The global Blockchain in supply chain market is forecast to reach USD 23.40 Billion by 2026, according to a new report by Reports and Data. Blockchain in supply chain brings digital technology into real-time computing systems management. The market has the ability to change aspects of digital technology, which includes the method of conducting business, enhancing education, delivering healthcare, shopping, learning, social media, and entertainment.
Blockchain in supply chain revolutionizes retail sector supply chain management by deploying real-time digital ledger of transactions and movements for all participants in their supply chain network. Benefits gained by this will save the companies time, money, and redefine the way of business. Blockchain in the supply chain has further evolved and aids in the conduction of financial transactions. Increase in cashless payments, credit and debit cards, and card-based payment methods are dominating the market. Blockchain in supply chain supports these changes by increasing the transaction processing speed and providing greater efficiency in real-time processing.
As every transaction in a blockchain is recorded in a block and across multiple ledgers that are distributed over many nodes, it is highly transparent. It is also very secure and extremely scalable and efficient. It has a positive impact on everything from warehousing to delivery to payment. Blockchain has an in-built chain of commands that is essential for efficiency.
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Further key findings from the report suggest
- Organizations are nowadays deploying smart contracts to reduce cost and avoid fraud. These contracts deployed over blockchain in supply chain guarantees that contract terms and conditions cannot be modified. The technology makes it nearly impossible for any third party to alter the contract. Smart contracts held a market share of 19.4% in the year 2018.
- Blockchain in supply chain makes it possible for retail giants to create their own brand of currency for customers to claim rewards. It can also allow brands to share those loyalty points among themselves to reward their customers. Retail and consumer goods are forecasted to grow with a CAGR of 87.9% during the forecast period.
- Availability of resources and capital for the incorporation of new technologies are forecasted to drive the market growth in large enterprises. High investment in research and development activities to build the best-fit technology to enhance the organization’s business is driving the market for Blockchain in supply chain.
- Infrastructure providers held a market share of 36.0% in the year 2018, and application providers are forecasted to grow with a CAGR of 87.3% during the forecast period.
- North America held the largest market share of 43.5% in the year 2018. The region emerged as the most attractive market for blockchain in supply chain owing to the high adoption of technology in transportation logistics, and retail consumer goods. The highly competitive market in the region owing to the presence of major companies is also driving the market.
- BHP Billiton, the largest mining firm across the globe plans to use blockchain as a supply chain to better track and record data throughout the mining process with its vendors. It will increase internal efficiency and will also allow the employees to have more effective communication among them.
- Key participants include IBM, Microsoft, SAP SE, Oracle, Peer Ledger, Huawei, Blockverify, BTL Group, AWS, and Guardtime, among others.
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The report focuses on evaluation of the given market in major regions and the countries included in those regions. The report provides details of the market considering the geographical landscape that includes North America, Latin America, Asia Pacific, Europe, and the Middle East Africa.The report covers assessment of revenue estimations and shares, current market value, future market valuation, market share, revenue growth and market size in each region. It studies production and consumption patterns, import/export, supply and demand ratio, consumer behavior shift, current and emerging trends, and initiatives taken by the key players in each major region.
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Blockchain in Supply Chain Market Segmentation by:
Provider Outlook (Revenue, USD Billion; 2016-2026)
- Application Providers
- Middleware Providers
- Infrastructure Providers
Application Outlook (Revenue, USD Billion; 2016-2026)
- Payments Settlement
- Counterfeit Detection
- Product Traceability
- Smart Contracts
- Risk and Compliance Management
- Others
Vertical Outlook (Revenue, USD Billion; 2016-2026)
- Healthcare
- Retail and Consumer Goods
- Transportation and Logistics
- Oil and Gas
- Manufacturing
- Others
Key Features of the Blockchain in Supply Chain Market Report:
- A comprehensive 8 year forecast of the market and its expected growth rate and trends
- Analysis of key market drivers and restraining factors
- Comprehensive analysis of the key regions of the industry and provides SWOT analysis and Porter’s Five Forces analysis to impart a deeper understanding of the market
- Helps in formulating strategic business decisions and investments plans
- Strategic recommendations to the established companies and new entrants
- Statistical data organized into tables, charts, graphs, diagrams, and info graphics
- Includes complete coverage of recent RD advancements, product launches, and mergers and acquisitions, among others
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