What is Blockchain Supply Chain Market?
Blockchain supply chain helps in record keeping and makes provenance tracking easy as the product information can be accessed by the embedded sensors and RFID tags. Technology helps in finding the history of a product right from its origin to where it is at the present time. The increasing popularity of blockchain technology seems like an apt solution for supply chain management in various industries but many lack the awareness of its utilization. The supply chain is one of the most popular industries where the use of blockchain technology can make a big difference. A single shipment of goods can have at least 20-25 people or organizations in the process which can lead to approx 200 interactions between them, which is actually a very lengthy process. Moreover, this type of tracking can be used to detect frauds, process easy payments and perform various functions at any part of the supply chain.
Highlights from Blockchain Supply Chain Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), Microsoft Corporation (United States), Infosys Limited (India), SAP SE (Germany), Oracle Corporation (United States), Amazon Web Services, Inc. (United States), Huawei Cloud (China), OpenXcell Technolabs Pvt Ltd. (United States), TIBCO Software Inc. (United States), LeewayHertz (United States), Omnichain (United States), Peer Ledger Inc. (Canada) and Applied Blockchain Ltd. (United Kingdom) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
IBM (United States), Microsoft Corporation (United States), Infosys Limited (India), SAP SE (Germany), Oracle Corporation (United States), Amazon Web Services, Inc. (United States), Huawei Cloud (China), OpenXcell Technolabs Pvt Ltd. (United States), TIBCO Software Inc. (United States), LeewayHertz (United States), Omnichain (United States), Peer Ledger Inc. (Canada) and Applied Blockchain Ltd. (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Datex Corporation (United States), VECHAIN (China) and Algorythmix Tech (India). Blockchain Supply Chain Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Payment Settlement, Goods and Distribution Tracking, Smart Contracts, Counterfeit Detection, Risk Compliance Management, Inventory Monitoring and Others |
Components | Solution,Platform,Services |
End Use Industry | Retail Industry,Healthcare and Life Sciences,Logistics Industry,Manufacturing Industry,Others |
On the basis of geography, the market of Blockchain Supply Chain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Expanding Capabilities of Blockchain Supply Chain Empowering Shippers with an Incorruptible Resource and Rapidly Growing Demand for Blockchain Technology in Supply Chain for Faster Payment Processing
Market Growth Drivers:
Growing Popularity of Blockchain Technology in Retail and SCM and Rise in Demand for Improved Supply Chain Transaction
Challenges:
Less Awareness Regarding Blockchain Technology in Many Industries and Scarcity of Skilled Professionals in Blockchain Supply Chain Might Hinder the Growth
Restraints:
The Concern with Data Privacy and Cyber Attack Remains the Hindrance to Blockchain Supply Chain Market
Opportunities:
Surging Adoption of Blockchain Technology by All Companies and Industries Across the Developing Nations and The Elimination of Middlemen and Growing Automation with the Help of Blockchain in Supply Chain
Key Target Audience
Blockchain Supply Chain Providers, Blockchain Supply Chain Application Developers, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 16th October 2019, IBM announced the acquisition of Red Hat to work to improve and strengthen its new blockchain supply chain product. IBM has already used Red Hat's strength in the sterling supply chain to suit its new blockchain supply chain solution. Given the potential of blockchain in supply chain management, the industry views new solutions in this field with considerable interest. If such a new solution includes features as a result of the collaboration between IBM and Red Hat, then it’s sure to make businesses sit up and notice.
On 7th August 2019, IBM announced a blockchain-based supply chain verification network, called 'Trust Your Supplier" designed to eliminate manual time-consuming processes and help reduce the risk of fraud and errors creating frictionless connectivity across supply chains.