Blockchain In Supply Chain Market Report
RA08493
Blockchain in Supply Chain Market by Component (Platform and Services), Application (Payment & Settlement, Inventory Management, Product Traceability, Compliance Management, and Others), End-use (Manufacturing, Retail, Transport & Logistics, Healthcare, Energy & Resources, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028
Global Blockchain in Supply Chain Market Forecast
The global blockchain in supply chain market size is predicted to garner a revenue of $14,884.4 million in the 2021–2028 timeframe, growing from $423.0 million in 2020, at a healthy CAGR of 57.4%.
Market Synopsis
The rise in demand for greater security in supply chain transactions, as well as the development of the e-commerce sector, are projected to drive the expansion of the blockchain in supply chain market.
However, during the forecast timeframe, the market is likely to be hampered by a lack of knowledge about blockchain technology and a scarcity of skilled labors.
According to the regional analysis of the market, the Asia-Pacific blockchain in supply chain market share is anticipated to grow at a CAGR of 58.2%, by generating a revenue of $4,063.4 million during the review period.
Blockchain in Supply Chain Market Overview
The blockchain is a digital database that contains immutable and authenticated transaction records. Every transaction on the network is recorded and made available for all entities or participants in the network to see and verify using blockchain technology, which operates as an open ledger (consortium blockchain). As a result, blockchain eliminates the requirement for information to be transferred between firms via mail or other forms of communication. The blockchain centralizes information sharing between businesses, ensuring supply chain management transparency at all levels. The highly technical nature of blockchain technology makes it difficult for businesses to understand it.
Covid-19 Impact on Blockchain in Supply Chain Market
The coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. Individuals, society, industry, and the global economy continue to be impacted by the COVID-19 situation around the world. During pandemic, it has been observed that demand for blockchain in supply chains has had a negative effect. According to a poll conducted by Supply Chain Media, the COVID-19 outbreak has had a significant impact on nearly all manufacturers, distributors, and retail industry. The COVID-19 pandemic, on the other hand, has resulted in a surge in eCommerce demand. Artificial intelligence (AI) and machine learning (ML) are being used to drive corporate innovation plan as part of a pandemic, which has fueled the adoption of blockchain supply chain solutions among SMEs.
Increase in the Need for Blockchain in supply chain is Anticipated to Drive the Market Growth
The logistics and supply chain management industries see a lot of transactions and data flow every day. Information about the authentication process, approvals, procurement data, fees, sales, certificates, and payments are all possible data sources. Supply chain organizations face a number of challenges, including increased speed, lower pricing, and continual monitoring of product flow and quality. Various supply chain management sector players have begun to embrace blockchain technology to increase corporate transparency and efficiency, as well as the overall experience of the final delivery phase. Incorporating blockchain technology with an SCM system avoids data manipulation, which is anticipated to be one of the primary driving forces behind the blockchain market's overall growth. Many agencies benefit from this technology because it allows transactions to be recorded on distributed ledgers, which improves transparency, fraud protection, and efficiency.
To know more about global blockchain in supply chain market insight, get in touch with our analysts here.
Lack of Awareness of Might Restrict the Blockchain in Supply Chain Market Growth
With technological improvements, regulatory agencies should evaluate what gaps exist in current rules & regulations and how certain gaps may affect total technology-enabled applications. In the blockchain supply chain market, regulatory uncertainty continues to be a source of concern. At the moment, a lack of rules is likely to be one of the most significant impediments to the adoption of blockchain technology, particularly for supply chain management (SCM) in several business verticals.
Increasing Need for Automation Supply is Expected to Increase the Blockchain in Supply Chain Market Opportunity
Supply chains can use blockchain technology that uses smart contracts to automate the process of storing data in a digital format that is exceedingly difficult to tamper with. The requirement for middlemen for transaction validations or agreements would be eliminated if blockchain technology were used in supply chain activities like supply chain transactions. Furthermore, blockchain technology synchronizes all transaction data across networks, allowing each participant to verify the work of others. It eliminates the need for middlemen by automating supply chain transactions and encouraging direct relationships between stakeholders. The extra benefit of blockchain technology is that, even when dealing with a large number of transactions and their associated data, each transaction can be reliably traced back to its source.
To know more about global blockchain in supply chain market opportunities, get in touch with our analysts here.
Blockchain in Supply Chain Market
By TypeBased on component, the blockchain in supply chain market has been segmented into Platform and services of which the Platform sub-segment is projected to generate the maximum revenue during the forecast period.
Source: Research Dive Analysis
The platform sub-segment is predicted to have a dominating market share in the global market and register a revenue of $9,443.7 million during the forecast period. This is due to the growing use of blockchain solutions to automate supply chain procedures. As a result of market competitors' provision of low and various price plans, the platform sub-segment is predicted to increase dramatically. Furthermore, it supports business agility directly by allowing rapid development and more frequent release of features. Continuous integration approaches and automatic application deployment are used to accomplish this agility.
Blockchain in Supply Chain Market
By ApplicationBased on application, the market has been divided into payment & settlement, inventory management, product traceability, compliance management, and other sub-segments of which the product traceability sub-segment is projected to grow at a faster CAGR during the forecast period.
Source: Research Dive Analysis
The product traceability sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $3,389.1 million by 2028, growing from $91.7 million in 2020, with a CAGR of 58.4%. For a multi-tier and multi-site production, traceability has arisen as a critical necessity. It provides visibility and meets the demands of consumers for transparency and quality assurance. The textile & garment business is one example of a sector that needs to incorporate traceability to address issues like information asymmetry and limited visibility.
Blockchain in Supply Chain Market
By End UseBased on end-use, blockchain in supply chain market is classified into Manufacturing, retail, transport & logistics, healthcare, energy & resources, and others. Among these, retail sub-segment is anticipated to be the fastest growing.
Source: Research Dive Analysis
The retail sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $1,868.8 million by 2028, growing from $50.0 million in 2020, with a CAGR of 58.6%. Due to increased adoption by retail operators to optimize their supply chain processes, the retail industry dominated the blockchain supply chain market share and is likely to continue to do so over the projection period. Furthermore, the need for blockchain supply chain services in the retail industry is likely to rise as a result of this.
Blockchain in Supply Chain Market
By RegionThe blockchain in supply chain market was inspected across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Market for Blockchain in supply chain in Asia-Pacific to be the Fastest Growing
Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $4,063.4 million by 2028, with a CAGR of 58.2%. With the early adoption of new technology, Asia-Pacific is becoming more technologically advanced. One of the greatest drivers of blockchain supply chain software and services in the region is the rising shift of APAC organizations toward leaner and agile supply chains with end-to-end visibility through the implementation of the latest technology.
Competitive Scenario in the Global Blockchain in Supply Chain Market
Product launches and mergers & acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading blockchain in supply chain market players are IBM, Microsoft, SAP SE, Oracle, Huawei, Guardtime, TIBCO Software, Bitfury, Interbit, and AWS.
Porter’s Five Forces Analysis for the Global Blockchain in supply chain Market:
- Bargaining Power of Suppliers: Blockchain in supply chain market contains moderate concentration of distributors & suppliers and therefore, the distributors & suppliers’ control is predicted to be reasonable, resulting in moderate bargaining power of dealers.
Thus, the bargaining power of the suppliers is considered to be moderate. - Bargaining Power of Buyers: Buyers might have average to no bargaining power, significantly because of moderate players functioning in the blockchain in supply chain market.
Therefore, the bargaining power of the buyer is moderate. - Threat of New Entrants: Companies entering the blockchain in supply chain market are adopting technological innovations such as artificial intelligence and machine learning to expand their business’s.
Therefore, the threat of the new entrants is high. - Threat of Substitutes: There are fewer alternate products for blockchain in supply chain. For instance, hedera and hashgraph.
Thus, the threat of substitutes is moderate. - Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including IBM, Microsoft, and SAP SE. These companies are strengthening their footprint worldwide.
Therefore, competitive rivalry in the market is high.
| Aspect | Particulars |
| Historical Market Estimations | 2019-2020 |
| Base Year for Market Estimation | 2020 |
| Forecast Timeline for Market Projection | 2021-2028 |
| Geographical Scope | North America, Europe, Asia-Pacific, LAMEA |
| Segmentation by Component |
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| Segmentation by Application |
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| Segmentation by End-Use |
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| Key Companies Profiled |
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Q1. What is the size of the global blockchain in supply chain market?
A. The size of the global blockchain in supply chain market was over $423.0 million in 2020 and is projected to reach $14,884.4 million by 2028.
Q2. Which are the major companies in the blockchain in supply chain market?
A. IBM, Microsoft, SAP SE are some of the key players in the global blockchain in supply chain market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific blockchain in supply chain market?
A. Asia-Pacific blockchain in supply chain market is anticipated to grow at 58.2% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Technological development and strategic partnerships are the key strategies opted by the operating companies in this market.
Q6. What is Blockchain in supply chain?
A. Blockchain is computing technology that allows users to record, validate, and distribute transactions in immutable, encrypted ledgers in real time. Moreover, in supply chain industry blockchain allows all the stakeholders to have access to the same data, potentially minimizing communication and data transfer problems.
Q7. Which companies use Blockchain in supply chain?
A. The key companies using blockchain technology in supply chain includes Walmart, Ford, UPS, De Beers, and FedEx.
Q8. What problems does the blockchain solve?
A. Blockchain in supply chain can help streamline administrative processes, reduce costs by allowing an effective audit of supply chain data, and prevent fraud in high-value items like diamonds and medicinal medications by increasing supply chain transparency.
Q9. Can the blockchain be hacked?
A. Yes, according to recent events, blockchain technology can be hacked where hackers are able to rewrite the transaction history and gain control over the computing power.
Q10. Is blockchain better than cloud?
A. Unlike traditional database architecture such as cloud, which stores data on a centralized server, blockchain stores data on all participants' workstations. The blockchain is stored, calculated, and updated by each computer in the network. Thus blockchain is stronger and better that cloud systems because of its decentralized architecture.
Q11. What are the major blockchain supply chain service types?
A. Technology Advisory & consulting, deployment & integration, and support and maintenance are the major blockchain supply chain service types.
1.Research Methodology
1.1.Desk Research
1.2.Real time insights and validation
1.3.Forecast model
1.4.Assumptions and forecast parameters
1.4.1.Assumptions
1.4.2.Forecast parameters
1.5.Data sources
1.5.1.Primary
1.5.2.Secondary
2.Executive Summary
2.1.360° summary
2.2.By component trends
2.3.By application trends
2.4.By end use trends
3.Market overview
3.1.Market segmentation & definitions
3.2.Key takeaways
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.4.Market dynamics
3.4.1.Drivers
3.4.2.Restraints
3.4.3.Opportunities
3.5.Technology landscape
3.6.Regulatory landscape
3.7.Patent landscape
3.8.Pricing overview
3.8.1.by component
3.8.2.by application
3.8.3.By end use
3.9.Market value chain analysis
3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.3.Manufacturing process
3.9.4.Distribution Channel analysis
3.9.5.Operating vendors
3.9.5.1.Raw material suppliers
3.9.5.2.Product manufacturers
3.9.5.3.Product distributors
3.10.Strategic overview
4.Blockchain in supply chain Market, by component
4.1.Platform
4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028
4.2.Services
4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028
5.Blockchain in supply chain Market, by application
5.1.Payment & Settlement
5.1.1.Market size and forecast, by region, 2020-2028
5.1.2.Comparative market share analysis, 2020 & 2028
5.2.Inventory Management
5.2.1.Market size and forecast, by region, 2020-2028
5.2.2.Comparative market share analysis, 2020 & 2028
5.3.Product Traceability
5.3.1.Market size and forecast, by region, 2020-2028
5.3.2.Comparative market share analysis, 2020 & 2028
5.4.Compliance Management
5.4.1.Market size and forecast, by region, 2020-2028
5.4.2.Comparative market share analysis, 2020 & 2028
5.5.Others
5.5.1.Market size and forecast, by region, 2020-2028
5.5.2.Comparative market share analysis, 2020 & 2028
6.Blockchain in supply chain Market, by End use
6.1.Manufacturing
6.1.1.Market size and forecast, by region, 2020-2028
6.1.2.Comparative market share analysis, 2020 & 2028
6.2.Retail
6.2.1.Market size and forecast, by region, 2020-2028
6.2.2.Comparative market share analysis, 2020 & 2028
6.3.Transport & Logistics
6.3.1.Market size and forecast, by region, 2020-2028
6.3.2.Comparative market share analysis, 2020 & 2028
6.4.Healthcare
6.4.1.Market size and forecast, by region, 2020-2028
6.4.2.Comparative market share analysis, 2020 & 2028
6.5.Energy & Resources
6.5.1.Market size and forecast, by region, 2020-2028
6.5.2.Comparative market share analysis, 2020 & 2028
6.6.Others
6.6.1.Market size and forecast, by region, 2020-2028
6.6.2.Comparative market share analysis, 2020 & 2028
7.Blockchain in supply chain Market, by Region
7.1.North America
7.1.1.Market size and forecast, by component, 2020-2028
7.1.2.Market size and forecast, by application, 2020-2028
7.1.3.Market size and forecast, by end use, 2020-2028
7.1.4.Market size and forecast, by country, 2020-2028
7.1.5.Comparative market share analysis, 2020 & 2028
7.1.6.U.S.
7.1.6.1.Market size and forecast, by component, 2020-2028
7.1.6.2.Market size and forecast, by application, 2020-2028
7.1.6.3.Market size and forecast, by end use, 2020-2028
7.1.6.4.Market size and forecast, by country, 2020-2028
7.1.6.5.Comparative market share analysis, 2020 & 2028
7.1.7.Canada
7.1.7.1.Market size and forecast, by component, 2020-2028
7.1.7.2.Market size and forecast, by application, 2020-2028
7.1.7.3.Market size and forecast, by end use, 2020-2028
7.1.7.4.Market size and forecast, by country, 2020-2028
7.1.7.5.Comparative market share analysis, 2020 & 2028
7.1.8.Mexico
7.1.8.1.Market size and forecast, by component, 2020-2028
7.1.8.2.Market size and forecast, by application, 2020-2028
7.1.8.3.Market size and forecast, by end use, 2020-2028
7.1.8.4.Market size and forecast, by country, 2020-2028
7.1.8.5.Comparative market share analysis, 2020 & 2028
7.2.Europe
7.2.1.Market size and forecast, by component, 2020-2028
7.2.2.Market size and forecast, by application, 2020-2028
7.2.3.Market size and forecast, by end use, 2020-2028
7.2.4.Market size and forecast, by country, 2020-2028
7.2.5.Comparative market share analysis, 2020 & 2028
7.2.6.Germany
7.2.6.1.Market size and forecast, by component, 2020-2028
7.2.6.2.Market size and forecast, by application, 2020-2028
7.2.6.3.Market size and forecast, by end use, 2020-2028
7.2.6.4.Market size and forecast, by country, 2020-2028
7.2.6.5.Comparative market share analysis, 2020 & 2028
7.2.7.UK
7.2.7.1.Market size and forecast, by component, 2020-2028
7.2.7.2.Market size and forecast, by application, 2020-2028
7.2.7.3.Market size and forecast, by end use, 2020-2028
7.2.7.4.Market size and forecast, by country, 2020-2028
7.2.7.5.Comparative market share analysis, 2020 & 2028
7.2.8.France
7.2.8.1.Market size and forecast, by component, 2020-2028
7.2.8.2.Market size and forecast, by application, 2020-2028
7.2.8.3.Market size and forecast, by end use, 2020-2028
7.2.8.4.Market size and forecast, by country, 2020-2028
7.2.8.5.Comparative market share analysis, 2020 & 2028
7.2.9.Italy
7.2.9.1.Market size and forecast, by component, 2020-2028
7.2.9.2.Market size and forecast, by application, 2020-2028
7.2.9.3.Market size and forecast, by end use, 2020-2028
7.2.9.4.Market size and forecast, by country, 2020-2028
7.2.9.5.Comparative market share analysis, 2020 & 2028
7.2.10.Spain
7.2.10.1.Market size and forecast, by component, 2020-2028
7.2.10.2.Market size and forecast, by application, 2020-2028
7.2.10.3.Market size and forecast, by end use, 2020-2028
7.2.10.4.Market size and forecast, by country, 2020-2028
7.2.10.5.Comparative market share analysis, 2020 & 2028
7.2.11.Rest of Europe
7.2.11.1.Market size and forecast, by component, 2020-2028
7.2.11.2.Market size and forecast, by application, 2020-2028
7.2.11.3.Market size and forecast, by end use, 2020-2028
7.2.11.4.Market size and forecast, by country, 2020-2028
7.2.11.5.Comparative market share analysis, 2020 & 2028
7.3.Asia-Pacific
7.3.1.Market size and forecast, by component, 2020-2028
7.3.2.Market size and forecast, by application, 2020-2028
7.3.3.Market size and forecast, by end use, 2020-2028
7.3.4.Market size and forecast, by country, 2020-2028
7.3.5.Comparative market share analysis, 2020 & 2028
7.3.6.China
7.3.6.1.Market size and forecast, by component, 2020-2028
7.3.6.2.Market size and forecast, by application, 2020-2028
7.3.6.3.Market size and forecast, by end use, 2020-2028
7.3.6.4.Market size and forecast, by country, 2020-2028
7.3.6.5.Comparative market share analysis, 2020 & 2028
7.3.7.Japan
7.3.7.1.Market size and forecast, by component, 2020-2028
7.3.7.2.Market size and forecast, by application, 2020-2028
7.3.7.3.Market size and forecast, by end use, 2020-2028
7.3.7.4.Market size and forecast, by country, 2020-2028
7.3.7.5.Comparative market share analysis, 2020 & 2028
7.3.8.India
7.3.8.1.Market size and forecast, by component, 2020-2028
7.3.8.2.Market size and forecast, by application, 2020-2028
7.3.8.3.Market size and forecast, by end use, 2020-2028
7.3.8.4.Market size and forecast, by country, 2020-2028
7.3.8.5.Comparative market share analysis, 2020 & 2028
7.3.9.South Korea
7.3.9.1.Market size and forecast, by component, 2020-2028
7.3.9.2.Market size and forecast, by application, 2020-2028
7.3.9.3.Market size and forecast, by end use, 2020-2028
7.3.9.4.Market size and forecast, by country, 2020-2028
7.3.9.5.Comparative market share analysis, 2020 & 2028
7.3.10.Australia
7.3.10.1.Market size and forecast, by component, 2020-2028
7.3.10.2.Market size and forecast, by application, 2020-2028
7.3.10.3.Market size and forecast, by end use, 2020-2028
7.3.10.4.Market size and forecast, by country, 2020-2028
7.3.11.Rest of Asia Pacific
7.3.11.1.Market size and forecast, by component, 2020-2028
7.3.11.2.Market size and forecast, by application, 2020-2028
7.3.11.3.Market size and forecast, by end use, 2020-2028
7.3.11.4.Market size and forecast, by country, 2020-2028
7.3.11.5.Comparative market share analysis, 2020 & 2028
7.4.LAMEA
7.4.1.Market size and forecast, by component, 2020-2028
7.4.2.Market size and forecast, by application, 2020-2028
7.4.3.Market size and forecast, by end use, 2020-2028
7.4.4.Market size and forecast, by country, 2020-2028
7.4.5.Comparative market share analysis, 2020 & 2028
7.4.6.Latin America
7.4.6.1.Market size and forecast, by component, 2020-2028
7.4.6.2.Market size and forecast, by application, 2020-2028
7.4.6.3.Market size and forecast, by end use, 2020-2028
7.4.6.4.Market size and forecast, by country, 2020-2028
7.4.6.5.Comparative market share analysis, 2020 & 2028
7.4.7.Middle East
7.4.7.1.Market size and forecast, by component, 2020-2028
7.4.7.2.Market size and forecast, by application, 2020-2028
7.4.7.3.Market size and forecast, by end use, 2020-2028
7.4.7.4.Market size and forecast, by country, 2020-2028
7.4.7.5.Comparative market share analysis, 2020 & 2028
7.4.8.Africa
7.4.8.1.Market size and forecast, by component, 2020-2028
7.4.8.2.Market size and forecast, by application, 2020-2028
7.4.8.3.Market size and forecast, by end use, 2020-2028
7.4.8.4.Market size and forecast, by country, 2020-2028
7.4.8.5.Comparative market share analysis, 2020 & 2028
8.Company profiles
8.1.IBM
8.1.1.Business overview
8.1.2.Financial performance
8.1.3.Product portfolio
8.1.4.Recent strategic moves & developments
8.1.5.SWOT analysis
8.2.Micrsoft
8.2.1.Business overview
8.2.2.Financial performance
8.2.3.Product portfolio
8.2.4.Recent strategic moves & developments
8.2.5.SWOT analysis
8.3.SAP SE
8.3.1.Business overview
8.3.2.Financial performance
8.3.3.Product portfolio
8.3.4.Recent strategic moves & developments
8.3.5.SWOT analysis
8.4.Oracle
8.4.1.Business overview
8.4.2.Financial performance
8.4.3.Product portfolio
8.4.4.Recent strategic moves & developments
8.4.5.SWOT analysis
8.5.Huawei
8.5.1.Business overview
8.5.2.Financial performance
8.5.3.Product portfolio
8.5.4.Recent strategic moves & developments
8.5.5.SWOT analysis
8.6.GuardTime
8.6.1.Business overview
8.6.2.Financial performance
8.6.3.Product portfolio
8.6.4.Recent strategic moves & developments
8.6.5.SWOT analysis
8.7.TIBCO Software
8.7.1.Business overview
8.7.2.Financial performance
8.7.3.Product portfolio
8.7.4.Recent strategic moves & developments
8.7.5.SWOT analysis
8.8.Bitfury
8.8.1.Business overview
8.8.2.Financial performance
8.8.3.Product portfolio
8.8.4.Recent strategic moves & developments
8.8.5.SWOT analysis
8.9.Interbit
8.9.1.Business overview
8.9.2.Financial performance
8.9.3.Product portfolio
8.9.4.Recent strategic moves & developments
8.9.5.SWOT analysis
8.10.AWS
8.10.1.Business overview
8.10.2.Financial performance
8.10.3.Product portfolio
8.10.4.Recent strategic moves & developments
8.10.5.SWOT analysis
Blockchain is a distributed peer-to-peer (P2P) technology combining a network, a shared ledger, and digital transactions. Blockchain technology when used in supply chain management (SCM) aids in the resolution of various problems faced during product transportation. The blockchain integrates the information sharing within enterprises and thus ensures transparency at all levels of SCM. Presently there are no protocols in place to address the problems that may arise when using blockchain technology. Interoperability is one of the many critical aspect that allow businesses to securely exchange information and data with suppliers, vendors, and distributors.
Blockchain technology is gaining huge popularity in SCM and retail. In addition, the rising need for supply chain transparency and the growing demand for better and enhanced protection of supply chain transactions are the factors driving the blockchain in supply chain market growth.
COVID-19 Impact on Blockchain in Supply Chain Market
The outbreak of COVID-19 across the globe has moderately impacted the global blockchain in supply chain market. This is mainly due to the lockdown restrictions like curfews imposed by various governments in most countries and the increase in business insurance prices across the globe. Despite the lockdown restrictions, the blockchain in supply chain market has found its way to upswing its recessionary curve with new strategies and methods. For example, blockchain in supply chain is greatly used in the manufacture of COVID-19 vaccines worldwde. Thus, the blockchain in supply chain has been affected moderately due to the coronavirus outbreak.
Blockchain in Supply Chain Market Trends and Developments
The companies operating in the global industry are executing and adopting various growth strategies and business tactics such as company collaborations, partnerships, business expansion, product launches, and others to obtain a leading position in the global industry, which is predicted to drive the global blockchain in supply chain market growth in the upcoming years.
In June 2019, MIMOS Berhad, the National applied R&D Centre in Malaysia, entered into a collaboration with Oracle, an American multinational computer technology corporation, to leverage blockchain technology for trust and greater transparency. MIMOS approached Oracle to use its Oracle Blockchain Platform to streamline various processes with an aim of broadening its experimentation and improving the ease of doing business in Malaysia.
In October 2019, IBM, an American multinational technology corporation, announced the launch 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. Through the use of open Application programming interface (APIs), the new Supply Chain Suite allows manufacturers, distributors, and retailers to integrate their own data and networks.
In July 2021, Global Shipping Business Network (GSBN), the Hong Kong-incorporated consortium, announced the launch of its blockchain-enabled operating system. This system is specifically designed to modernize and improve global trade efficiency in China. The adoption of blockchain technology is a part of China’s push to digitalize its industries, including logistics & supply chains, to ensure that the nation continue to work as effectively and efficiently as possible.
Forecast Analysis of Global Market
The global blockchain in supply chain market is projected to witness an exponential growth during the forecast period, owing to the rising need for automation supply around the world. In addition, the lucrative rise in the number of smartphine users and mobile subscribers worldwide has led to a major portion of the population purchasing goods & services using smartphones and other gadgets, which is expected to create huge growth opportunity for the global market in the coming future. Conversely, the lack of knowledge related to blockchain technology and a shortage of skilled labors are the factors expected to hamper the market growth in the projected timeframe.
The increasing demand for supply chain transparency and the benefits associated with blockchain supply chains, such as provenance tracking, cost reductions, the avoidance of burdensome record-keeping, and customer trust are the significant factors and blockchain in supply chain market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global blockchain in supply chain market is expected to garner $14,884.4 million during the forecast period (2021-2028).
Regionally, the Asia Pacific is estimated to observe the fastest growth in the global industry over the forecast period, owing to the implementation of latest technology coupled with the increasing shift of APAC organizations toward agile and leaner supply chains. Some of the key players functioning in the global market include IBM, SAP SE, Microsoft, Oracle, Guardtime, Huawei, TIBCO Software, Interbit, Bitfury, and AWS.
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