|IBM Corporation (US)|
|Microsoft Corporation (US)|
|Abra Inc (US).|
|Blockchain Tech Ltd (UK).|
|Earthport PLC (UK)|
|Bitfury Group ( The Netherlands)|
|Deloitte Inc. (UK)|
|and Digital Asset Holdings (US)|
|Market Driving Forces|
|Increasing need for supply chain transparency and rising demand for enhanced security of supply chain transactions drives the adoption of blockchain in supply chain management.|
The blockchain in supply chain market is projected to register a CAGR of 45.55% from 2022 to 2030. The demand for greater supply chain transparency and better security in supply chain transactions drives the development of blockchain technology and its applications. However, due to the unpredictability of regulatory restrictions, the usage of blockchain technology within an organization might be constrained throughout the anticipated period. Blockchain is a peer-to-peer distributed computing platform comprising a shared database, a decentralized network, and a system for tracking digital transactions. The blockchain in supply chain market size is expected to reach approximately USD 17.15 billion by 2030. The demand for greater supply chain transparency and better security in supply chain transactions drives the development of blockchain technology and its applications.
The COVID-19 outbreak-related lockdowns have closed down economies and are affecting every link in the supply chain in North America. Due to this, several industries have changed their typical production methods to make things like PPE kits and other necessary medical supplies. The COVID-19 pandemic is influencing the supply chains of almost all European manufacturers, wholesalers, and retailers, according to a study conducted by the Supply Chain Media among 143 supply chain decision-makers in Europe. For the correct distribution of the COVID-19 vaccine, blockchain is being used to maintain accurate records regarding vaccine storage and maintenance.
Numerous sectors are using blockchain technology because it helps to increase visibility and efficiency. It is used in various industries, including e-commerce, retail, and financial services. Additionally, many large corporations are embracing blockchain technology to manage their complex records and track their items during shipping. Another important element is interoperability, which enables businesses to securely communicate data and information with vendors, manufacturers, and suppliers. When commodities are delayed in the supply chain, it also improves transparency in that system.
The retail and SCM industries witness several transactions daily and a daily flow of information. The data may include details about the authentication procedure, data on purchases, sales, fees, approvals, certifications, and disbursements. Reduced costs, increased speed, and continuous monitoring of product flow and quality are the difficulties businesses face in the supply chain industry. To increase the efficiency and transparency of company operations and to improve the overall experience of the final delivery phase, various stakeholders in the SCM industry have begun implementing blockchain technology. The elimination of data manipulation through blockchain technology in an SCM system is anticipated to be one of the key reasons for the market's overall growth. Additionally, this technology makes it possible for transactions to be recorded on distributed ledgers, which benefits numerous agencies by increasing transparency, reducing fraud, and enhancing efficiency.
Regulatory bodies must understand where the current regulations are lacking and how these constraints can influence all applications that rely on technology as technology advances. The blockchain supply chain industry is still experiencing issues with regulator uncertainty. The need for more regulations is now one of the primary obstacles to using blockchain technology, notably for SCM in numerous industrial verticals. One of the main barriers to the transformation of supply chain systems is the regulatory adoption by healthcare organizations. Even so, healthcare organizations are working closely together to develop common standards for blockchain technology.
Legal, settlement, insurance, transport management, normative compliance, route planning, fleet management, delivery schedules, and connectivity with stakeholders are just a few of the services that make up the supply chain ecosystem. Middlemen are needed in these operations. Ultimately, it automates supply chain activities and promotes direct communication among stakeholders, eliminating the need for middlemen. The additional benefit of blockchain technology is that each transaction can be precisely traced back to its point of origin, even when there are many transactions and their associated data to manage.
Based on application, the market is payment & settlement and counterfeit detection. The market growth was prominently the counterfeit detection category in 2021. Utilized to verify whether or not the product is authentic. Blockchain-based anti-counterfeiting solutions use barcodes to track and trace products along the supply chain and ensure that customers receive authentic goods. However, payment & settlement is anticipated to be the fastest growing. Increased adoption of blockchain systems to streamline supply chain processes.
Based on the design, the blockchain in supply chain market segmentation is application & solution provider and middleware provider. In 2021, application & solution providers accounted for the largest market share of the blockchain in supply chain market growth. A considerable amount of adoption of technologically advanced blockchain solutions has been seen in supply chain management, which has fueled this market's expansion. However, the middleware provider category is estimated to register the highest growth rate during the forecast period. Typically, software functions called "blockchain middleware" connect numerous interconnected instances and components of blockchain data. It can also refer to software that combines various blockchain implementations into a single interface for user convenience and (typically) as a means of scaling.
Based on vertical, the blockchain in supply chain market segmentation is retail & consumer goods and manufacturing. The retail & consumer goods category dominated the market for blockchain in the supply chain in 2021. The expansion of this market is driven due to a boom in supply chain process simplification among participants in the retail industry. Along with enabling supply chain partners to know about their product location, blockchain also ensures product quality, safety, reliability, and authenticity. These factors drive blockchain adoption in the retail sector. The manufacturing category was the fastest-growing segment. The blockchain supply chain also functions as an open ledger, making every transaction on the network accessible in a read-only format so that all parties involved can precisely track it back to its source.
Global Blockchain in supply chain Market Share, by Region, 2021 (%)
Blockchain in Supply Chain Market Overview, by Region
By region, the blockchain in supply chain market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. Regarding infrastructure development and appropriation of technology, North America is considered the most developed region. The main influencing factor is the general behavior of the major providers of blockchain technology solutions in this area. Businesses across various sectors, including manufacturing, healthcare, retail and consumer products, and logistics, offer the vital potential for vendor growth.
Asia-Pacific accounted for the second-largest market share in 2021. Because of its early acceptance of new technology, it is becoming more technologically advanced. Blockchain supply chain software and services are also driven by the most recent trends of widespread adoption of trucking, containerization, and computerization leading to scaled shipping and delivery of raw materials, Work In Progress (WIP), and finished goods around the world and effectively improving cost, quality, and delivery of supply chain. One of the main factors driving the need for blockchain supply chain software and services in the APAC region is the growing trend of APAC businesses toward leaner, more agile supply chains with end-to-end visibility.
The market includes tier-1, tier-2, and local players. The key market participants generally pursue new market categories. In manufacturing, specialized robots programmed for a particular work environment are generally preferable to the industry. Famous market participants use cutting-edge tactics, such as partnerships, mergers and acquisitions, and collaboration, to increase their market share.
Prominent players in the blockchain in supply chain market research include IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc, Bitfury Group, Deloitte Inc, and Digital Asset Holdings, among others.
IBM, a leading name in technology and cloud systems, is innovating new security strategies in January 2023 for highly regulated industries and blockchain technology, keeping security at the forefront through the latest smart systems.
Ripple, a leader in enterprise blockchain and crypto solutions, announced a partnership deal with FOMO pay in July 2022 to utilize ripple's crypto-enabled enterprise technology to improve treasury flows.
December 2022 was marked as one of the memorable months for Chain, a leading name in blockchain technology, as it announced its latest Chain Cloud officially live for the public, considering the need for blockchain security.
Deloitte showcases the latest artificial intelligence technology in Dubai in the month of December 2022, which marks a new milestone in Deloitte's journey towards becoming the top name in the said domain.
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the blockchain in supply chain market report segmented by application, provider, and industry vertical by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the blockchain in supply chain market forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in the blockchain in supply chain market growth
To find out the factors which are affecting the blockchain in supply chain market size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||USD 17.15 Billion by 2030|
|CAGR||45.55% CAGR from 2022-2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, Blockchain Tech Ltd, Earthport PLC, Abra Inc, Bitfury Group, Deloitte Inc, Digital Asset Holdings|
|Key Market Opportunities||Increasing need for automating supply chain operations and cutting out middlemen|
|Key Market Drivers||Increased use of blockchain in retail and SCM|
The blockchain in supply chain market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~45.55% over the next 8 years, according to the blockchain in supply chain market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 17.15 billion by 2030.
IBM Corporation, Ripple, Chain Inc, Microsoft Corporation, Coinbase, and Blockchain Tech Ltd are the major companies operating in the market.