The global blockchain in the supply market is gaining traction with rising demands for tracking purchase orders, change order, shipment notifications, or trade-related documents. The blockchain in supply chain market is estimated to flourish and earn USD 3,485.25 million by 2023, at a CAGR of 87.0% during the forecast period 2018-2013.
The report by Market Research Future (MRFR) reveals the segmental analysis and factors driving the growth of the market.
The Blockchain in Supply Chain Market is a peer to peer distribution technology which is based on three components such as distributed network, shared ledger, and digital transactions. Blockchain is finding increased application to automate and execute streamlined supply chain management and eliminating the need for intermediates. This has facilitated manufacturers, suppliers, and customers building a trusted relationship and supply operations.
However, proliferation of population is augmenting the need of better supply chain technology. MRFR has revealed some important factors in its report that is driving the global blockchain in supply market towards skyline.
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Key Market Players:
The key 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.
Factors Driving the Market Share:
A supply chain management includes activities such as planning, controlling and execution for product flow for manufacturing, which hails for distribution to customers in a streamlined way. Thus, transparency and enhanced security while supply chain transaction is increasing with time, which is eventually gaining the limelight. Due to this, the adoption of blockchain technology is driving the blockchain in supply chain management in substantial ways.
The efficient blockchain technology in supply chain management supports vibrantly to the entire chain supply in delivering high-value services to the customers. The business that operates supply of products to the customers can benefit constituting blockchain supply chain management in a cost-effective manner. Blockchain technology used in supply chain favors tracking, cost reduction, and establishing trust with customers.
On the other side, the enhanced sense of security which is gained from blockchain technology in supply chain market is driving the blockchain in supply market to a higher CAGR in the coming years. The ability of the blockchain supply chain management will facilitate companies to share information and data with manufacturer, suppliers, and customers in highly secured ways. By this, the transparency in the supply of products will easily cater to the protection of goods as well.
However, some uncertain regulations may limit the adoption of blockchain technology in supply chain during the forecast period.
The global blockchain in supply chain market is segmented into application, provider, vertical, and region.
- By mode of application, the market is segmented into payment & settlement, counterfeit detection, product traceability, smart contracts, risk & comp compliance management, and many others.
- By mode of provider, the market is segmented into application & solution providers, middleware providers, and infrastructure and protocol providers. Among these, application & solution providers segment is expected to witness the fastest growth owing to the advanced blockchain solutions that are streamlining the supply chain management practices.
- By mode of vertical, the market is segmented into retail and consumer goods healthcare and life sciences, manufacturing, oil and gas, logistics, and others.
The global blockchain in supply chain market has covered across North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to have the largest market share during the forecast period due to the early adoption of technologies such as IoT (Internet of Things) and artificial intelligence. In addition, retail and consumer goods verticals account to drive the market with a higher CAGR in the forecast period.
Asia-Pacific is also expected to witness a high growth in blockchain in supply chain market owing to the banquet of the largest e-commerce market. The region is expected to offer lucrative opportunities for market players in the coming years.
Latest Industry News:
January 16, 2019: MineHub Technologies and IBM together have announced a collaboration to use blockchain technology in improving operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain from mine to end buyer.
- 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
Table of Contents
- Executive Summary
- Scope of the Report
2.1. Market Definition
2.2. Scope of the Study
2.2.1. Research objectives
2.2.2. Assumptions & Limitations
2.3. Market Structure
- Market Research Methodology
3.1. Research Process
3.2. Secondary Research
3.3. Primary Research
3.4. Forecast Model
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List of Tables
Table1 Global Block Chain in Supply Chain Market, By Country, 2018–2023
Table2 North America: Block Chain in Supply Chain Market, By Country, 2018–2023
Table3 Europe: Block Chain in Supply Chain Market, By Country, 2018–2023
Table4 Asia-Pacific: Block Chain in Supply Chain Market, By Country, 2018–2023
Table5 Latin America: Block Chain in Supply Chain Market, By Country, 2018–2023
List of Figures
Figure 1 Global Block Chain in Supply Chain Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of Global Block Chain in Supply Chain Market
Figure 4 Value Chain of Global Block Chain in Supply Chain Market
Figure 5 Share of Block Chain in Supply Chain Market in 2018, By Country (In %)
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