The global blockchain supply chain market is expected to grow at a CAGR of around 87.6% from 2020 to 2027 and expected to reach the market value of around US$ 18,023.9 Bn by 2027.
Blockchain is a distributed digital ledger that records the transaction in a series of blocks. It exists in multiple copies, which are spread over multiple computers, termed as nodes. The real-time tracking of products like equipment, consumer goods, food products, or digital offerings among others is done in a supply chain with the help of blockchain. The payments can be processed by the customers and suppliers within the supply chain by using cryptocurrency. Additionally, the ledger is secured because each new block of the transaction is linked back to the previous block that makes tampering practically impossible.
The increasing need for supply chain transparency coupled with the rising demand for enhanced security of supply chain transactions is primarily driving the market value. The benefits offered by blockchain supply chain such as cost reduction, provenance tracking, establish customer trust, and avoidance of complicated record-keeping and tracking of products are supporting the market value. Moreover, the growing need for eliminating middlemen by automating supply chain activities and the emergence of IoT is likely to provide potential opportunities for the blockchain supply chain market growth.
On the other hand, lack of awareness of the blockchain technology, risk of network security, and uncertain regulatory standards are likely to restrict the market growth.
Retail and Consumer Goods segment by Industry Vertical is leading the global market
By industry vertical, retail and consumer goods registered major share in 2019. The rising adoption by retail players to streamline their supply chain processes, as well as the high adoption of blockchain technology for product traceability, payments & settlement, and counterfeit detection is supporting segmental growth. Moreover, the segment is further projected to maintain its dominance during the forecast period.
The market research study on “Blockchain Supply Chain Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Blockchain Supply Chain market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Blockchain Supply Chain market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Blockchain Supply Chain market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The blockchain supply chain market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
North America registered maximum share in 2019
North America accounted for the major share in the blockchain supply chain market and the region is also projected to continue with dominance during the forecast period. The region is particularly having potential share on account of equipped with strong broadband access and the presence of a significant number of market players in the regional market. Major economies like the US and Canada are majorly supporting the regional market value. Furthermore, the Asia Pacific region is projected to experience the fastest growth over the estimated period from 2020 to 2027.
The players profiled in the report include Auxesis Group (India), AWS (US), BTL Group (Canada), Huawei (China), IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), and TIBCO Software (US).
Market By Application
Market By Component
Market By Industry Vertical
Market By Geography
Middle East & Africa
Blockchain is a distributed digital ledger that records the transaction in a series of blocks.
The increasing need for supply chain transparency, rising demand for enhanced security of supply chain transactions, cost reduction, provenance tracking, establish customer trust, and avoidance to complicated record keeping and tracking of products are some of the factors driving the market growth.
According to Acumen Research and Consulting, the blockchain supply chain market is expected to reach the market value of around US$ 18,023.9 Bn by 2027.
The market for blockchain supply chain is expected to grow at a CAGR of around 87.6% from 2020 to 2027.
The retail and consumer goods is the leading segment by industry vertical in the blockchain supply chain market.
Auxesis Group (India), AWS (US), BTL Group (Canada), Huawei (China), IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), and TIBCO Software (US).
North America region held the highest market share in the blockchain supply chain market.