Farmington, May 14, 2023 (GLOBE NEWSWIRE) -- In 2022, the Blockchain For Supply Chain Market was worth USD 569.05 million. By 2030, it is expected to be worth USD 16.47 billion, which means it will have grown at a CAGR of 52.3% from 2023 to 2030. Supply chain management refers to the process of planning, controlling, and managing the flow of raw materials and finished goods to save costs. In the supply chain, blockchain technology is utilized to decrease expenses, track the origin of goods, and establish trust. The emergence of the Blockchain Supply Chain Market has introduced new and advanced ways to access everything on a single platform. This market is categorized by Component, Application, and Industrial Vertical.
The Blockchain for Supply Chain Market Insights 2019 report is a comprehensive analysis of the current state of the global Blockchain for Supply Chain industry. This report offers crucial information about the market status of Blockchain for Supply Chain manufacturers, providing valuable guidance for companies and individuals interested in the industry. The study covers a detailed analysis of the Global Blockchain for Supply Chain markets from 2017 to 2030, taking into consideration all significant factors.
The growing demand for e-commerce, secure transactions in the supply chain, and increased transparency in the supply chain are the primary drivers of the market's growth.
Request Sample Copy of Report “Global Blockchain for Supply Chain market Size, Share & Trends Estimation Report By Component Outlook (Platform & Services) By Application Type Outlook (Detection of fakes ,Payment and settlement ,Product traceability ,Risk and compliance management & Others) By Industrial Vertical Type Outlook (Retail and Consumer Goods,Healthcare and Life Sciences ,Manufacturing ,Oil and Gas ,Logistics & Others) Region, And Forecasts, 2022 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
By Component Outlook:
The market is divided into two categories based on the type of component: Platform and Services. Due to the increasing adoption of blockchain technologies for enhancing supply chain operations, the Platform category holds greater significance. It is anticipated that this segment will experience substantial growth, primarily driven by the introduction of cost-effective and adaptable pricing options by market rivals.
By Application Outlook:
The market is categorized into Counterfeit Detection, Payment & Settlement, Product Traceability, Risk & Compliance Management, and Others based on their respective applications. Among these, Counterfeit Detection is the most prominent section as it is extensively employed to authenticate the authenticity of products. Anti-counterfeiting blockchain systems leverage barcodes to monitor the movement of products throughout the supply chain, ensuring that consumers receive genuine products.
By Industrial Vertical Outlook:
The market is segmented by industry into Retail and Consumer Goods, Healthcare and Lifesciences, Manufacturing, Oil and Gas, Logistics, and Others. Retail and Consumer Goods comprise the largest segment of the market, and hence, are of utmost significance. This segment is witnessing growth as retailers increasingly adopt Blockchain Supply Chain technology for product tracking, payment and settlement, and counterfeit detection.
Regional Analysis:
• The utilization of modern infrastructure and technology is prominent in North America, which provides significant growth opportunities for vendors across multiple industries, including manufacturing, healthcare, retail, consumer goods, and logistics. The collective actions of major market players in the region contribute to its dominance in the blockchain technology solutions business.
• North America continues to lead the global market in blockchain in the retail industry and is expected to maintain its competitive edge during the forecast period. One of the key drivers of market growth in this region is the growing concern among retailers about data security. This is evidenced by the high number of data breaches that occur every day in U.S. government departments, prompting retailers to invest heavily in data security measures such as firewalls, hiring expert hackers, and other security protocols.
• Retailers in North America are also adopting advanced technologies like point-to-point encryption and tokenization to protect sensitive information in their systems. A study by the National Retail Federation predicts that by the end of 2019, 80% of retailers will have implemented point-to-point encryption, and 89% will have used tokenization. Additionally, according to BakerHostetler, phishing accounts for 38% of data protection incidents in U.S. companies in 2019.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 52.3% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 16.47 billion |
| By Component Type |
|
| By Application |
|
| By Industrial Vertical |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Driver:
The retail and SCM market is experiencing a transformation due to the increasing popularity of blockchain technology. The exchange of information related to authentication processes, sales, payments, fees, licenses, and approvals occurs on a daily basis among businesses operating in these industries. Supply chain companies face significant challenges in reducing costs, increasing speed, and tracking product movement efficiently. To address these issues, various segments of the SCM industry have started using blockchain technology to enhance business operations and improve customer experience. Integrating blockchain with SCM systems ensures data integrity and prevents tampering, which is likely to be a major driver for the growth of the blockchain market. The technology also enables the recording of activities on distributed ledgers, promoting transparency, preventing fraud, and increasing operational efficiency for various agencies.
Restraints:
As technology advances, regulatory bodies must understand what the current rules do not address and how these rules can impact technology-enabled programs as a whole. The blockchain supply chain market remains concerned about unclear regulations. Currently, the absence of laws is likely to be one of the greatest obstacles to the widespread adoption of blockchain technology, particularly in supply chain management (SCM) across many industries. Global healthcare institutions are collaborating to develop a standardized set of blockchain technology standards. However, one of the most difficult aspects of changing supply chain systems is convincing healthcare institutions to adopt new rules. The technology of distributed ledgers is still in its infancy. This means that regulators and politicians at both the national and international levels have many queries regarding the vast array of applications, security, and authenticity. Due to issues such as standardization and interoperability, the regulatory framework for blockchain technology remains unclear.
Key Segments Covered:
Top Market Players:
- IBM (US)
- Microsoft (US)
- SAP (Germany)
- AWS (US)
- Oracle (US)
- Huawei (China)
- Guardtime (Estonia)
- TIBCO Software (US)
- Bitfury (The Netherlands)
- Interbit (Canada)
- Auxesis Group (India)
- VeChain (China)
- Chainvine (UK)
- Digital Treasury Corporation (China)
- Datex Corporation (US)
- OpenXcell (US)
- Algorythmix (India)
- BlockVerify (UK)
- Applied Blockchain (UK).
By Component:
- Platform
- Services
- Tech Advisory and Consulting
- Deployment and Integration
- Support and Maintenance
By Application
- Detection of fakes
- Payment and settlement
- Product traceability
- Risk and compliance management
- Others
By Industrial Vertical:
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Manufacturing
- Oil and Gas
- Logistics
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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- Blockchain In Retail Market Size, Share & Trends Estimation Report By Component (Platform/ Solutions, Services) By Type (Public Blockchain, Private Blockchain ),By Application (Supply Chain Management, Food Safety Management), By Region, And Segment Forecasts, 2023 - 2030
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