Blockchain In Supply Chain Market Business Growth, Demand Analysis, Emerging Trends, Key Players and Regional Forecast to 2023

New York, United States, Fri, 08 Jan 2021 06:25:37 / Comserve Inc. / -- Globally, the blockchain in supply chain market is expected to grow from USD 81.40 million in 2017 to USD 3,485.25 million by 2023, at a CAGR of 87.0% during the forecast period 2018–2013.

Market Synopsis

The Blockchain in Supply Chain Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe's organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market Synopsis:

Globally, the blockchain in supply chain market is expected to grow from USD 81.40 million in 2017 to USD 3,485.25 million by 2023, at a CAGR of 87.0% during the forecast period 2018–2013. 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. However, uncertain regulatory protocols may limit the adoption of blockchain technology in supply chain during forecast period.

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Blockchain is a peer to peer distributed technology, based on three components known as distributed network, shared ledger, and digital transactions. A supply chain management include various activities which are used to plan, control, and execute a product flow for raw material and manufacturing through distribution to end-user with most streamlined and cost-effective way.

The blockchain technology is used in supply chain management to add greater efficiency and visibility to the entire supply chain and deliver high value to the customers. The concept can be applied to many business operations constituting a supply chain, such as tracking of product and keeping complicated records. Blockchain is used in supply chain for provenance tracking, cost reduction, and establishing trust. 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. Blockchain also enables easy access to large databases from multiple locations around the world with minimal exposure of data. It enhances the transparency in the supply chain, while protecting goods from getting stuck in the supply chain.

Segmentation.

The global blockchain in supply chain market is segmented on the basis of application, provider, vertical, and region.By application, the market is segmented into payment & settlement, counterfeit detection, product traceability, smart contracts, risk & complience managament, and others.By provider, the market is segmented into application & solution providers, middleware providers, and infrastructure and protocol providers.

By vertical, the market is segmented into retail and consumer goods, healthcare and life sciences, manufacturing, oil and gas, logistics, and others.By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.

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Regional Analysis

The global market for blockchain in supply chain is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the market is done for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate blockchain in supply chain market during forecast period as this region has advanced in terms of in terms of infrastructure and technology adoption. The presence of big players and early adoption of new technologies such as IoT and artificial intelligence (AI) drives the blockchain in supply chain market in North America region. The US is expected to dominate the global blockchain in supply chain market in the region during the forecast period.

Asia-Pacific is expected to grow at the fastest rate during the forecast period. Retail and consumer goods vertical drives the blockchain in supply chain market as Asia-Pacific is the second largest region in the e-commerce market. 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. Limited technical understanding and lack of awareness about blockchain technology in the APAC region may act as a restraining factor its use for the market during the forecast period.

Competitive Analysis

According to the latest trend in the blockchain in supply chain market, most of the enterprises are expanding their technological capabilities to adopt IoT technologies, and are thereby shifting from existing business model to new business models.On 5th Feb 2019, Blocksyte launched Version II SaaS-based blockchain application to help mid-market food manufacturers, retailers, and distributors to run business efficiently, and meet the demand of supply chain partners. In July 2018, Digital Asset collaborated with Google Cloud to bring blockchain solutions to the cloud; this will enhance the ability of the developer to work on comprehensive set of tools and deploy distributed ledger applications on-demand.

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Key players

The key players in blockchain in supply chain technology market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise.The prominent players in blockchain in supply chain market are 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) among others.

Intended Audience

• Companies competing in the supply chain management

• Software solution providers

• Network providers

• System integrators

• Retail distributor

• Government, financial, and research institutions as well as investment communities

• Service providers and distributors

• Blockchain application builders

• Customer experience management professionals

• Independent Software Vendors (ISVs)

• Analytics consulting companies

• Enterprises

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