By 2028, Demand for Global Blockchain Technology in Supply Chain Management Market Size & Share Will Surpass USD 3153.7 Million Mark, at 51.3% CAGR Growth | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research – PR Newswire

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Wealthlandnews June 4, 2022
Updated 2022/06/04 at 6:33 PM

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NEW YORK, May 10, 2022 /PRNewswire/ — As per Zion Market Research study, The Global Blockchain Technology in Supply Chain Management Market was worth around USD 262.9 million in 2021 and is estimated to grow to about USD 3153.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 51.3 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Blockchain Technology in Supply Chain Management Market Reports:
Zion Market Research published the latest report titled as “The Blockchain Technology in Supply Chain Management Market by Offering (Platform and Services). By Type (Public, Private, Hybrid and Consortium). By Application Providers (Middleware Providers, and Infrastructure Providers). By Application (Asset Tracking, Counterfeit Detection, Payment and Settlement, Smart contracts, Risk and Compliance Management, and Others (Inventory Control and Reward Management)). By Organization Size (SMEs and Large enterprises). By verticals (FMCG, Retail and eCommerce, Healthcare, Manufacturing, Transportation and Logistics, Oil, Mining, and Gas, and Others (Construction, Agriculture, and Automobile)).  and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” into their research database.
Blockchain Technology in Supply Chain Management Market: Overview
The blockchain is the record of a digital database of absolute and validated transactions. Blockchain is an open ledger in which every transaction on the network is recorded and is made available for all the entities or participants involved to see and validate. This ensures transparency and eliminates communication via mail or any other platform. The need to eliminate intermediaries is increasing which has led to automating supply chain operations. Instead of coins, supply chain blockchains tokenize a variety of transaction-related data, creating unique and readily verifiable identifiers for purchase orders, inventory units, bills of lading, etc.
Blockchain technology has huge scope and is set to help procurement organizations in all industries lower their costs and improve performance by increasing security and visibility to tracking complex variables related to sustainability and proper sourcing. This technology has dominated the overall blockchain supply chain market in 2021 and is anticipated to remain dominant during the forecast period, due to an increase in the adoption of blockchain platforms to streamline the supply chain processes.
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Industry Dynamics:
Blockchain Technology in Supply Chain Management Market: Growth Dynamics
Driver: The increasing popularity of blockchain technology in retail and SCM.
A growing number of retailers are recognizing the potential of blockchain technology. This industry witnesses several transactions each day, along with the exchange of information daily. The information may include authentication process information, procurement data, sales, fees, certifications, approvals, and disbursements. The amalgamation of blockchain technology with an SCM system avoids data manipulation, which is expected to be one of the biggest driving factors for the overall growth of the blockchain market.
Restraints: Uncertain regulatory status and standards.
Regulatory uncertainty is among the top barriers to the adoption of blockchain implementations across global industries. With technological developments, regulatory bodies need to understand what the current regulations system lack and how these can impact the overall technology-enabled applications. Blockchain technology is still at a developing stage, which raises a number of questions and concerns related to security and authenticity at all levels. Owing to issues such as standardization, the regulatory status of blockchain technology remains uncertain.
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Global Blockchain Technology in Supply Chain Management Market: Segmentation
Based on offering, the market is distinguished into platform and services. The services segment is further divided into technology advisory and consulting deployment and integration, and support and maintenance. The platform segment is expected to dominate the market in 2021. The platform segment is expected to grow significantly as a result of market players’ introduction of affordable and diverse pricing plans. This is because of the increased adoption of blockchain systems to streamline supply chain processes.
Based on type, the market is segmented into public, private, hybrid, and consortium. The public segment is expected to dominate the market during the forecast period. The public blockchain is a network on which any applicant can create transactions. It is made for safe transactions between users while reducing the presence and costs of third parties during transactions. Because of these advantages, public blockchain is expected to witness increased use in supply chain systems. Moreover, a private blockchain is managed by a network administrator and participants need consent to join the network. A hybrid blockchain is a unique type of blockchain technology that integrates components of both public and private blockchain or basically tries to utilize the ideal part of both public and private blockchain solutions. A consortium blockchain is a hybrid form of public and private blockchains. Consortium blockchain providers will always try to offer the fastest output compared to public blockchains.
Recent Developments
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List of Key Players of  Blockchain Technology in Supply Chain Management Market:
Key questions answered in this report:
Report Scope:
Report Attribute
Details
Market size value in 2021
USD 262.9 Million
Revenue forecast in 2028
USD 3153.7 Million
Growth Rate
CAGR of almost 51.3 % 2022-2028
Base Year
2020
Historic Years
2016 – 2021
Forecast Years
2022 – 2028
Segments Covered
By Product Type, By Application, and By End Use
Forecast Units
Value (USD Million), and Volume (Units)
Quantitative Units
Revenue in USD million/billion and CAGR from 2022 to 2028
Regions Covered
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered
IBM (US), Microsoft (US), SAP (Germany), AWS (US), Oracle (US), Huawei (China), Guardtime (Estonia), TIBCO Software (US), Bitfury (The Netherlands), Interbit (Canada), Auxesis Group (India), VeChain (China), Chainvine (UK), Digital Treasury Corporation (China), Datex Corporation (US), OpenXcell (US), Algorythmix (India), BlockVerify (UK), and Applied Blockchain (UK).
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope
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Regional Dominance:
North America leads the global market as it is an early adopter of blockchain technology and is home to the greatest number of blockchain startups worldwide. The presence of strict regulations and trade agreements related to the supply chain across the region is also a driver of the blockchain supply chain here. Asia-Pacific Region is expected to be a huge contributor to the fastest-growing region in the forecast period. The increased shift of Asia-Pacific enterprises toward slimmer and agile supply chains with end-to-end visibility by the adoption of the latest technologies is also one of the biggest drivers of blockchain supply chain software and services in the region.
Global Blockchain Technology in Supply Chain Management Market is segmented as follows:
Blockchain Technology in Supply Chain Management Market: By Offering Outlook (2022-2028)
Blockchain Technology in Supply Chain Management Market: By Type Outlook (2022-2028)
Blockchain Technology in Supply Chain Management Market: By Providers Outlook (2022-2028)
Blockchain Technology in Supply Chain Management Market: By Application Outlook (2022-2028)
Blockchain Technology in Supply Chain Management Market: By Organization Size Outlook (2022-2028)
Blockchain Technology in Supply Chain Management Market: By Verticals Outlook (2022-2028)
Blockchain Technology in Supply Chain Management Market: By Region Outlook (2022-2028)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Press Release For Blockchain Technology in Supply Chain Management Market: https://www.zionmarketresearch.com/news/global-blockchain-technology-in-supply-chain-management-market
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