IMARC Group has recently released a new research study “Blockchain Supply Chain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Blockchain Supply Chain Industry?
The global blockchain supply chain market size reached US$ 560.9 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 6,288 Million on by 2028, exhibiting a growth rate (CAGR) of 46.4% during 2023-2028.
What is a Blockchain Supply Chain ?
Blockchain is a shared peer-to-peer internet-based technology that synchronizes digital transaction data across networks and shared ledgers to provide a digital database for validated and immutable transactions. It enables companies to track transactions transparently and acts as an open ledger, making every network transaction available in a read-only format.
It also helps ensures optimum transparency and streamlined operations, minimizes redundancy and fewer delays, provides a leaner supply chain, improves efficiency and speed, enhances traceability, and eliminates the need for information sharing via mail or other communication platforms. Owing to these benefits, a blockchain supply chain is widely adopted in manufacturing, food, and beverages (F&B), oil and gas, and healthcare across the globe.
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What Are The Key Factors Driving In The Blockchain Supply Chain Market?
The market is primarily driven by the widespread adoption of the blockchain supply chain across various industrial verticals such as retail, transportation and logistics, mining, and construction. This can be attributed to the rising demand for security and transparency in supply chain transactions and the growing online tractions. In addition, the increasing use of advanced technologies such as machine learning (ML) and artificial intelligence (AI) in business strategies is resulting in higher product adoption across small and medium enterprises (SMEs), which is contributing to market growth.
Moreover, the rising demand for smart devices among individuals and the penetration of internet subscribers is escalating the use of these devices for product procurement which is providing a positive thrust to the market growth. Besides this, the expanding e-commerce industry and extensive research and development (R&D) activities conducted by leading players are propelling the market growth.
Who Are The Key Players/Companies In The Global Blockchain Supply Chain Market?
Accenture plc, Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Group, Guardtime, Huawei Technologies Co. Ltd., International Business Machines Corporation, Microsoft Corporation, OpenXcell, Oracle Corporation, PixelPlex, SAP SE and TIBCO Software Inc.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Platform
- Services
Breakup By Application
- Smart Contracts
- Payment and Settlement
- Product Traceability
- Inventory Monitoring
- Compliance Management
- Others
Breakup by Industry Vertical:
- Retail
- Manufacturing
- Food and Beverages
- Healthcare
- Oil and Gas
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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