New York, USA, Jan. 12, 2022 (GLOBE NEWSWIRE) -- A latest report on the global blockchain in supply chain market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $14,884.4 million and rise with a healthy CAGR of 57.4% from 2021 to 2028. The report offers an all-inclusive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
COVID-19 Impact on the Blockchain in Supply Chain Market Growth:
The rise of the COVID-19 pandemic in 2020 has had a significant impact on the growth of the market. During the pandemic, the government bodies of several regions have executed strict lockdown for preventing the spread of the virus. This has greatly affected the normal functioning of the manufacturers, distributors, and retail industries. The supply chains have been considerably affected during the lockdown period. On the other hand, machine learning (ML) and artificial intelligence (AI) are being greatly adopted to execute corporate innovation strategies during the crisis period, which is greatly boosting the implementation of blockchain supply chain solutions among various businesses worldwide.
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Factors Impacting the Blockchain in Supply Chain Market Growth:
A considerable surge in the transactions and data flow per day in the logistics and supply chain management industries is boosting the demand for blockchain solutions in the supply chains of various industries. This factor is greatly propelling the growth of the global blockchain in supply chain market. Moreover, growing need for streamlined, automated processes for storing data in a digital format by various businesses is expected to bring in profitable opportunities for the market growth. However, lack of awareness and regulatory uncertainties related to blockchain supply chain are expected to hinder the market growth.
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The report segments the global blockchain in supply chain market into component, application, end use, and region.
Platform Sub-Segment to Dominate the Blockchain in Supply Chain Market Growth
In the component segment, the platform sub-segment is expected to lead the market by garnering $9,443.7 million during the forecast period. The growth of this sub-segment is mainly because of the rising applications of blockchain solutions for automating supply chain processes in various industries.
Product Traceability Sub-Segment to Witness Speedy Growth
In the application segment, the product traceability sub-segment is expected to observe accelerated growth by garnering $3,389.1 million during the forecast period. The growth of this sub-segment is mainly because of the rising demand for product traceability for meeting customer requirements such as quality assurance and transparency.
Retail Sub-Segment to Grow Significantly
In the end use segment, the retail sub-segment is expected to grow rapidly and surpass $1,868.8 million during the forecast period. The growth of this sub-segment is mainly because of the increasing adoption of blockchain solutions by retail business owners to improve their supply chain procedures.
Asia-Pacific Region to Observe Fast-Paced Growth
The report analyzes the global blockchain in supply chain market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to grow rapidly and garner $4,063.4 million during the estimated period. The growth of this region market is mainly owing to the increasing adoption of advanced supply chain automation technologies by businesses in this region to facilitate streamlined and agile supply chains with end-to-end transparency.
Major Players in the Blockchain in Supply Chain Market:
The report lists some of the leading players functioning in the global blockchain in supply chain industry including
- IBM
- Microsoft
- SAP SE
- Oracle
- Huawei
- Guardtime
- TIBCO Software
- Bitfury
- Interbit
- AWS
The report also provides numerous industry-top strategies and tactics such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. - Inquire about Idustry report on development strategies of key manufacturing companies
For instance, in April 2021, Eximchain, a software development firm focused on supply chain applications, announced to launch its supply chain management platform intended for blockchain.
Key Questions Covered or Frequently Asked:
Q1. What is the size of the global blockchain in supply chain market?
Q2. Which are the major companies in the blockchain in supply chain market?
Q3. Which region, among others, possesses greater investment opportunities in the near future?
Q4. What will be the growth rate of the Asia-Pacific blockchain in supply chain market?
Q5. What are the strategies opted by the leading players in this market?
Related article of Blockchain in Supply Chain Market Link:
- Global Blockchain in Supply Chain Market to Surpass $14,884.4 Million by 2028, Owing to Increasing Need for Supply Chain Transparency Worldwide
- How Does Blockchain Solutions Help in Overcoming Supply Chain Challenges?
