Pune, India, July 31, 2019 (GLOBE NEWSWIRE) — Overview:
The global blockchain in supply chain market is expected to exhibit a robust 87% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). According to the report, the global blockchain in supply chain market is mainly driven by the growing awareness about its benefits in supply chain management and the growing expanse of the global supply chain management sector. The report provides a clear analysis of the major drivers and restraints operating on the global Blockchain In Supply Chain Market as well as the leading players operating in the market and the competitive hierarchy within the market. Projections for the global blockchain in supply chain market are based on an extensive analysis of the historical trajectory of the market, revealing the key trends driving market growth. According to the report, the global blockchain in supply chain market is expected to rise from a modest valuation of USD 81.40 million in 2017 to more than USD 3,485 million by 2023.
Supply chain management has become a vital part of the global economy in recent years due to the increasing demand for international shipping, direct-to-customer deliveries, and ecommerce. Due to the increasing complexity in supply chain management, the need for a technology that can deliver transparency in managing supply chains, as well as providing quick resolutions of various issues, has been strongly felt. Along with AI and IoT, the use of blockchain has been a key innovation in the supply chain management market in recent years and is likely to dominate proceedings over the forecast period.
Blockchain technology provides advantages such as improved protection against fraud and errors, improved inventory management, and faster identification of issues across the entire supply chain, resulting in increased user trust. The increasing need for manufacturers and distributors to maintain transparency in supply chain operations and minimize costs is likely to be the key driver for the global blockchain in supply chain market over the forecast period.
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The key players in blockchain in supply chain technology market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise.The prominent players in blockchain in supply chain market are IBM Corporation (US), Microsoft Corporation (US), Ripple (US), Coinbase (US), Chain, Inc.(US), Abra, Inc (US)., Blockchain Tech Ltd (UK)., Earthport PLC (UK), Bitfury Group ( The Netherlands), Deloitte, Inc. (UK), and Digital Asset Holdings (US) among others.
The global blockchain in supply chain market is segmented on the basis of application, provider, vertical, and region.
By application, the market is segmented into payment & settlement, counterfeit detection, product traceability, smart contracts, risk & compliance management, and others.
By provider, the market is segmented into application & solution providers, middleware providers, and infrastructure and protocol providers.
By vertical, the market is segmented into retail and consumer goods, healthcare and life sciences, manufacturing, oil and gas, logistics, and others.
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Mapping the Global Market:
North America is expected to dominate the global blockchain in supply chain market over the forecast period due to the increasing adoption of blockchain, among other advanced technologies, in supply management operations in the region. The presence of leading blockchain developers such as IBM and Microsoft has also been a major driver for the blockchain in supply chain market in North America over the forecast period. The growing digitalization in the retail sector in North America is likely to be a major driver for the blockchain in supply chain market in the region, as the retail sector is likely to remain a major consumer of blockchain solutions for supply chain management over the forecast period. Europe holds the second largest share in the global blockchain in supply chain market and is likely to exhibit steady growth over the forecast period.
Asia Pacific is likely to exhibit the fastest growth in the global blockchain in supply chain market over the forecast period due to the growing demand from the retail and consumer goods sectors. The growing consumer goods industry in Asia Pacific is likely to remain a major driver for the blockchain in supply chain market in the region over the forecast period.
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