New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in Supply Chain Market Information By Application, By Provider, By Vertical, and by Region - Forecast till 2030” valuation is poised to grow at 45.55% CAGR and market will touch USD 17.15 billion by 2030.
Blockchain in Supply Chain Industry Key Players
Prominent industry players in the global blockchain in supply chain market report include
- IBM Corporation
- Ripple
- Chain Inc
- Microsoft Corporation
- Coinbase
- Blockchain Tech Ltd
- Earthport PLC
- Abra Inc
- Bitfury Group
- Deloitte Inc
- Digital Asset Holdings
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Blockchain in Supply Chain Market Report Scope:
| Report Metric | Details |
| Market Size | USD 17.15 Billion |
| CAGR | 45.55% |
| Key Vendors | IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc, Bitfury Group, Deloitte Inc, Digital Asset Holdings |
| Key Market Opportunities | Increasing need for automating supply chain operations and cutting out middlemen |
| Key Market Drivers | Increased use of blockchain in retail and SCM |
Drivers
Increased Adoption of Blockchain in SCM and Retail to Boost Market Growth
There is a day to day flow of information & numerous transactions in the retail and SCM businesses. A few examples of the kinds of information that could be included in the data are data on purchases, fees, approvals, sales, certifications, and disbursements. Reduced pricing, increased speed, and continual quality & product flow monitoring are challenges for companies in the supply chain industry. In order to increase the effectiveness and transparency of corporate operations and the final delivery procedure as a whole, several participants in the SCM industry have begun integrating blockchain technology.
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Opportunities
Growing Demand from Healthcare Sector to offer Robust Opportunities
Growing demand for blockchain in the healthcare sector will offer robust opportunities for this market in the forecast period. Blockchain technology is being used by healthcare service providers to continuously monitor and manage the manufacturing and delivery of healthcare items. Additionally, blockchain supply chain solutions help pharmaceutical organizations reduce illicit activities like the fabrication of hazardous pharmaceuticals and counterfeit medicines as well as poor stock management.
Restraints and Challenges
Uncertain Regulatory Standards to act as Market Restraint
The uncertain regulatory standards and status, lack of legislation, tight laws, and lack of awareness may act as market restraints over the forecast period.
Market Segmentation
The blockchain in supply chain market is bifurcated based on vertical, design, and application.
By application, counterfeit detection will lead the market over the forecast period.
By design, application & solution providers will domineer the market over the forecast period.
By vertical, retail & consumer goods will spearhead the market over the forecast period.
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COVID-19 Analysis
Lockdowns caused by the COVID-19 epidemic have affected each link within the supply chain in the North American region and have locked down economies. In order to produce goods like PPE kits & other necessary medical supplies, many businesses have modified their usual production procedures. The COVID-19 outbreak is having an effect on the supply chains of virtually all European distributors, manufacturers, and retailers, according to a study of 143 supply chain decision-makers in Europe conducted by the Supply Chain Media. In order to secure the proper allocation of the COVID-19 vaccine, blockchain is being used to maintain accurate data regarding the storage and maintenance of vaccines.
Regional Analysis
North America to Steer Blockchain in Supply Chain Market Growth
North America grabbed the largest share of the market in 2021. The region with the most advanced infrastructure and use of technology is thought to be North America. The behavior of the major blockchain technology solution providers as a whole will ultimately determine this field. Businesses across a variety of sectors, such as manufacturing, retail and consumer products, healthcare, and logistics, offer a crucial chance for vendor growth. Due to technology developments and a rising emphasis on improving the efficiency of supply chain operations including logistics, warehousing, fulfillment, production, and transportation management, there is an increasing need for a blockchain supply chain in this region. The region's increasing use of new technologies, the presence of numerous production facilities, and the substantial retail chains all contribute to the region's adoption of blockchain supply chain. The region's blockchain supply chain market is anticipated to increase as a result of the usage of the technologically advanced system like artificial intelligence and the internet of things. Other factors that are anticipated to support the blockchain supply chain market growth in the region over the course of the forecast period include rising demand for extensive development in infrastructure and technology, rising numbers of investments by key players in both product expansion and innovation.
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APAC to Have Admirable Growth in Blockchain in Supply Chain Market
During the projection period, Asia Pacific is anticipated to grow at a quick Pace. The market is expanding in the region due to factors including growing concerns about data security, cyber security, and the use of blockchain technology in the communication, logistics, retail, and e-commerce sectors. For the duration of the projected period, it is anticipated that this tendency would persist. Asia-Pacific accounted for the second-largest market share in 2021. Because it adopts new technology quickly, it is developing technologically. Blockchain supply chain software and services are also being driven by the most recent trends of widespread adoption of trucking, containerization, and computerization, which result in scaled shipping & delivery of raw materials, the Work In Progress, & finished goods across the world & effectively improve cost, quality, and delivery of supply chain. The growing tendency of APAC firms towards leaner, agile supply chains having end-to-end visibility is one of the key drivers driving the demand for blockchain supply chain software and services in the region. Asia-Pacific is advancing technologically thanks to its early embrace of new technologies. The increasing trend of APAC enterprises towards leaner, more agile supply chains with end-to-end visibility due to the adoption of cutting-edge technology is one of the biggest drivers of the blockchain supply chain services and software in the region.
Industry Updates
February 2023- In order to improve the supply chain with the aid of Blockchain, Autify Network, a supply chain startup in India, is trying to enter the luxury fashion sector. The company asserts that their Blockchain-based approach would uphold manufacturing ethics and guarantee originality.
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