Global Blockchain Supply Chain Market Overview
The key driver impacting the blockchain supply chain market is the increasing need for supply chain transparency, the rapid expansion of the e-commerce industry. For instance, the most recent UN trade and development body(UNCTA- 2020) report reveals that the e-commerce sales across the globe in 2018 was around $25.6 trillion which go up by 8% from 2017. There were roughly 1.4 billion people who shopped online in 2018 globally. Countries like, the United States, China, and the United Kingdom are the foremost countries when it come to e-commerce sales to consumers. In addition, about $4.4 trillion, was recorded by B2C e-commerce sales. It is enhanced by 16% from 2017. Moreover, the rising popularity of blockchain technology in retail and supply chain management contributes to blockchain supply chain market demand in the coming years.
According to Value Market Research, the global Blockchain supply chain market size was valued at around USD 250 million in 2020 and is estimated to grow at a CAGR of about 50% during the forecast period 2021 to 2027.
The expanding demand for superior security of supply chain transactions is likely to augment the market demand in the forecast period. However, lack of awareness of blockchain technology may hamper the market in the long run. Also, the risk of network security and uncertain regulatory standards negatively impacts the growth of market. Nonetheless, the recent industry trends, such as the need for eliminating the middlemen with blockchain and increased automation in supply chain management, are expected to offer several beneficial market opportunities for the key players.
The Blockchain supply chain market is vast, with many local and global players. The Blockchain supply chain market is extensive, with many regional and international players. The key players pursue many strategies to advance their market standing, such as lengthen product portfolio, acquisitions, contracts, amalgamation, contracts, product innovation to build up their market share across the world. The prominent market leaders included in the report are IBM, Microsoft, SAP, AWS, Oracle, Huawei, Guardtime, Bitfury, TIBCO Software, Interbit, Auxesis Group, VeChain, Digital Treasury Corporation, Chainvine, OpenXcell, Datex Corporation, Algorythmix, BlockVerify, and Applied Blockchain.
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In this research report, the blockchain supply chain market is segmented by offering, type, application, organization size, verticals and region.
Analysis by Offering:
By offering, the report is categorized as platform and services. The platform segment dominates the offering segment with over 45% in the forecast period. It is due to the growing adoption of blockchain supply chain platforms across FMCG companies. Moreover, the blockchain supply chain software offers real-time supply chain visibility, BI, and reduced operating cost, contribute to the growth of the platform segment growth in the forecast period.
Analysis by Type:
By type, the report is categorized into public, private, hybrid, and consortium. The public segment dominates the type segment with over 65% share in 2020. It is because Public blockchains are readable by anybody and are widely used in cryptocurrencies. Moreover, it helps attain traceability, transparency, and accountability to the movement of goods and commodities, contributes to the growth of the public blockchain segment in the forecast period.
Analysis by Application:
By application, the report is categorized into asset tracking, counterfeit detection, smart contracts, payment and settlement, risk and compliance management, and others (reward management and inventory control ). The Asset Tracking segment dominates the application segment with over 25% share in 2020. It is due to the growing usage of block chain technology for asset tracking as it helps in tracking parts by their individual QR codes on a tamper-proof ledger, which fundamentally ensures part authenticity. Moreover, it facilitates the assets to integrate with business processes in a shared and immutable ledger – increasing trust and transparency across ecosystems contributes to the high demand for asset tracking application in the forecast period.
Analysis by Organization Size:
By Organization Size, the report is categorized into SMEs and large Enterprises. The SMEs segment dominates the organization size segment with over 55% share in 2020. It is due to the adoption of the pay-as-you-go model by SMEs to flexibly manage the IT infrastructure as per their requirements. Moreover, the growing need for efficient customer data protection and cost-cutting, and attaining a competitive advantage enables quick response and timely decisions, contributing to the high demand from the SMEs segment in the forecast period.
Analysis by Verticals:
By verticals, the report is categorized into FMCG, retail and e-commerce, healthcare, manufacturing, transportation and logistics, oil, mining, and gas, and others (construction, agriculture, and automobile). The retail and e-commerce segment dominates the verticals segment with over 20% share in 2020. It is due to the rising adoption by retail players to streamline their supply chain processes. Moreover, the high adoption of block chain technology for product traceability, payments & settlement, and counterfeit detection supports segmental growth contributes to the high market demand from retail and e-commerce sector in the forecast period.
Analysis by Region:
In the regional outlook of the global blockchain supply chain market, the North America region dominates globally with a 40% market share in the forecast period. It is due to the growing technological advancement and the increasing focus on making supply chain functions, such as warehousing, logistics, production, fulfillment, and transportation management, more efficient. Moreover, the rising adoption of the latest technologies and the presence of many manufacturing plants and big retail chains contribute to tremendous market growth across North America.
Market Segmentation covered in the Report:
By Offering
- Platform
- Services
- Technology Advisory and Consulting
- Deployment and Integration
- Support and Maintenance
By Type
- Public
- Private
- Hybrid and Consortium
By Application
- Asset Tracking
- Counterfeit Detection
- Payment and Settlement
- Smart contracts
- Risk and Compliance Management
- Others (Inventory Control and Reward Management)
By Organization Size
By Verticals
- FMCG
- Retail and eCommerce
- Healthcare
- Manufacturing
- Transportation and Logistics
- Oil, Mining, and Gas
- Others (Construction, Agriculture, and Automobile)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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