease. However, it is estimated that by the end of 2026, the number of asthma patients would continue to grow by more than 102 million. This factors further enhance the market in healthcare and medical segment. Additionally, rising demands for adventure spor...

Contactless Payment Market size share growth analysis market demand

  Contactless payment, also called as a tap-and-go system is a secure mode where the transactions are done using technologies such as NFC (near field communication), RFID (radio frequency identification), infrared, and bluetooth. Contactless payment is hassle-free and convenient for customers as it takes only one-tenth of the time taken by the old-style electronic transaction.Contactless payment is becoming popular owing to its benefits such as secure and fast payments without any need for cash or identifying details. Initially, these type of payments or cards were used for the purpose oftravelling tickets only. But today, this technology has evolved and is helping customers to make payments for almost anything. However, the permissible amount for a contactless payment varies by country and by the bank. Access to PDF Sample Report Here! @  https://www.researchdive.com/download-sample/181 Recent Developments in the Contactless Payment Industry As per a Research Dive blog, ...