Global Blockchain Supply Chain Market to Reach US$ 20,121 Million by 2032, Propelled by Increasing Need for Greater Security in SCM

August 23, 2022 | Technology & Media

According to the latest report by IMARC Group, titled "Blockchain Supply Chain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032," the global blockchain supply chain market reached a value of US$ 821.1 Million in 2023. A blockchain supply chain is defined as a form of decentralized ledger technology that validates, records, and synchronizes digital data of immutable and authenticated cryptocurrency transaction records across networks. It broadcasts to a peer-to-peer network comprising several interconnected computers known as nodes. These electronic devices solve equations for determining and validating the transaction to create data blocks for tracking purposes. Blockchain aids in providing deal information in a read-only format for all the verified members of the group to retrace the point of origin precisely and offering all parties access to the same information, thereby potentially reducing communication or transfer data errors. Along with this, blockchain ensures faster processing, improves traceability, enhances visibility and compliance over outsourced contract manufacturing, and reduces paperwork and administrative costs. As a result, blockchain is extensively used by businesses to minimize the risks encountered during the transportation of goods and track transactions.

Global Blockchain Supply Chain Market Trends:

The widespread adoption of the blockchain supply chain across various industrial verticals can be attributed to the increasing need for effective online transactions with enhanced transparency and security. This is further influenced by the shifting user inclination toward blockchain technologies to mitigate the requirement of appointing intermediaries for transaction validation and negotiation purposes in the supply chain management (SCM) processes. In line with this, the growing awareness amongst small and medium-sized enterprises (SMEs) regarding the various benefits associated with the usage of blockchain supply chain technologies, such as lower pricing, continual monitoring of product flow, and increased corporate transparency, is acting as another growth-inducing factor. Additionally, the large-scale utilization of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) technologies by enterprises to authenticate process information and improve data security and transparency is contributing to the market growth. Moreover, the extensive utilization of blockchain supply chain in the pharmaceutical industry to mitigate various illegitimate activities, such as illegal production of harmful medicines, improper stick control, and counterfeit drugs, is impelling the market growth. Other factors, such as the uptake of e-commerce platforms, especially during the COVID-19 pandemic, and strategic collaborations amongst key players to integrate advanced solutions with technology are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 20,121 Million by 2032, growing at a CAGR of 41.8% during 2024-2032.

Market Summary:

  • Based on the component, the market has been bifurcated into platform and services.
  • On the basis of the application, the market has been segregated into smart contracts, payment and settlement, product traceability, inventory monitoring, compliance management, and others.
  • On the basis of the industry vertical, the market has been categorized into retail, manufacturing, food and beverages, healthcare, oil and gas, and others.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Accenture plc, Amazon Web Services Inc. ( Inc.), Auxesis Group, Guardtime, Huawei Technologies Co. Ltd., International Business Machines Corporation, Microsoft Corporation, OpenXcell, Oracle Corporation, PixelPlex, SAP SE and TIBCO Software Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Scope of the Report  Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Component
  • Application
  • Industry Vertical
  • Region
Components Covered Platform, Services
Applications Covered Smart Contracts, Payment and Settlement, Product Traceability, Inventory Monitoring, Compliance Management, Others
Industry Verticals Covered Retail, Manufacturing, Food and Beverages, Healthcare, Oil and Gas, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture plc, Amazon Web Services Inc. ( Inc.), Auxesis Group, Guardtime, Huawei Technologies Co. Ltd., International Business Machines Corporation, Microsoft Corporation, OpenXcell, Oracle Corporation, PixelPlex, SAP SE, TIBCO Software Inc., etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Blockchain Supply Chain Market to Reach US$ 20,121 Million by 2032, Propelled by Increasing Need for Greater Security in SCM
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