According to the latest report by IMARC Group, titled "Blockchain Supply Chain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global blockchain supply chain market reached a value of US$
560.9 Million in 2022. 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$
6,288 Million by 2028, growing at a CAGR of
46.4% during 2023-2028.
- 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. (Amazon.com Inc.), Auxesis Group, Guardtime, Huawei Technologies Co. Ltd., International Business Machines Corporation, Microsoft Corporation, OpenXcell, Oracle Corporation, PixelPlex, SAP SE and TIBCO Software Inc.
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