New York, USA, April 05, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in the Supply Chain Market Information by Application, by Vendor, by Vertical and by Region – Forecast to 2030” value is poised to grow at 45.55% CAGR and the market will reach USD 17.15 billion by 2030.
Blockchain in the supply chain industry key players
Prominent industry players in the global blockchain in supply chain market report include
- IBM Corporation
- Ripple
- Chain Inc
- Microsoft Corporation
- Coin base
- Blockchain Tech Ltd
- Earthport PLC
- Abra Inc
- Bitfury Group
- Deloitte Inc
- Digital Asset Holdings
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Scope of Blockchain in Supply Chain Market Report:
| Report calculation | Details |
| Market size | USD 17.15 billion |
| CAGR | 45.55% |
| Key suppliers | IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc, Bitfury Group, Deloitte Inc, Digital Asset Holdings |
| Important market opportunities | Increasing need to automate supply chain operations and cut out middlemen |
| Important market drivers | Increased use of blockchain in retail and SCM |
Drivers
Increased use of blockchain in SCM and retail to increase market growth
There is a daily flow of information and many transactions in the retail and SCM businesses. A few examples of the kind of information that can be included in the data are data on purchases, fees, approvals, sales, certifications and payments. Reduced prices, increased speed and continuous monitoring of quality and product flow are challenges for companies in the supply chain industry. To increase the efficiency and transparency of the company’s operations and the final delivery procedure as a whole, several participants in the SCM industry have begun to integrate blockchain technology.
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Possibilities
Increasing demand from the healthcare sector to offer robust options
Increasing demand for blockchain in the healthcare sector will offer robust opportunities for this market during the forecast period. Blockchain technology is used by healthcare providers to continuously monitor and manage the production and delivery of healthcare items. In addition, blockchain supply chain solutions help pharmaceutical organizations reduce illegal activities such as the manufacture of dangerous drugs and counterfeit drugs as well as poor inventory management.
Limitations and challenges
Uncertain regulatory standards to act as market restraint
Uncertain regulatory standards and status, lack of legislation, stringent laws and lack of awareness may act as market restraints over the forecast period.
Market segmentation
The blockchain in the supply chain market is twofold based on vertical, design and application.
If applied, counterfeit detection will lead the market over the forecast period.
By design, application and solution providers will dominate the market over the forecast period.
By vertical, retail and consumer goods will lead the market over the forecast period.
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COVID-19 analysis
Shutdowns caused by the COVID-19 epidemic have affected every link in the supply chain in the North American region and have locked down economies. In order to produce items such as PPE kits and other necessary medical supplies, many businesses have changed their normal manufacturing procedures. The COVID-19 outbreak is having an effect on the supply chains of virtually all European distributors, manufacturers and retailers, according to a study of 143 supply chain decision makers in Europe by Supply Chain Media. To ensure proper allocation of the COVID-19 vaccine, blockchain is used to maintain accurate data on vaccine storage and maintenance.
Regional analysis
North America will lead Blockchain in growth in the supply chain
North America took the largest share of the market in 2021. The region with the most advanced infrastructure and the use of technology is believed to be North America. The behavior of the major providers of blockchain technology solutions as a whole will ultimately determine this field. Companies across a range of sectors, such as manufacturing, retail and consumer products, healthcare and logistics, offer a crucial opportunity for supplier growth. Due to technology development and an increasing emphasis on improving the efficiency of supply chain operations, including logistics, warehousing, fulfillment, manufacturing and transportation management, there is a growing need for a blockchain supply chain in this region. The region’s growing use of new technologies, the presence of a number of manufacturing facilities, and the significant retail chains all contribute to the region’s adoption of the blockchain supply chain. The region’s blockchain supply chain market is expected to increase as a result of the use of the technologically advanced system such as artificial intelligence and the Internet of Things. Other factors expected to support the growth of the blockchain supply chain in the region during the forecast period include increasing demand for extensive development in infrastructure and technology, increasing number of investments by key players in both product expansion and innovation.
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APAC will have admirable growth in blockchain in the supply chain market
During the forecast period, Asia Pacific is expected to grow at a rapid pace. The market is expanding in the region due to factors such as increasing concern about data security, cyber security and adoption of blockchain technology in the communication, logistics, retail and e-commerce sectors. During the forecast period, it is expected that this tendency will persist. Asia Pacific accounted for the second largest market share in 2021. Because it adopts new technology quickly, it is technologically evolving. Blockchain supply chain software and services are also driven by the latest trends of widespread trucking, containerization and data processing, resulting in scaled shipping and delivery of raw materials, Work In Progress and finished goods worldwide and effectively improving supply chain costs, quality and delivery. The growing tendency of APAC firms towards leaner, agile supply chains with end-to-end visibility is one of the key drivers driving the demand for blockchain supply chain software and services in the region. Asia-Pacific is advancing technologically thanks to its early embrace of new technology. The growing trend of APAC businesses towards leaner, more agile supply chains with end-to-end visibility due to the use of cutting-edge technology is one of the biggest drivers of blockchain supply chain services and software in the region.
Industry updates
February 2023- To improve the supply chain using Blockchain, Autify Network, a supply chain startup in India, is trying to enter the luxury fashion sector. The company claims that its Blockchain-based approach will maintain manufacturing ethics and guarantee originality.
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