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

High Tech, Enterprise & Consumer IT

IC21098493

Pages: 241

Sep 2021

Reports Overview

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.

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