According to the latest report by IMARC Group, titled “Blockchain Supply Chain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global blockchain supply chain market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
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.
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.
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.
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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.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the 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.
The report has been segmented the market into following categories:
Breakup by Component:
𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧:
- Smart Contracts
- Payment and Settlement
- Product Traceability
- Inventory Monitoring
- Compliance Management
Breakup by Industry Vertical:
- Food and Beverages
- Oil and Gas
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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