New York USA, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global blockchain in supply chain market is likely to register a revenue of $14,884.4 million by 2028, at a CAGR of 57.4% during the forecast period from 2021 to 2028. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global blockchain in supply chain market are:
- IBM
- SAP SE
- Microsoft
- Oracle
- Guardtime
- Huawei
- TIBCO Software
- Interbit
- Bitfury
- AWS.
These players are implementing several strategies to gain a chief position in the global industry.
Market Dynamics
As per the analysts of Research Dive, the growing need and increasing demand for incorporating blockchain technology in supply chain to increase corporate transparency, efficiency, and the overall experience of the final delivery phase is the major factor anticipated to accelerate the growth of the global blockchain in supply chain market over the forecast period. Incorporation of blockchain technology with an SCM system avoids data manipulation and many agencies benefit from this technology as it allows transactions to be recorded on distributed ledgers, which improves efficiency, transparency, and fraud protection.
Moreover, the rising need for automation in supply chain management is predicted to create massive growth opportunities for the blockchain in supply chain market by 2028. However, the lack of awareness about blockchain technology and the scarcity of skilled labors are factors that may restrict the market growth in the coming years.
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COVID-19 Impact on the Global Market
The outbreak of COVID-19 pandemic has adversely affected the blockchain in supply chain market growth. This is mainly due to the restrictions and lockdowns in many parts of the world, which disrupted the supply chain. According to Supply Chain Media poll, the COVID-19 outbreak has had a major impact on nearly all distributors, manufacturers, and retail industry. However, the pandemic has resulted in a surge in eCommerce demand.
Platform Sub-segment to Hold the Largest Market Share
By type, the platform sub-segment is projected to have a dominating market share and register a revenue of $9,443.7 by 2028. This is majorly due to the growing usage of blockchain solutions to automate supply chain procedures. Besides, platforms support business agility directly by releasing more frequent features and allowing rapid development.
Product Traceability Sub-segment to be Most Lucrative
By application, the product traceability sub-segment valued for $91.7 million in 2019 and is projected to witness significant growth by 2028. The prominent growth of the sub-segment can be attributed to the rising need for traceability for a multi-tier and multi-site production as it provides visibility and meets the consumer’s demand for transparency and quality assurance.
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Retail Sub-segment to be Most Profitable
By end use, the retail sub-segment garnered a revenue of $50.0 million in 2020 and is expected to reach up to $1,868.8 million during the forecast period. The increased adoption of blockchain technology by retail operators to optimize their supply chain processes along with the rising need for blockchain supply chain services in the retail industry are the factors expected to boost the sub-segment’s growth in the blockchain in supply chain market.
Asia-Pacific Region to Observe Fastest Growth
By region, the Asia-Pacific blockchain in supply chain market is predicted to account for $4,063.4 million by 2028 and witness fastest growth over the forecast period. This growth is attributed to the early adoption of new technology and the increasing shift of APAC organizations towards agile and leaner supply chains with end-to-end visibility in the region.
For instance, in October 2019, IBM, a leading multinational technology corporation, launched of ‘Sterling Supply Chain Suite,’ a new supply chain service based on open-source software acquired from Red Hat and IBM’s own blockchain platform.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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