Blockchain Supply Chain Market To See Exponential Growth, Expected to Reach USD 9,852.91 Million by 2025: AMR

According to a recent report published by Allied Market Research, titled, "Blockchain Supply Chain Market by Component, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2018-2025," the global blockchain supply chain market size was valued at $93.16 Million in 2017 and is projected to reach $9,852.91 Million by 2025, growing at a CAGR of 80.2% from 2018 to 2025.

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Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to strong growth of e-commerce and adoption of smartphones and other connected devices. Also, the Asia-Pacific region has witnessed an increase in broadband speeds and greater availability of 4G connectivity due to the widespread adoption of wireless communication technologies, which is opportunistic for the market.

The increase in the need for supply chain transparency, the proliferation of the e-commerce industry, and the rise in demand for enhanced security of supply chain transactions are some of the factors expected to boost the blockchain supply chain market growth. Blockchain technology decentralizes transaction management by replacing middlemen with secure digital records.

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Blockchain synchronizes all transactions and data across the supply chain network instead of being managed by a central intermediary. Blockchain allows all the entities involved in the supply chain network to share and agree upon key business transactions and information. However, a lack of awareness about this technology and a scarcity of skilled workforce is expected to hamper the blockchain supply chain market growth during the forecast period.

Based on components, the market is bifurcated into platforms and services. The platform segment dominated the overall blockchain supply chain market share in 2017 and is expected to remain dominant during the forecast period. Nonetheless, the service segment is expected to grow with the highest CAGR during the forecast period. The growth of the services segment is attributed to the rise in the adoption of consulting and implementation services for blockchain technology by various enterprises worldwide.

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In terms of application, the market is bifurcated into smart contracts, payment & settlement, product traceability, inventory monitoring, compliance management, and others. The product traceability segment was the highest contributor to the global blockchain supply chain market in 2017 and is projected to remain dominant during the forecast period.

Various industries including healthcare and food & beverages are adopting blockchain technology to trace the products at various stages in the supply chain. This is expected to drive the product traceability segment growth in the coming years. The smart contracts application segment is projected to rise with the highest CAGR during the forecast period. The smart contracts automate the contract execution in the supply chain and eliminate the need for intermediaries.

Many enterprises are expected to enter the market in near future with the expected lucrative growth of the market. Some of the key market players profiled in the report include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, AWS Inc., Huawei, Auxesis Group, TIBCO Software, and BTL Group. The study also includes blockchain supply chain market trends, analysis, and future estimations to determine the imminent investment pockets.

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