Pune, India, May 20, 2021 (GLOBE NEWSWIRE) -- The global blockchain in supply chain market has been estimated to reach a value of USD 375.6 million in 2021 and is projected to grow at a CAGR of 69.5% during the forecast period from 2021 to 2030.
The global blockchain in supply chain market is being driven by the growing demand for supply chain accountability and enhanced protection of supply chain transactions. The benefits provided by the blockchain in supply chain, such as cost reduction, provenance monitoring, establishing consumer confidence, and avoiding complicated record-keeping and inventory tracking, are boosting market growth. Furthermore, the increasing need to eliminate intermediaries by automating supply chain operations and the advent of IoT are expected to provide lucrative growth opportunities for the blockchain in supply chain market.
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Blockchain is a distributed peer-to-peer technology that combines a shared ledger, a network, and digital transactions. As blockchain technology is used in supply chain management, it aids in the resolution of problems encountered during product transportation. Since this technology is still relatively new, there are no regulatory protocols in place to address problems that can arise when using it. Interoperability is another critical aspect that allows businesses to securely exchange data and information with suppliers, distributors, and vendors. Furthermore, as products get trapped in the supply chain, it improves transparency.
The increasing popularity of blockchain technology in retail and SCM, the need for supply chain transparency, and the rising demand for enhanced protection of supply chain transactions are the major factors in driving the blockchain in supply chain market.
Also, blockchain supply chain offerings enable pharmaceutical companies to decrease illegitimate activities, such as counterfeit drugs and illegal production of harmful medicines and improper stock control. However, the lack of knowledge on blockchain technology, network security risks, and unclear regulatory requirements are expected to limit the market growth.
Global Blockchain in Supply Chain Market, by Offering
Based on offering, the market is segmented into platform and services. The services segment is further segmented into technology advisory and consulting, deployment and integration, and support and maintenance. The platform segment is expected to dominate the market in 2021. This is due to increased adoption of blockchain systems to streamline supply chain processes. The platform segment is expected to grow significantly as a result of market players' introduction of affordable and diverse pricing plans.
Global Blockchain in Supply Chain Market, by Type
Based on type, the market is segmented into public, private, hybrid, and consortium. The public segment is expected to dominate the market during the forecast period. The public blockchain is a network on which any participant (node) can create transactions. It is intended for safe transactions between users while reducing the presence and associated costs of third parties during transactions. Because of these advantages, public blockchain is expected to witness increased use in supply chain systems.
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Nestle has recently announced the testing of public blockchain technology for streamlining its dairy supply chain. In this regard, the company has collaborated with OpenSC, an Australian blockchain company, to pursue assistance with blockchain solutions. Such collaborations are expected to fuel market growth during the forecast period.
Global Blockchain in Supply Chain Market, by Provider
Based on provider, the market is segmented into application providers, middleware providers, and infrastructure providers. The application providers segment is expected to have the fastest growth during the forecast period. The application providers are entities specialized in different protocol implementations. The application provider offers blockchain technologies that are expected to deliver high business value to companies by reducing transactional data duplication and providing periodic reconciliation and authentication for commercial and regulatory needs.
Global Blockchain in Supply Chain Market, by Application
Based on application, the market is segmented into asset tracking, counterfeit detection, payment and settlement, smart contracts, risk and compliance management, and others. The smart contract segment is projected to dominate the market during the forecast period. A smart contract is a supply chain computer protocol that digitally facilitates, verifies, or enforces the negotiation and performance of an agreement, allowing for easier tracking of shipments and deliveries. Organizations are now using blockchain in smart contracts, thereby fueling the blockchain demand in supply chain management. Smart contracts can aid in payment process automation for both online and offline transactions. It can save businesses time and money by eliminating the merchant (middleman) who charges a fee for transaction authentication.
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Global Blockchain in Supply Chain Market, by Organization Size
Based on organization size, the market is segmented into SMEs and large enterprises. The SMEs segment is projected to dominate the market during the forecast period. SMEs prefer cloud-based applications, as they are more versatile and cost effective. The use of a pay-as-you-go model by SMEs to manage IT infrastructure more flexibly based on their needs is expected to speed up the blockchain supply chain adoption. Furthermore, the need for efficient customer data protection, cost-cutting, and gaining a competitive advantage enables quick responses and timely decisions, which are expected to propel the blockchain supply chain market in SMEs.
Global Blockchain in Supply Chain Market, by Verticals
Based on vertical, the market is segmented into FMCG, retail and eCommerce, healthcare, manufacturing, transportation and logistics, oil, mining, and gas, and others. The FMCG segment is projected to dominate the market during the forecast period. Delivering the right product at the right time and in the right quantity is crucial in the FMGC market. Furthermore, the timely distribution of perishable products is a major challenge for any food and beverage distributor. As a result, real-time supply chain visibility has become critical for efficient FMCG supply chain execution and the prevention of unplanned costs. Blockchain supply chain platform and services provide FMCG companies with real-time supply chain visibility and reduced operating cost. This contributes to market growth.
Global Blockchain in Supply Chain Market, by Region
Based on region, the global blockchain in supply chain market is segmented as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is expected to dominate the global blockchain in supply chain market during the forecast period. In terms of technology adoption and infrastructure, North America is widely regarded as the most advanced region. The major factor contributing to market growth is the presence of key market players and on-going developments in blockchain technology. Also, the growth in data security concerns amongst retailers is another principal factor that can augment market growth in North America. Vendors can benefit from organizations in various industries, including manufacturing, healthcare, retail and consumer goods, and logistics.
The Asia Pacific region is projected to have significant growth during the forecast period. The blockchain in supply chain is widely used in the retail and consumer goods market. China and India have the highest growth in the e-commerce sector due to the higher population base. Furthermore, countries in this region are demonstrating a positive attitude towards adopting new technology, which is fueled by regional economic developments.
Some Noted Developments Considered in the Report:
- In April 2019, Volkswagen Group collaborated with IBM Corporation to monitor mineral supply chains using blockchain technology. This collaboration enabled Volkswagen to meet the sourcing standards set by the Organization for Economic Co-operation and Development (OECD).
- In June 2019, MIMOS collaborated with Oracle to leverage blockchain technology for greater transparency and trust.
- In January 2019, Logistics Company UPS made an undisclosed equity investment in Inception Corporation for the development of blockchain-based e-commerce solutions for B2B buyers and sellers.
- In October 2018, Oracle Blockchain Applications Cloud was launched to help customers increase trust and provide agility in transactions across their business networks.
COVID-19 Impact on Global Blockchain in Supply Chain Market
The QMI team has closely monitored the impact of COVID-19 on the global blockchain in supply chain market, and it is observed that the demand for blockchain in supply chain has negative impact during the pandemic time. According to a survey by the Supply Chain Media, the COVID-19 pandemic was having a clear impact on the supply chains of nearly all European manufacturers, wholesalers, and retailers.
However, the COVID-19 pandemic has resulted in a surge in eCommerce demand. To function efficiently in a pandemic, technologies such as artificial intelligence (AI) and machine learning (ML) are beginning to drive business innovation strategies, which has fueled the adoption of blockchain supply chain solutions among SMEs. Currently, blockchain is being used to ensure the proper delivery of the COVID-19 vaccine, as well as to keep track of vaccine maintenance and storage.
Some Major Findings of Global Blockchain in Supply Chain Market Include:
- Major global market trend, forecast analysis, and country-specific market analysis for up to 25 countries
- In-depth global blockchain in supply chain market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major key market players operating in the global blockchain in supply chain market, which include IBM, Microsoft, SAP, AWS, Oracle, Huawei, Guardtime, TIBCO Software, Bitfury, Interbit, Auxesis Group, VeChain, Chainvine, Digital Treasury Corporation, Datex Corporation, OpenXcell, Algorythmix, BlockVerify, and Applied Blockchain
- Competitive benchmarking, product offering details, growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that include analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global blockchain in supply chain market
- Impact of COVID-19 on the global blockchain in supply chain market
Browse key industry insights spread across 165 pages with 100 market data tables and 60 figures & charts from the report, “Blockchain in Supply Chain Market by Offering (Platform, Services), Type (Public, Private, and Hybrid and Consortium), Provider (Application Providers, Middleware Providers, Infrastructure Providers), Application (Asset Tracking, Counterfeit Detection, Payment And Settlement, Smart Contracts, Risk And Compliance Management, and Others), Organization Size (SMEs, Large Enterprises), Vertical (FMCG, Retail and eCommerce, Healthcare, Manufacturing, Transportation and Logistics, Oil, Mining, And Gas, and Others), and Region (North America, Europe, Asia-Pacific, the Middle East and Africa, and South America) — Market Size and Forecasting (2021–2030) in-depth analysis along with the table of contents (ToC).
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