he global blockchain in supply chain market is expected to grow at an exponential rate by 2028, primarily due to increasing demand for greater security in the working of various supply chains.
The rising adoption of product traceability to increase transparency in manufacturing processes is expected to make the product traceability sub-segment the most profitable one. The Asia-Pacific region is expected to be the fastest growing in the forecast period.
According to the newly published report, this growth is mainly due to the increase in the development and adoption of e-commerce websites in everyday economic activities. This has proved to be the main driver for the blockchain in supply chain market. Also, there is a rise in demand for increasing supply chains’ security across all sectors. Both these factors have helped the market to grow immensely.
Opportunities: The ever-growing need for the adoption of blockchain technology and automation to introduce transparency and efficiency in supply chains is predicted to offer numerous growth opportunities to the blockchain in supply chain market in the 2021-2028 timeframe.
Lack of awareness regarding blockchain technology might prove to be a restraint in the growth of the market.
The novel coronavirus has affected people all over the world, either directly due to the disease, or indirectly due to the lockdowns that were put in place to curb the spread of the virus. The blockchain in supply chain market to has been negatively impacted by the pandemic. This is mainly due to the supply-side and demand-side disruptions which have affected all manufacturers, retailers, etc.
However, during the pandemic, there has been a steady rise in the usage of e-commerce websites and technologies like Artificial Intelligence (AI) and machine learning (ML). This has made analysts predict the surge in the blockchain in supply chain industry in the 2021-2028 timeframe.
Based on type, the platform sub-segment is predicted to be the most dominant registering a revenue of $9,443.7 million in the 2021-2028 timeframe. The business agility provided by this platform type is the main reason behind the growth of this sub-segment.
By application, the product traceability sub-segment of the blockchain in supply chain market is anticipated to be the fastest-growing and reach $3,389.1 million by 2028. The increasing need for the adoption of product traceability to introduce transparency and quality control in manufacturing processes has been the main reason behind the increasing growth rate of this sub-segment.
By end-use, the retail sub-segment of the blockchain in supply chain market is predicted to grow at a stunning CAGR of 58.6% in the 2021-2028 timeframe. Retail operators have turned to blockchain technology to introduce efficiency and optimization in the supply chains to make them more resilient. This has helped the retail sub-segment to surge at such a stunning rate.
By regional analysis, the market in the Asia-Pacific region is predicted to be the fastest-growing one. It is anticipated to amass a revenue of $4,063.4 million by 2028. Increasing technological advancements and growing adoption of blockchain technology by leading organizations of this region to make supply chains more robust has been the main factor behind the growth of blockchain in supply chain market in the Asia-Pacific region.
Some of the leading players of the blockchain in supply chain market are:
- SAP SE
- TIBCO Software
- Guardtime, among others.
These players are introducing new technologies and innovative strategies to gain a prominent position in the market.
For more information about this, visit https://www.researchdive.com/8493/blockchain-in-supply-chain-market.