Blockchain in Supply Chain Market Size, Share, Growth, and Industry Analysis by Type (Public Blockchain, Private Blockchain and Others) By Application (Marketing and Advertising, Healthcare and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Blockchain in Supply Chain Market Report Overview

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The global blockchain in supply chain market size was USD 249.6 million in 2022 and is projected to touch USD 3595.69 million by 2031, at a CAGR of 34.5% during the forecast period.

Authenticated and immutable transaction records are stored on the blockchain, a digital database. With the use of blockchain technology, which functions as an open ledger, every transaction on the network is tracked and made accessible for all businesses or participants in the network to observe and verify (consortium blockchain). Blockchain thereby does away with the need for businesses to communicate with one another via mail or other means in order to transmit information. Supply chain management openness is ensured at all levels thanks to the blockchain, which centralizes information exchange between companies. It is challenging for organizations to comprehend blockchain technology because of its extreme technicality.

COVID-19 Impact: Closure of Manufacturers, Distributors and Retailers Hindered the Market

The global COVID-19 pandemic has been unprecedented and staggering, with blockchain in supply chain experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Every business is being impacted by the unusual events that the coronavirus pandemic has sparked. Around the world, the COVID-19 crisis continues to have an effect on people, society, business, and the economy. It has been noted that the desire for blockchain in supply chains during the epidemic has had a detrimental impact. A survey by Supply Chain Media found that almost all manufacturers, distributors, and the retail sector had seen a major effect as a result of the COVID-19 pandemic. On the other hand, the COVID-19 pandemic has caused an increase in demand for eCommerce. The adoption of blockchain supply chain solutions by SMEs has been accelerated by the integration of artificial intelligence (AI) and machine learning (ML) in corporate innovation plans as part of a pandemic.

LATEST TRENDS

"Synchronization of All Transaction Data Across Networks to Propel the Market"

Various services, including legal, insurance, settlement, transport management, route planning, normative compliance, fleet management, delivery schedules, and interaction with stakeholders, are all part of the supply chain ecosystem. Middlemen are required for these procedures. Supply chains are given access to a robotic method for storing data in a secure, hard-to-tamper-with digital format thanks to blockchain technology. The requirement for middlemen to be hired for transaction validation or negotiation would be eliminated by implementing blockchain technology in supply chain operations.

A further benefit of using blockchain technology is that it synchronizes all transaction data across networks, enabling each member to confirm the work of their fellow participants. In the end, it automates supply chain activities and promotes direct communication among stakeholders, doing away with the need for any middlemen. The additional benefit of blockchain technology is that each transaction can be precisely traced back to its point of origin even when there are a large number of transactions and their associated data to manage.

Blockchain in Supply Chain Market Segmentation

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• By Type Analysis

By type, market is segmented into public blockchain, private blockchain and others. The public blockchain segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into marketing and advertising, healthcare and others. The marketing segment will lead the global share through 2028.

DRIVING FACTORS

"Implementation of Blockchain Technology in SCM Sector to Boost the Market"

A number of transactions take place in the retail and SCM sectors every day, and information is also often exchanged. Sales, fees, certificates, approvals, and payments are a few examples of possible information types. Reduced prices, increased speed, and continual monitoring of product movement and quality are the main obstacles that businesses involved in the supply chain sector must overcome. As a way to increase corporate operations' transparency and efficiency as well as the final delivery phase's overall experience, a number of players in the SCM sector have begun implementing blockchain technology. One of the key aspects projected to drive the overall growth of the blockchain industry is the ability to avoid data tampering through the integration of blockchain technology with SCM systems.

"Need For Effective Customer Data Protection to Push the Market "

SMEs favor cloud-based networking solutions over on-premises networking investments because they are more adaptable and less expensive. The adoption of blockchain supply chain is anticipated to be sped up by SMEs using the pay-as-you-go approach to adaptably manage the IT infrastructure to their needs. Additionally, the requirement for effective customer data protection, cost-cutting, and gaining a competitive edge allows for rapid responses and prompt choices, which are anticipated to fuel the expansion of the blockchain supply chain market in SMES.

RESTRAINING FACTORS

"Lack of Regulations to Restrain the Market"

Regulatory organizations should assess any gaps in the laws and regulations that may exist in light of technical advancements, as well as how such gaps may influence all applications that use technology. Regulational ambiguity is nevertheless a cause of worry in the blockchain supply chain business. One of the biggest barriers to the adoption of blockchain technology at the present is likely a lack of regulations, especially for supply chain management (SCM) across a number of industry sectors.

Blockchain in Supply Chain Market Regional Insights

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"North America to Hold the Largest Global Blockchain in Supply Chain Market Share"

The need for a blockchain supply chain is growing in the area as a result of technical innovation and the growing emphasis on improving the efficiency of supply chain services including logistics, warehousing, fulfillment, manufacturing, and transportation management. The area is likely to lead the adoption of blockchain supply chain due to the rising uptake of cutting-edge technology, the existence of numerous production facilities, and the sizeable presence of huge retail chains. Another factor in the growth of the blockchain supply chain in this area is the presence of strict laws and trade agreements relating to the supply chain.

As a result of its early adoption of new technologies, Asia Pacific is anticipated to contribute to the region with the highest CAGR and quickest growth throughout the course of the projection. Blockchain supply chain software and services are also being driven by the most recent trends of widespread adoption of trucking, containerization, and computerization that result in scaled shipping and delivery of raw materials, Work In Progress (WIP), and finished goods around the world and effectively improving cost, quality, and delivery of supply chain. One of the main drivers of blockchain supply chain software and services in the APAC area is the growing trend of APAC organizations toward leaner, more agile supply chains with end-to-end visibility.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Microsoft (U.S.)
• IBM (U.S.)
• Oracle (U.S.)
• T-Mining (South Africa)
• DTCO (China)
• Deloitte (UK.)
• Primechain (India)
• Veem (U.S.)
• Guardtime (U.S.)
• BTL (U.S.)
• Ripple (U.S.)
• OpenXCell (Canada)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.