New York, USA, April 13, 2022 (GLOBE NEWSWIRE) -- According to the newly published report, the global blockchain in supply chain market is predicted to grow at a tremendous CAGR of 57.4%, thereby garnering a revenue of $14,884.4 million in the 2021-2028 timeframe. This integrated report presents a brief outlook of the current framework of the blockchain in supply chain market including features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. All the crucial market indicators are also provided in this report to help new entrants gain insights into the market.
Dynamics of the Market:
Drivers: Since the last decade, there has been a continuous increase in the popularity of blockchain technology across the world. This is mainly due to the increase in the development and adoption of e-commerce websites in everyday economic activities. This has proved to be the main driver for the blockchain in supply chain market. Also, there is a rise in demand for increasing supply chains’ security across all sectors. Both these factors have helped the market to grow immensely.
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Opportunities: The ever-growing need for the adoption of blockchain technology and automation to introduce transparency and efficiency in supply chains is predicted to offer numerous growth opportunities to the blockchain in supply chain market in the 2021-2028 timeframe.
Restraints: Lack of awareness regarding blockchain technology might prove to be a restraint in the growth of the market.
Impact of Covid-19 on the Market:
The novel coronavirus has affected people all over the world, either directly due to the disease, or indirectly due to the lockdowns that were put in place to curb the spread of the virus. The blockchain in supply chain market to has been negatively impacted by the pandemic. This is mainly due to the supply-side and demand-side disruptions which have affected all manufacturers, retailers, etc.
However, during the pandemic, there has been a steady rise in the usage of e-commerce websites and technologies like Artificial Intelligence (AI) and machine learning (ML). This has made analysts predict the surge in the blockchain in supply chain industry in the 2021-2028 timeframe.
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Segments of the Market:
The report has divided the blockchain in supply chain market into certain segments based on type, application, end-use, and region.
Type: Platform Sub-segment to be the Most Lucrative
Based on type, the platform sub-segment is predicted to be the most dominant registering a revenue of $9,443.7 million in the 2021-2028 timeframe. The business agility provided by this platform type is the main reason behind the growth of this sub-segment.
Application: Product Traceability Sub-segment to Grow at the Fastest Rate
By application, the product traceability sub-segment of the blockchain in supply chain market is anticipated to be the fastest-growing and reach $3,389.1 million by 2028. The increasing need for the adoption of product traceability to introduce transparency and quality control in manufacturing processes has been the main reason behind the increasing growth rate of this sub-segment.
End-Use: Retail Sub-segment to Surge at the Maximum Rate
By end-use, the retail sub-segment of the blockchain in supply chain market is predicted to grow at a stunning CAGR of 58.6% in the 2021-2028 timeframe. Retail operators have turned to blockchain technology to introduce efficiency and optimization in the supply chains to make them more resilient. This has helped the retail sub-segment to surge at such a stunning rate.
Region: Market in the Asia-Pacific Region to be the Fastest Growing
By regional analysis, the market in the Asia-Pacific region is predicted to be the fastest-growing one. It is anticipated to amass a revenue of $4,063.4 million by 2028. Increasing technological advancements and growing adoption of blockchain technology by leading organizations of this region to make supply chains more robust has been the main factor behind the growth of blockchain in supply chain market in the Asia-Pacific region.
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Prominent Market Players:
Some of the leading players of the blockchain in supply chain market are
- Microsoft
- Oracle
- IBM
- Huawei
- SAP SE
- Bitfury
- AWS
- TIBCO Software
- Interbit
- Guardtime, among others.
These players are introducing new technologies and innovative strategies to gain a prominent position in the market. – Inquire to check access for the key companies’ development strategy report
For instance, in July 2021, Global Shipping Business Network (GSBN), a Hong-Kong based consortium, launched its own operating system which runs on blockchain technology. This operating system is launched with the specific aim of increasing the foothold and efficiency of global trade in China. This adoption of blockchain technology will help in making the involved supply chains more transparent, efficient, and robust.
Finally, the report also summarizes many crucial aspects of the blockchain in supply chain market including SWOT analysis, latest strategic developments, financial efficiency of the major players, and product portfolio.
Some Trending Article Links:
- Global Blockchain in Supply Chain Market to Surpass $14,884.4 Million by 2028, Owing to Increasing Need for Supply Chain Transparency Worldwide
- Importance of Blockchain in Supply Chain Management
- The Global Blockchain In Supply Chain Market is Anticipated To Generate A Revenue Of $14,884.4 Million, Growing At A CAGR Of 57.4% From 2021 To 2028
