Dublin, Sept. 01, 2023 (GLOBE NEWSWIRE) -- The "Blockchain Supply Chain Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Blockchain Supply Chain Market size is expected to grow from USD 0.56 billion in 2023 to USD 4.21 billion by 2028, at a CAGR of 49.87% during the forecast period (2023-2028).
A growing requirement for supply chain transparency and surging demand for heightened security of supply chain transactions are significant growth factors for the market. Increased automation and removal of intermediaries with blockchain in supply chain management would generate possibilities for market growth.
Key Highlights
The platform component part dominated the overall blockchain supply chain market and is anticipated to remain aggressive due to an increase in the adoption of blockchain platforms to streamline the supply chain processes. The segment is anticipated to observe significant growth in the upcoming years due to the advent of affordable and diverse pricing plans offered by market players.
Companies should continue to monitor the players in their market that have started experimenting with blockchain as it develops traction. Blockchain greatly benefits from the network effect; once a critical mass forms in a supply chain, it is simpler for new participants to join and reap the benefits. Companies could observe competitors and other supply chain participants for clues on when to develop a blockchain prototype.
Forward-thinking companies are planning to invest when blockchain gets to the point where it can deliver value. However, blockchain has yet to provide full value beyond food or pharmaceutical applications. As a result, only 6% of supply chain leaders consider blockchain to be a high priority, according to Kenco Group.
Blockchain Supply Chain Market Trends
Retail & Consumer Goods to Dominate the Market
The retail industry controls the blockchain supply chain market share. It is supposed to remain dominant due to a surge in adoption by retail players to streamline their supply chain processes. Moreover, blockchain assures quality, product safety, reliability, and authenticity, along with enabling supply chain partners to know about their product location. These determinants drive market growth for blockchain in the retail industry.
Counterfeit sneakers make up about 40% of the estimated USD 600 billion global fake fashion industry. The traditional methods manufacturers have used to assure authenticities, such as seals and certificates, can themselves be counterfeited. But retailers are beginning to implement blockchain technology to solve the counterfeiting problem.
An increase in demand for transparent transactions and smart contracts is the key factor driving the market growth for blockchain in the retail industry. Smart Contracts can help in automating payment processes for online as well as offline transactions. It can save time and cost for companies by removing the merchant (middleman), who charges extra for authenticating the transaction.
The retail industry, owing to the rise in adoption by retail players to streamline their supply chain processes, is anticipated to dominate the blockchain supply chain market. For instance, in a survey by Eyefortransport Ltd. (left), the most significant share of spending was directed toward understanding the technology, with 38.2% of retailers, brands & manufacturers, and 55.3% of logistics service providers stating that they spent money on blockchain in the supply chain area.
Blockchain technologies not only enhance supply chain automation and minimize human intervention but also provide high traceability, allowing one to track goods in real time through all supply chain stages and store all necessary data on a decentralized ledger. With blockchain's high traceability characteristic, vendor conflicts, which are most frequent in retail enterprises, can be quickly resolved because all information linked to the source of disputes will be readily accessible to all.
North America to Drive the Market
North America is recognized as the most advanced region in terms of technology appropriation and infrastructure. The broad behavior of principal industry players of blockchain technology solutions in this region is the primary driving determinant. Organizations across industry verticals, such as manufacturing, healthcare, retail and consumer goods, and logistics, provide essential growth opportunities for vendors.
North America commanded the global market and is anticipated to remain aggressive during the blockchain in the retail market forecast period due to the presence of major market players and ongoing developments in blockchain technology. The growth in data security concerns amongst retailers is also the principal factor that is supposed to feed the market growth in this area in the coming years.
Blockchain Supply Chain Industry Overview
The Blockchain Supply Chain Market is moderately competitive, and the ecosystem comprises some major vendors, such as IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and AWS Inc., among others.
Notable players in the market adopt advanced strategies such as collaboration, mergers and acquisitions, and partnerships that help them get a larger share of the global market. Many businesses are anticipated to enter the market shortly with the expected profitable growth of the market.
A selection of companies mentioned in this report includes
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- Amazon Web Services Inc.
- Huawei Technologies Co., Ltd.
- TIBCO Software Inc.
- Auxesis Group
- Guardtime Inc.
- BTL Group
- Bitfury Group Limited.
- Omnichain Inc.
- VeChain Foundation
- Accenture PLC
- Digital Treasury Corporation
For more information about this report visit https://www.researchandmarkets.com/r/irb82r
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