Blockchain in the supply chain Market, By Component (Platform, Services), By Application (Smart Contracts, Payment & Settlement, Product Traceability, Inventory Monitoring, Compliance management, Others) By Industry (Retail, Manufacturing, Food & Beverages, Healthcare, Oil & Gas, Others)

Blockchain in the Supply Chain Market size was valued at USD 375.24 Million in 2021 and is projected to reach USD 16,670.71 Million by 2030, growing at a CAGR of 52.5% from 2023 to 2030.

A blockchain is a system of record or verified block of transactions in a digital database. Synchronize all transactions and data across the supply chain network instead of being managed by a central intermediary. Supply chain management is an activity used to plan, control, and execute the flow of products to raw materials and manufacturing cost-effectively. Blockchain is used in supply chains to reduce costs, trace origins and build trust. Blockchain Supply Chain Market witnesses innovative and progressive changes that enable participants to access everything they want on a single platform. The blockchain supply chain market is segmented based on component, application, and industry vertical.

Blockchain technology has revolutionized the logistics and supply chain industry by providing a secure and transparent way to track and authenticate transactions. The integration of blockchain in logistics has streamlined the entire supply chain management process, ensuring enhanced efficiency and accountability. With the implementation of blockchain in supply chain management, organizations can now securely record and share crucial information across multiple parties, eliminating the need for intermediaries and reducing the risk of fraud or errors. This decentralized ledger technology has effectively linked the various blockchain chains within the supply chain, allowing for real-time visibility, traceability, and authentication of goods and transactions at each stage.

Market Dynamics:

Drivers:

Retail and SCM industries witness many transactions and exchanges of information every day. Certification processing information, sales and procurement data, certifications, approvals, fees, and payments are all sources of information. Key challenges facing supply chain companies include increasing speed, reducing costs, and continuously monitoring streams of products and quality. Various stakeholders in the supply chain management industry are starting to utilize blockchain technology to increase the efficiency and transparency of business operations and improve the overall delivery experience.

Integrating blockchain technology with supply chain management systems prevents data manipulation, likely a major driver of market revenue growth. Several institutions benefit from this technology as transactions can be stored on a distributed ledger, providing fraud protection, better transparency, and increased productivity.

Restraints:

As technology improves, regulators must determine what differences exist in current regulations and how those differences may affect overall technology-enabled applications. In blockchain in the supply chain market, uncertainty in the regulatory system is still a concern. The adoption of blockchain technology for supply chain management, especially across multiple industries, is expected to be hampered by a lack of rules.

Healthcare organizations around the world are working together to develop common standards for blockchain technology. However, regulatory approval from healthcare organizations is one of the most difficult obstacles to overcome when modernizing supply chain systems. Distributed ledger technology is still in its infancy and presents many challenges to regulators and policymakers at the national and international levels for its broad use, security, and authenticity. The regulatory status of blockchain technology is uncertain due to issues such as interoperability and standardization.

Key players:

• IBM Corporation

• Microsoft Corporation

• Oracle Corporation

• Sap Se

• Aws Inc.

• Huawei

• Auxesis Group

• Tibco Software

• Btl Group

• Accenture Plc.

Market Segmentation:

Blockchain in the supply chain Market, By Component

• • Platform

  • Services

Blockchain in the supply chain Market, By Application

• • Smart Contracts

  • Payment & Settlement

  • Product Traceability

  • Inventory Monitoring

  • Compliance management

  • Others

Blockchain in the supply chain Market, By Industry Vertical

• • Retail

  • Manufacturing

  • Food & Beverages

  • Healthcare

  • Oil & Gas

  • Others

Blockchain in the supply chain Market, By Region

• • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Rest of Europe

  • Asia-Pacific

    • China

    • India

    • Japan

    • Rest of Asia-Pacific

  • LAMEA

    • Latin America

    • Middle East

    • Africa

Regional Analysis:

Based on regional analysis, the North American blockchain in the supply chain market is expected to register the highest revenue share for the global blockchain in the supply chain market during the forecast period. Demand for blockchain in the supply chain is increasing due to technological advances and emphasis on improving the efficiency of supply chain processes such as production, logistics, transportation management, and warehousing. The growing use of innovative technologies and the presence of numerous manufacturing plants and retail chains are expected to drive blockchain in supply chains in the region. The presence of stringent supply chain rules and trade agreements across the region is also a driving force behind blockchain in supply chains in the region.

Blockchain in the Asia-Pacific supply chain market is expected to register a rapid revenue growth rate during the forecast period. In the consumer goods and retail industries, blockchain is widely used in supply chains. India and China have recorded rapid growth in the e-commerce sector due to their high population bases. Also, as a result of regional economic development, countries in the region are showing a positive attitude toward adopting new technologies.

Scope of the Report:

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