Global Block chain in supply chain Market Size, Share & Trends Analysis Report, By Component, By Type, By Application, By End Use, By Region Forecasts, 2023-2032

Global Block chain in supply chain Market Size, Share & Trends Analysis Report, By Component, By Type, By Application, By End Use, By Region Forecasts, 2023-2032

Global Block chain in supply chain Market was valued at US $ 27.1billion in 2023 and is expected to reach US $ 14.18 billion by 2032 growing at a CAGR of 63.9% during the forecast period 2024–2032.

Demand for more transparent supply chains is the main factor driving market revenue growth. Additionally, as interorganizational communication technologies advance across the supply chain, information and record security becomes increasingly important. Because of these reasons, the application of blockchain technology in the supply chain has grown in popularity. Additionally, it is anticipated that the trend will hold true for the duration of the prediction.

Blockchain-based supply chains are anticipated to gain traction in the near future due to growing IoT instances, digital data records, and the need for product or commodity traceability throughout transportation. During the projected period, prominent market participants will invest funds in the blockchain supply chain market due to the retail and supply chain blockchain industries.

An increase in the rate of worldwide adoption of blockchain supply chains is attributed to the growing rate of supply chain transparency and anti-fraud measures, as well as the regulatory demand for government support to automate the supply chain market and reduce the effects of brokers. Higher concerns about data/information security, the purchase, sale, and approval of legitimate information authentication, as well as a significant increase in the use of blockchain technology in the retail, e-commerce, logistics, and food and beverage industries, are other critical factors likely to support the market growth during the review period.

Throughout the forecast period, rising usage of technologies like artificial intelligence, IoT, ML, and cloud-based systems coupled with continuous technical breakthroughs are expected to support the growth of the worldwide blockchain supply chain market. Stricter regulations, blockchain standardisation, and interoperability will probably slow the global blockchain market's expansion.

“Services segment, by component, to be dominating market from 2023 to 2030.”

In 2023, the blockchain supply chain market's highest revenue share belonged to the services category. This revenue share is anticipated to expand at a significant rate during the projection period. Increasing need for supply chain transparency, a rise in the use of supply chain technology features, and the availability of better services like decentralisation, immutability, and quicker and less expensive transactions are all anticipated to fuel market growth throughout the projection period.

“Consortium segment, by type, to be fastest growing market from 2023 to 2030.”

This feature, which gives one group complete control over the ability to change balances, establish rules, and reverse incorrect transactions in an effort to increase organisational efficiency, is anticipated to fuel market growth over the projection period.

“Inventory Monitoring segment, by application, to be fastest growing market from 2023 to 2030.”

Over the course of the projected period, significantly increase is expected in the inventory monitoring segment's revenue growth rate. The growing need for distributed servers, growing concerns about data security, and technological advancements seen in the retail and logistics sectors will propel the blockchain supply chain market. Over the course of the forecast period, the market is anticipated to continue growing as a result of growing emphasis on workflow optimisation, the requirement for data fitness and correctness, and the necessity to maintain accurate records and simple inventory.

“Logistics segment, by end use, to be dominating market from 2023 to 2030.”

In 2023, the logistics industry had the largest market share for blockchain supply chain technology. Throughout the projected period, the trend is anticipated to continue at an accelerating rate. Over the course of the projection period, the blockchain supply chain market is anticipated to rise due to growing concerns about shipment monitoring, maintaining labour-intensive records, and increasing transparency in product transportation.

“North America to be largest region in Block chain in supply chain market.”

In 2023, North America recorded the highest revenue share contribution to the global blockchain supply chain market. The use of increasingly sophisticated technological systems like artificial intelligence and the Internet of Things is expected to propel the growth of the blockchain supply chain market in the area. The growing investments made by leading players in product innovation and expansion, as well as the rising demand for large-scale infrastructure and technology development, are additional factors anticipated to propel the growth of the regional market.

Block chain in supply chain Competitive Landscape

The competitive landscape of the Block chain in supply chain market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Block chain in supply chain technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Block chain in supply chain market is highly competitive, with numerous companies vying for market share. Prominent companies in the Block chain in supply chain Market include:

IBM Corporation, SAP SE, Oracle Corporation, Huawei Technologies Co., Ltd., Microsoft Corporation, Guardtime Inc., Amazon Web Services Inc., Auxesis Group, TIBCO Software Inc., Accenture PLC, BTL Group, Omnichain Inc and others.

Recent Developments:

Seraphim Capital and Amazon Web Services collaborated to introduce a new space startup support programme in March 2021. Ten organisations are involved in the four-week business support programme called AWS Space Accelerator, which was introduced by Amazon Web Services. Along with technical subject matter experts with extensive experience working with AWS, venture capitalists will be monitoring the participating start-ups in the accelerator.

In January 2021, ibi, a forerunner in business intelligence solutions, acquired IBM. Enhancing advanced data management and analytics on the TIBCO connected intelligence platform is the primary goal of this acquisition.

In February 2020, XG graphene enhanced polyurethane covers for the XP 200 engine cover began production. These coverings are currently available for purchase on all Ford and Lincoln passenger cars and light truck panels. Its NVH sound absorption has increased by 17%, its compression strength has increased by 20%, its heat deflection temperature has increased by 30%, and its weight has decreased by 10%.