Blockchain Supply Chain Market Size, Share & Industry Growth...

Blockchain Supply Chain Market Size, Share & Industry Growth 2023-2028

Posted 2022-12-30 06:17:44

Blockchain supply Chain market size reached US$ 560.9 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 6,288 Million on by 2028, exhibiting a growth rate (CAGR) of 46.4% during 2023-2028.

Blockchain Supply Chain Market Overview

Blockchain is a shared peer-to-peer internet-based technology that synchronizes digital transaction data across networks and shared ledgers to provide a digital database for validated and immutable transactions. It enables companies to track transactions transparently and acts as an open ledger, making every network transaction available in a read-only format. It also helps ensures optimum transparency and streamlined operations, minimizes redundancy and fewer delays, provides a leaner supply chain, improves efficiency and speed, enhances traceability, and eliminates the need for information sharing via mail or other communication platforms. Owing to these benefits, a blockchain supply chain is widely adopted in manufacturing, food, and beverages (F&B), oil and gas, and healthcare across the globe.

Note-We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Market Trends in the Blockchain Supply Chain Market

The market is primarily driven by the widespread adoption of the blockchain supply chain across various industrial verticals such as retail, transportation and logistics, mining, and construction. This can be attributed to the rising demand for security and transparency in supply chain transactions and the growing online tractions. In addition, the increasing use of advanced technologies such as machine learning (ML) and artificial intelligence (AI) in business strategies is resulting in higher product adoption across small and medium enterprises (SMEs), which is contributing to market growth.

Moreover, the rising demand for smart devices among individuals and the penetration of internet subscribers is escalating the use of these devices for product procurement which is providing a positive thrust to the market growth. Besides this, the expanding e-commerce industry and extensive research and development (R&D) activities conducted by leading players are propelling the market growth.

For the competitor segment, the report includes global key players of the Blockchain Supply Chain Market.

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.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Component:

Platform
Services

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Smart Contracts
Payment and Settlement
Product Traceability
Inventory Monitoring
Compliance Management
Others

Breakup by Industry Vertical:

Retail
Manufacturing
Food and Beverages
Healthcare
Oil and Gas
Others

Regional Insights:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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