Blockchain Supply Chain Market Impact of Industry Size, Shares, and Impact Y-o-Y

The blockchain supply chain market has been witnessing significant growth, driven by the need for improved transparency, traceability and security in complex global supply chains. Blockchain technology enables a decentralized record of transactions and tracking of assets across a distributed network of participants. Driven by the need for supply chain improvements, the blockchain supply chain market outlook remains positive despite scalability and interoperability challenges. Leading players need to focus on solution differentiation targeting specific business ecosystems and use cases.

Market Highlights and Statistics:

● The global blockchain supply chain market is projected to grow from USD 497 Million in 2021 to USD 18,714 Million by 2030, at an impressive CAGR of 50.4%.
● North America held the largest revenue share of around 40% in 2021.

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Market Analysis:

The blockchain supply chain market outlook remains positive driven by the need for enhanced transparency, accountability, and collaboration between supply chain stakeholders. Blockchain improves traceability, aids provenance tracking and helps establish trust. The adoption of smart contracts also enables process automation. However, lack of standardization and interoperability between networks remains a key challenge.

Current Market Trends:

Integration of IoT sensors, QR codes, RFID with blockchain to improve asset tracking.
Focus on consortium models bringing multiple value chain partners on a single blockchain network.
Adoption of stablecoins, central bank digital currencies for blockchain payments.
Development of solutions catering to business ecosystems beyond the supply chain.
Use of blockchain gateways to improve interoperability between networks.

Growth Drivers:

Need for improving supply chain transparency, traceability and building trust.
Desire to enhance accountability, visibility and collaboration between supply chain entities.
Capability of blockchain to provide a verifiable, secure record of transactions and processes.
Automation of supply chain processes, payments and settlements through smart contracts.
Potential to accelerate dispute resolutions and establish provenance of assets.
Supportive governmental regulations related to supply chain practices especially across healthcare.

Challenges:

Complexities involved in integration with existing legacy systems and workflows.
Lack of common standards and interoperability between different blockchain platforms.
Legal and regulatory uncertainties around emerging technology applications.
Limited scalability of early-stage blockchain solutions.
Sourcing the required technical skills to develop blockchain supply chain solutions.

Segmentation:

The global blockchain supply chain market can be segmented by component, application, and industry vertical. Major components include blockchain services and platform solutions. Key applications are counterfeit detection, risk & compliance management, payment & settlement, product traceability, smart contracts, and other uses like documentation and rewards management. Top industry verticals using blockchain supply chain solutions are healthcare, logistics, manufacturing, oil & gas, retail & consumer goods, and sectors like construction and agriculture.

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Regional Analysis:

North America accounted for around 40% market share in 2021. Blockchain adoption is rising owing to prominent initiatives in the region across various industries. Asia Pacific is expected to exhibit the fastest growth over the forecast period driven by trade digitization efforts in China.

Key Players:

IBM, Microsoft, Oracle, SAP, Huawei, AWS, Guardtime, Tibco Software, Auxesis Group, BTL Group, Bitfury, Omnichain, Vechain Foundation, Chainvine, Digital Treasury Corporation, Blockverify, Nodalblock, Peer Ledger, Openxcell, Recordskeeper.

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This release was published on openPR.