New York, USA, March 22, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global blockchain in supply chain market is anticipated to garner $14,884.4 million in revenue and rise at a staggering CAGR of 57.4% throughout the forecast period from 2021 to 2028.
As per our analysts, the increasing use of blockchain in logistics and supply chain management industries to increase corporate transparency, efficiency, and overall experience of the final delivery phase, is the major factor expected to boost the growth of the blockchain in supply chain market over the analysis period. Besides, blockchain technology offers several benefits, such as fraud protection, continual monitoring of product flow, and many more as it allows transactions to be recorded on distributed ledgers, which is expected to foster the growth of the market during the forecast timeframe. Moreover, the increasing need for blockchain technology to automate the process of storing data in a digital format is predicted to create wide growth opportunities for the growth of the market over the estimated period. However, the lack of awareness of blockchain technology may hinder the growth of the market throughout the forecast period.
Download a Comprehensive PDF Sample of Blockchain in Supply Chain Market
Segments of the Blockchain in Supply Chain Market
The report has divided the market into segments based on type, application, end-use, and region.
Type: Platform Sub-Segment to be Most Productive
The platform sub-segment is expected to garner a revenue of $9,443.7 million during the estimated timeframe. This is mainly due to the increasing use of blockchain solutions in automating supply chain procedures. Moreover, blockchain platforms support business agility by allowing rapid development and frequent release of features which are predicted to magnify the growth of the market sub-segment over the forecast period.
Application: Product Traceability Sub-segment to be Most Profitable
The product traceability sub-segment is projected to generate a revenue of $3,389.1 million throughout the analysis timeframe. The increasing need for incorporating traceability for multi-tier and multi-site production to resolve issues such as information asymmetry and limited visibility is expected to augment the growth of the blockchain in supply chain market sub-segment during the forecast period.
End-Use: Retail Sub-Segment to be Most Gainful
The retail sub-segment is predicted to garner a revenue of $1,868.8 million over the estimated timeframe. The increasing adoption of blockchain technology by retail operators to optimize their supply chain processes is expected to propel the growth of the market sub-segment in the coming period.
Asia-Pacific Region to Have Immense Growth Opportunities
The Asia-Pacific region of the blockchain in supply chain market is expected to register a revenue of $4,063.4 million over the estimated period. The increasing adoption of blockchain supply chain software and services in the region due to the growing shift of organizations toward leaner and agile supply chains is predicted to drive the regional growth of the market throughout the analysis period.
Covid-19 Impact on the Blockchain in Supply Chain Market
The outbreak of the Covid-19 pandemic has caused various uncertainties across several industries. This has also impacted the blockchain in supply chain market negatively. This is mainly because the rise of the pandemic has badly impacted nearly all manufacturers, distributors, and retail industries. However, the surge in e-commerce demand and the increasing adoption of artificial intelligence (AI) and machine learning (ML) across SMEs to innovate advanced corporate plans has created growth opportunities for the market during the crisis.
Key Players of the Market
The major players of the blockchain in supply chain market include
- Guardtime
- Huawei
- TIBCO Software
- Oracle
- Bitfury
- SAP SE
- Interbit
- Microsoft
- AWS
- IBM
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in November 2022, Microsoft, a leading American multinational technology corporation, launched the Microsoft Supply Chain Platform, which is an open approach toward supply chain agility, automation, and sustainability. This platform is brought up with the incorporation of the best Microsoft AI, low-code, collaboration, and SaaS applications altogether.
Further, the report also presents other crucial aspects including SWOT analysis, product portfolio, the financial performance of the key players, and the latest strategic development.
Triangulate date as per your Format and Definition of Blockchain in Supply Chain Market
More about Blockchain in Supply Chain Market:
- Importance of Blockchain in Supply Chain Management
- Global Blockchain in Supply Chain Market to Surpass $14,884.4 Million by 2028, Owing to Increasing Need for Supply Chain Transparency Worldwide
