According to new market research report "Blockchain
Supply Chain Market by Offering (Platform, Services), Type (Public,
Private, and Hybrid and Consortium), Provider, Application (Asset Tracking,
Smart Contracts), Enterprise Size, Vertical (FMGC, Healthcare), and Region -
Global Forecast to 2026", published
by MarketsandMarkets™, the Blockchain
Supply Chain Market size to grow
from USD 253 million in 2020 to USD 3,272 million by 2026, at a Compound Annual
Growth Rate (CAGR) of 53.2% during the forecast period. Increasing popularity
of blockchain technology in retail and SCM, growing need for supply chain
transparency and rising demand for enhanced security of supply chain
transactions are major growth factors for the market.
Growing need
for automating supply chain activities and eliminating middlemen and rising
government initiatives would provide lucrative opportunities for vendors in the
Blockchain Supply Chain Market.
Browse and
in-depth TOC on “Blockchain Supply Chain Market”
278 – Tables
50
- Figures
260
- Pages
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By offering, Platform segment to hold the largest market
size during the forecast period
The blockchain platform
enables customers to set up private, public, and consortium-based blockchain
environments as well as enable people, products, applications, and services to
interoperate across the blockchain network. Blockchain supply chain platforms
also help enterprises in avoiding risks through fraud and risk management
applications and optimize their daily operations, leading to reduced
operational costs. Another important advantage is the relative simplicity of
managing read/write access permissions over blockchain. The access to
blockchain is restricted so that the data is not tampered with. This results in
a platform that keeps full track of each and every item in real-time, including
additional information as per the given requirement, making blockchain-based
supply chain management platforms highly efficient and reliable. The growing
emphasis on compliance as well as government regulations are also expected to
fuel the adoption of blockchain solutions, especially in highly regulated
regions, such as North America and Europe.
In provider, application
providers to grow at a higher CAGR during the forecast period
Application providers are
third-party entities that distribute and manage blockchain solutions for
customers across application areas. Blockchain solutions are outsourced to meet
the technological needs of businesses. Blockchain offers a historical record of
all transactions since the beginning of the technology and serves as a single
source for extracting information and is integrated to maintain the privacy of
data. Market vendors provide different blockchain solutions, such as digital
identity management, payments, exchanges, documentation, Governance, Risk, and
Compliance (GRC) management, and smart contracts. These vendors provide
blockchain technologies that are expected to deliver high business value to
companies by reducing the duplication of transactional data and providing
periodic reconciliation and authentication for commercial and regulatory needs.
The introduction of technologically-advanced solutions has witnessed a certain
level of adoption in government agencies, thereby fuelling the overall market
growth.
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North America to hold the largest market size during the
forecast period
North America, a
technologically advanced region with a high number of early adopters and the
presence of major market players, is expected to contribute the highest market
share in terms of revenues during the forecast period. Factors such as
increased adoption of IoT, ML and AI-based technologies for digitizing supply
chain operations, increasing digitization and increasing demand for cloud-based
blockchain supply chain services among enterprises, especially SMEs, due to
advantages such as scalability and cost effectiveness are expected to fuel the
growth of blockchain supply chain in th region
Major vendors in the global
Blockchain
Supply Chain Market include IBM (US), Microsoft (US), SAP SE (Germany), Amazon Web
Services (AWS) (US), Oracle (US), Huawei (China), Guardtime (Estonia), Tibco
Software (US), Bitfury (Netherlands), Interbit (Canada), Auxesis (India),
Vechain Foundation (China), Chainvine (UK), Digital Treasury Corporation (DTCO)
(China), Datex Corporation (US), OpenXcell (US), Algorythmix (India),
Blockverify (UK), Applied Blockchain (UK), Transchain (France), Omnichain (US),
Ownest (France), Traceparency (France), Peer Ledger (Canada), OARO (Spain), and
Records Keeper (Spain).
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