NEW YORK, – As per Zion Market Research study, The Global Blockchain Technology in Supply Chain Management Market was worth around USD 262.9 million in 2021 and is estimated to grow to about USD 3153.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 51.3 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Blockchain Technology in Supply Chain Management Market Reports:
- As per the analysis shared by our research analyst, the Blockchain Technology in Supply Chain Management Market is expected to grow annually at a CAGR of around 51.3 % (2022-2028).
- Through the primary research, it was established that the Blockchain Technology in Supply Chain Management Market was valued approximately USD 262.9 Million in 2021 and is projected to reach to roughly USD 3153.7 Million by 2028.
- North America leads the global market as it is an early adopter of blockchain technology and is home to the greatest number of blockchain startups worldwide.
- Asia-Pacific Region is expected to be a huge contributor to the fastest-growing region in the forecast period.
Blockchain Technology in Supply Chain Management Market: Overview
The blockchain is the record of a digital database of absolute and validated transactions. Blockchain is an open ledger in which every transaction on the network is recorded and is made available for all the entities or participants involved to see and validate. This ensures transparency and eliminates communication via mail or any other platform. The need to eliminate intermediaries is increasing which has led to automating supply chain operations. Instead of coins, supply chain blockchains tokenize a variety of transaction-related data, creating unique and readily verifiable identifiers for purchase orders, inventory units, bills of lading, etc.
Blockchain technology has huge scope and is set to help procurement organizations in all industries lower their costs and improve performance by increasing security and visibility to tracking complex variables related to sustainability and proper sourcing. This technology has dominated the overall blockchain supply chain market in 2021 and is anticipated to remain dominant during the forecast period, due to an increase in the adoption of blockchain platforms to streamline the supply chain processes.
Industry Dynamics:
Blockchain Technology in Supply Chain Management Market: Growth Dynamics
Driver: The increasing popularity of blockchain technology in retail and SCM.
A growing number of retailers are recognizing the potential of blockchain technology. This industry witnesses several transactions each day, along with the exchange of information daily. The information may include authentication process information, procurement data, sales, fees, certifications, approvals, and disbursements. The amalgamation of blockchain technology with an SCM system avoids data manipulation, which is expected to be one of the biggest driving factors for the overall growth of the blockchain market.
Restraints: Uncertain regulatory status and standards.
Regulatory uncertainty is among the top barriers to the adoption of blockchain implementations across global industries. With technological developments, regulatory bodies need to understand what the current regulations system lack and how these can impact the overall technology-enabled applications. Blockchain technology is still at a developing stage, which raises a number of questions and concerns related to security and authenticity at all levels. Owing to issues such as standardization, the regulatory status of blockchain technology remains uncertain.
Global Blockchain Technology in Supply Chain Management Market: Segmentation
Based on offering, the market is distinguished into platform and services. The services segment is further divided into technology advisory and consulting deployment and integration, and support and maintenance. The platform segment is expected to dominate the market in 2021. The platform segment is expected to grow significantly as a result of market players’ introduction of affordable and diverse pricing plans. This is because of the increased adoption of blockchain systems to streamline supply chain processes.
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 applicant can create transactions. It is made for safe transactions between users while reducing the presence and costs of third parties during transactions. Because of these advantages, public blockchain is expected to witness increased use in supply chain systems. Moreover, a private blockchain is managed by a network administrator and participants need consent to join the network. A hybrid blockchain is a unique type of blockchain technology that integrates components of both public and private blockchain or basically tries to utilize the ideal part of both public and private blockchain solutions. A consortium blockchain is a hybrid form of public and private blockchains. Consortium blockchain providers will always try to offer the fastest output compared to public blockchains.
Recent Developments
- In October 2018, Oracle Blockchain Applications Cloud was launched to help customers increase trust and provide agility in transactions across their business networks.
- In September 2018, NITI Aayog and Oracle signed a Statement of Intent (SoI) to pilot a real drug supply chain using blockchain distributed ledger and IoT software in order to fight the growing problem of counterfeit drugs in India.
List of Key Players of Blockchain Technology in Supply Chain Management Market:
- IBM (US)
- Microsoft (US)
- SAP (Germany)
- AWS (US)
- Oracle (US)
- Huawei (China)
- Guardtime (Estonia)
- TIBCO Software (US)
- Bitfury (The Netherlands)
- Interbit (Canada)
- Auxesis Group (India)
- VeChain (China)
- Chainvine (UK)
- Digital Treasury Corporation (China)
- Datex Corporation (US)
- OpenXcell (US)
- Algorythmix (India)
- BlockVerify (UK)
- Applied Blockchain (UK).
Key questions answered in this report:
- What are the growth rate forecast and market size for Blockchain Technology in Supply Chain Management Market?
- What are the key driving factors propelling the Blockchain Technology in Supply Chain Management Market forward?
- What are the most important companies in the Blockchain Technology in Supply Chain Management Market Industry?
- What segments does the Blockchain Technology in Supply Chain Management Market cover?
- How can I receive a free copy of the Blockchain Technology in Supply Chain Management Market sample report and company profiles?
Regional Dominance:
- The increased shift of Asia-Pacific enterprises toward slimmer and agile supply chains.
North America leads the global market as it is an early adopter of blockchain technology and is home to the greatest number of blockchain startups worldwide. The presence of strict regulations and trade agreements related to the supply chain across the region is also a driver of the blockchain supply chain here. Asia-Pacific Region is expected to be a huge contributor to the fastest-growing region in the forecast period. The increased shift of Asia-Pacific enterprises toward slimmer and agile supply chains with end-to-end visibility by the adoption of the latest technologies is also one of the biggest drivers of blockchain supply chain software and services in the region.
Global Blockchain Technology in Supply Chain Management Market is segmented as follows:
Blockchain Technology in Supply Chain Management Market: By Offering Outlook (2022-2028)
- Platform
- Services
Blockchain Technology in Supply Chain Management Market: By Type Outlook (2022-2028)
- Public
- Private
- Hybrid and Consortium
Blockchain Technology in Supply Chain Management Market: By Providers Outlook (2022-2028)
- Application Providers
- Middleware Providers
- Infrastructure Providers
Blockchain Technology in Supply Chain Management Market: By Application Outlook (2022-2028)
- Asset Tracking
- Counterfeit Detection
- Payment and Settlement
- Smart contracts
- Risk and Compliance Management
- Others (Inventory Control and Reward Management)
Blockchain Technology in Supply Chain Management Market: By Organization Size Outlook (2022-2028)
- SMEs
- Large enterprises
Blockchain Technology in Supply Chain Management Market: By Verticals Outlook (2022-2028)
- FMCG
- Retail and eCommerce
- Healthcare
- Manufacturing
- Transportation and Logistics
- Oil, Mining, and Gas
- Others (Construction, Agriculture, and Automobile)
Blockchain Technology in Supply Chain Management Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Source: Zion Market Research
