09-May-2022 | Zion Market Research
The 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.
Blockchain technology is also known as a shared ledger that accounts the cryptocurrency transactions, such as Bitcoin and Tether, in the form of blocks on networks. The data contained in blocks is hashed with a complex algorithm that makes it incontrovertible, which means the data cannot be altered or deleted. Blockchain technology offers significant applications for supply chain management that starts from tracking origins and manufacturers of products to detecting deceptions during the transportation of shipment, the instigation of payments, and the settlement of processes. New technologies are presenting capable opportunities for improvement across the supply chain. Using blockchain in supply chain management has the potential to improve transparency and traceability as well as diminish administrative costs.
The increasing popularity of blockchain technology in retail and SCM, the growing need for supply chain transparency, and the rising demand for enhanced security of supply chain transactions are among the important aspects of the growth of Blockchain Technology in Supply Chain Management. The growing need for systematizing supply chain activities and eliminating middlemen and rising government initiatives would provide profitable opportunities for blockchain supply chain vendors. Furthermore, the market is expected to be driven by the retail and Supply chain management industry that witnesses numerous transactions each day, along with the exchange of information on a day-to-day basis. The major challenges faced by companies working in the supply chain industry include enhanced speed, decreased costs, and continuous tracking of products’ movement and quality.
The Blockchain Technology in Supply Chain Management Market is segregated based on offering, type, providers, application, organization size, and verticals. Based on offering, the market is distinguished into platform and services. Based on type, the market is distinguished into Public, Private, Hybrid and Consortium. Based on providers, the market is bifurcated into Application Providers, Middleware Providers, and Infrastructure Providers. Based on application, the market is distinguished into Asset Tracking, Counterfeit Detection, Payment and Settlement, Smart contracts, Risk and Compliance Management, and Others (Inventory Control and Reward Management). Based on organization size, the market is segmented into SMEs and Large enterprises. Based on verticals, the market is distinguished into FMCG, Retail and eCommerce, Healthcare, Manufacturing, Transportation and Logistics, Oil, Mining, and Gas, and Others (Construction, Agriculture, and Automobile).
North America is an early adopter of blockchain technology and is home to the greatest number of blockchain startups worldwide and it will hold the largest market size during the forecast period. With technological advancements and a rising focus on making supply chain functions, the need for a blockchain supply chain is being fueled in the North American region. Followed by it, Asia Pacific is expected to contribute to the fastest-growing region with the highest CAGR during the forecast period as it is adopting new technologies rapidly. The driver for blockchain supply chain software and services include the latest trends of extensive adoption of trucking, containerization, and computerization resulting in scaled shipping and delivery of raw materials, Work In Progress, and finished goods around the world and effectively improving cost, quality, and delivery of supply chain.
Key players functioning in Blockchain Technology in Supply Chain Management Market include 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).
Browse the full “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)).” Report at https://www.zionmarketresearch.com/report/blockchain-technology-in-supply-chain-management-market
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