ID: MRFR/ICT/5239-HCR | February 2021 | Region: Global | 100 pages
Blockchain in Supply Chain Market Overview:
According to the reports, It is projected that the blockchain in supply chain market size will expand from USD 81.40 million in the year 2017 to USD 3,485.25 million by the end of the year 2023, representing an increase of 87.0 percent during the five-year projection period 2018–2013. The use of blockchain technology and its applications is being driven by the growing need for more supply chain transparency, as well as the growing demand for increased security in supply chain transactions. However, the use of blockchain technology in an organization may be limited over the projected period due to the uncertainty of regulatory regulations. In computing terms, blockchain is a peer-to-peer distributed technology that is composed of three elements: a decentralized network, a shared database, and a system for recording digital transactions.
Product movement from raw materials through production to distribution to end-users is managed via a variety of activities known as supply chain administration. These operations are carried out in the most efficient and cost-effective manner possible. When it comes to the supply chain, blockchain technology is being utilized to increase productivity and transparency across the whole supply chain while also providing high value to the consumers. The idea may be used in a wide range of corporate activities that make up a supply chain, such as product tracking and the maintenance of complex recordkeeping systems.
This report contains all the information on the global blockchain in supply chain market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global blockchain in the supply chain market forecast for 2023 is also included in the report.
Blockchain in Supply Chain Market Covid 19 Analysis:
Supply Chain Media conducted a poll of 143 supply chain decision-makers in Europe and found that nearly all European manufacturers, distributors, and retailers are seeing an immediate and significant effect from the COVID-19 epidemic. Despite the fact that 78 percent of them are feeling a severe short-term impact, 17 percent are seeing good benefits, and just 5 percent claim they have not been impacted in any way, the survey found. COVID-19 was the catalyst that ultimately pushed many businesses and whole sectors to rethink and change their global supply chain models, resulting in significant cost savings.
Data tampering is prevented via the combination of blockchain technology with a supply chain management system, which is anticipated to be one of the most important reasons driving the overall development of the blockchain industry. An additional benefit of this technology is that it allows for the recording and reporting on distributed ledgers, which provides different authorities with more accountability, fraud protection, and overall better efficiency.
Blockchain technology synchronizes all transactional data across networks, allowing each member to verify the activity of other users in a distributed manner. After everything is said and done, it streamlines supply chain operations and promotes an open line of communication between stakeholders, thereby removing any need for intermediaries. Another benefit of blockchain technology would be that, even when dealing with a large number of events and their associated data, each operation can be precisely traced back to its origin point.
Regulatory authorities must identify what gaps exist in existing laws and how these gaps may have an effect on the general use of technology-enabled applications in order to keep pace with technological development. Uncertainty in regulatory frameworks continues to be a source of worry in the blockchain supply chain business. At the moment, the absence of laws is anticipated to be one of the most significant impediments to the widespread use of blockchain technology, particularly for supply chain management (SCM) across a wide range of business verticals.
Hence the need for secrecy, supply chains mostly depend on permission blockchain. The permissioned blockchain's capacities are still limited in comparison to those of centralized databases, which are already in use by supply chain organizations. Significant reservations are raised regarding the breadth of data components that the permissioned blockchain is capable of capturing as a result. For a blockchain network to keep up with the growing speed of big data, it would be difficult to expand its capacity in the future.
Cumulative Growth Analysis:
Rather than engaging in on-premises connectivity, small and medium-sized enterprises (SMEs) choose cloud-based solutions, which are much more flexible and affordable. The implementation of the compensation model by SMEs in order to more flexibly control their IT infrastructures in accordance with their needs is expected to accelerate the implementation of blockchain supply chain technology in the near future. The need for effective customer information security and expenditure, as well as a desire to gain a competitive edge, allows for fast reaction and prompt choices, which is expected to fuel the development of the blockchain supply chain market among SMEs.
Value Chain Analysis:
According to the reports, Market segments include application, provider, vertical, and geography. The worldwide blockchain in the supply chain market is divided based on these factors. Payment and settlement, counterfeit identification, tracking, smart contracts, risk and compliance management, and others are the applications that the market is categorized based on their use. The market is divided into three types of providers: application and solutions suppliers, middleware suppliers, and infrastructural and protocols providers. The market is divided into verticals such as retail and consumer products, healthcare and biosciences, industrial, oil and gas, transportation, and others based on their vertical. The market is divided into four regions based on geography: North America, Europe, Asia-Pacific, and the rest of the world.
Blockchain in Supply Chain Market Segmentation Overview:
The market is segmented on the basis of application, provider, vertical, and geography. The global blockchain in supply chain market trends is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into Payment and settlement, counterfeit identification, tracking, smart contracts, risk and compliance management, and others.
Based on the propulsion types, the market is segmented into retail and consumer products, healthcare and biosciences, industrial, oil and gas, transportation, and others.
Blockchain in Supply Chain Market Regional Analysis:
The worldwide market for blockchain in the supply chain is expected to expand at a considerable pace during the projected period of 2018 to 2023, according to estimates. An examination of the market's regional distribution is carried out in North America, Europe, Asia-Pacific, and other parts of the globe. Since North America has progressed in terms of infrastructure development as well as technology acceptance, the region is anticipated to lead the blockchain in the supply chain market throughout the forecast period. The presence of large corporations and the early implementation of new technologies such as the Internet of Things (IoT) and artificial intelligence (AI) propel the blockchain in the supply chain industry in the North American region.
During the forecast period, the United States is projected to continue to lead the global blockchain in the supply chain market in the area. During the projection period, Asia-Pacific is anticipated to expand at the quickest pace of all regions. Due to the fact that Asia-Pacific is the second biggest area in terms of e-commerce sales, the retail and consumer products sector is driving the blockchain in the supply chain industry.
Most businesses are increasing their technical capabilities to embrace the Internet of Things (IoT) innovations, and as a result, they are moving away from their current business models and toward innovative business models, including the most recent trend in the blockchain supply chain industry.
Version II of Blocksyte's cloud-based blockchain application, which was released on February 5th, 2019, is designed to assist mid-market food producers, retailers, and distributors in running their businesses more effectively and meeting the demands of supply chain members.
Blockchain in Supply Chain Market Segments:
Based on Offering:
Based on Type:
Based on Providers:
Based on Application:
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Based on Verticals:
Based on Region:
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application, Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IBM Corporation (US), Microsoft Corporation (US), Ripple (US), Coinbase (US), Chain, Inc.(US), Abra, Inc (US)., Blockchain Tech Ltd (UK)., Earthport PLC (UK), Bitfury Group ( The Netherlands), Deloitte, Inc. (UK), and Digital Asset Holdings (US)|
|Key Market Opportunities||Asia-Pacific is economically and technologically developed region and countries such as China, Japan, and South Korea are expected to dominate the global blockchain in supplay chain market in Asia-Pacific region.|
|Key Market Drivers||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.|
Frequently Asked Questions (FAQ) :
Abra, Inc (US)., Chain, Inc.(US), Earthport PLC (UK), and Blockchain Tech Ltd (UK) are the competitive variables motivating the market.
A remarkable 87% CAGR is anticipated to reinforce the market.
The charge for development is led by the North American region in the course of the forecast period.
The need for cost reduction and provenance tracking are estimated to benefit the market in the coming years.
The need to integrate transparency in the supply chain is estimated to move the market development in the coming period.
The major benefit of blockchain in supply chain is interoperability which facilitates companies to share information and data with manufacturers, suppliers, and vendors with enhanced security.