Blockchain in Supply Chain Market Envisioned to Generate a CAGR of 57.4% from 2022-2031

Key Companies Covered in the Blockchain in Supply Chain Market Research are IBM, Microsoft, SAP SE, Oracle, Huawei, Guardtime, TIBCO Software, Bitfury, Interbit, AWS and. other key market players.

According to Research Dive analysis, the global blockchain in the supply chain market is estimated to generate a revenue of $14,884.4 million by 2031, increasing from $423.0 million in 2022, at a CAGR of 57.4%.

Impact Analysis of COVID-19 on the Global Blockchain in Supply Chain Market:

During the Covid-19 pandemic, the global market for blockchain in the supply chain experienced a negative impact. Due to the shutdown of many retail stores and manufacturing units, blockchain is affected significantly. Businesses all across the world are working to improve their competitiveness and market value so that they may plan for the pandemic. On the other side, the COVID-19 outbreak has resulted in a surge in eCommerce demand. In the event of the pandemic, artificial intelligence (AI) and machine learning (ML) are being utilized to drive business innovation strategies, which has fueled SMEs’ adoption of blockchain supply chain solutions. Currently, blockchain is being used to manage vaccine maintenance and storage as well as to ensure that the COVID-19 vaccine is supplied accurately.

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Blockchain in supply chain Market Analysis:

The market value is primarily driven by the growing demand for supply chain transparency, as well as the growing desire for improved supply chain transaction security. The market value is supported by the benefits afforded by blockchain supply chains, such as cost savings, provenance tracking, customer trust, and the avoidance of cumbersome record-keeping and product monitoring. Furthermore, the growing desire to eliminate middlemen by automating supply chain activities, as well as the introduction of IoT, are expected to boost the blockchain supply chain industry.

However, during the projection period, the market is likely to be hampered by a lack of understanding about blockchain technology and a scarcity of trained labor. Furthermore, the threat of network security and ambiguous regulatory standards are expected to limit industry expansion.

The lucrative expansion of mobile subscribers and smartphone users around the world is causing a substantial section of the population to purchase products using smartphones and other gadgets. Nonetheless, the present long supply chain management system, as well as other flaws in the system, result in losses and a decline in end-user service. The intermediates, such as payment processing partners and shipping suppliers, are regulated by smart contracts using blockchain technology. The blockchain provides a read-only record of data that gives customers with information such as the origin of the products, as well as the components and processing that the product went through before being delivered.

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Based on component, the blockchain in supply chain market has been segmented into platform and services.

The platform sub-segment is predicted to have a dominating market share in the global market and register a revenue of $9,443.7 million during the forecast period.

Based on application, the market has been divided into payment & settlement, inventory management, product traceability, compliance management, and other sub-segments.

The product traceability sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $3,389.1 million by 2031, growing from $91.7 million in 2022, with a CAGR of 58.4%.

Based on end-use, blockchain in supply chain market is classified into manufacturing, retail, transport & logistics, healthcare, energy & resources, and others.

The retail sub-segment is anticipated to have the fastest market growth during the forecast period. It is predicted that the market shall generate a revenue of $1,868.8 million by 2031, growing from $50.0 million in 2022, with a CAGR of 58.6%.

Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $4,063.4 million by 2031, with a CAGR of 58.2%.

The companies involved in the global blockchain in supply chain market are IBM, Microsoft, SAP SE, Oracle, Huawei, Guardtime, TIBCO Software, Bitfury, Interbit, and AWS.

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