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Global Blockchain Supply Chain Market Research Report 2023-2028:
According to the latest report by IMARC Group, titled " Blockchain Supply Chain Market: Global Industry Trends, Share, Size, Growth, Opportunity and For ecast 2023-2028
," the global blockchain supply chain market size reached US$ 560.9 Million in 2022.
A blockchain supply chain is defined as a form of decentralized ledger technology that validates, records, and synchronizes digital data of immutable and authenticated cryptocurrency transaction records across networks. It broadcasts to a peer-to-peer network comprising several interconnected computers known as nodes.
These electronic devices solve equations for determining and validating the transaction to create data blocks for tracking purposes. Blockchain aids in providing deal information in a read-only format for all the verified members of the group to retrace the point of origin precisely and offering all parties access to the same information, thereby potentially reducing communication or transfer data errors. Along with this, blockchain ensures faster processing, improves traceability, enhances visibility and compliance over outsourced contract manufacturing, and reduces paperwork and administrative costs.
As a result, blockchain is extensively used by businesses to minimize the risks encountered during the transportation of goods and track transactions.
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The widespread adoption of the blockchain supply chain across various industrial verticals can be attributed to the increasing need for effective online transactions with enhanced transparency and security. This is further influenced by the shifting user inclination toward blockchain technologies to mitigate the requirement of appointing intermediaries for transaction validation and negotiation purposes in the supply chain management (SCM) processes. In line with this, the growing awareness amongst small and medium-sized enterprises (SMEs) regarding the various benefits associated with the usage of blockchain supply chain technologies, such as lower pricing, continual monitoring of product flow, and increased corporate transparency, is acting as another growth-inducing factor. Additionally, the large-scale utilization of the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) technologies by enterprises to authenticate process information and improve data security and transparency is contributing to the market growth. Moreover, the extensive utilization of blockchain supply chain in the pharmaceutical industry to mitigate various illegitimate activities, such as illegal production of harmful medicines, improper stick control, and counterfeit drugs, is impelling the market growth. Other factors, such as the uptake of e-commerce platforms, especially during the COVID-19 pandemic, and strategic collaborations amongst key players to integrate advanced solutions with technology are creating a positive outlook for the market.
Looking forward, IMARC Group expects the market to reach a value of US$ 6,288 Million by 2028, exhibiting at a CAGR of 46.4% during 2023-2028.
View Report TOC, Figures and Tables: https://www.imarcgroup.com/blockchain-supply-chain-market
Key Market Segmentation
The research report includes the following segments:
Breakup by Component:
• Platform
• Services
Breakup by Application:
• Smart Contracts
• Payment and Settlement
• Product Traceability
• Inventory Monitoring
• Compliance Management
• Others
Breakup by Industry Vertical:
• Retail
• Manufacturing
• Food and Beverages
• Healthcare
• Oil and Gas
• Others
Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa
Competitive Landscape with Key Players:
• 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
• TIBCO Software Inc
1. What was the size of the global blockchain supply chain market in 2022?
2. What is the expected growth rate of the global blockchain supply chain market during 20232028?
3. What are the key factors driving the global blockchain supply chain market?
4. What has been the impact of COVID-19 on the global blockchain supply chain market?
5. What is the breakup of the global blockchain supply chain market based on the component?
6. What is the breakup of the global blockchain supply chain market based on the application?
7. What is the breakup of the global blockchain supply chain market based on the industry vertical?
8. What are the key regions in the global blockchain supply chain market?
9. Who are the key players/companies in the global blockchain supply chain market?
Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/blockchain-supply-chain-market/toc
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