Blockchain technology is revolutionizing the agriculture sector by enhancing the decision-making capabilities of organizations. It finds several potential applications in the sector, some of which have already been explored.
Blockchain in Agriculture Market
Global Blockchain in Agriculture Market: Overview
Blockchain technology can enhance food safety by bringing transparency to the supply chain and improving the farming process. This will result in saving the time and money as well as lives of the persons involved in the agricultural activities. Blockchain technology can also help in reducing the transaction costs and will open new markets for farmers in the emerging economies, thereby benefitting both the agriculture sector as well as farmers. Blockchain in agriculture market is touted to dominate the future global business with improvement in logistics, quality assurance, environmental farm plans, nutrient management plans along with the effective implementation of big data applications, AI applications, and precision agricultural activities.
Global Blockchain in Agriculture Market: Growth Factors
Blockchain technology is revolutionizing the agriculture sector by enhancing the decision-making capabilities of organizations. It finds several potential applications in the sector, some of which have already been explored. The major applications of blockchain technology in agriculture include traceability and tracking, payment and settlement, smart contract, and governance, risk, and compliance management. The growth of the blockchain in agriculture market is attributed to the increase in demand for supply chain transparency, the rise in cases of food fraud, and rising concerns over food wastage. Blockchain can help in replacing slow manual processes in farming, reinforce traceability, and minimize food supply-chain IT transaction costs. However, blockchain has its limitations with the technology not being able to capture data pertaining to a number of untrusted participants/ vendors. In addition, there is a mammoth gap between the technology’s current capacity and the capacity that the supply chain requires. These factors can put brakes on the evolution of blockchain in agriculture market in the coming decade.
Global Blockchain in Agriculture Market: Segmentation
The global blockchain in agriculture market can be classified based on application, which is further segmented into product traceability, smart contracts, risk & compliance management, governance, and payment & settlement. Based on the provider, the market is classified into application & solution provider, infrastructure and protocol provider, and middleware provider. On the basis of organizational size, the market is sectored into large enterprises and SMEs.
Global Blockchain in Agriculture Market: Regional Analysis
Based on regions, the global blockchain in agriculture market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America was estimated to account for the largest share of the global blockchain in agriculture market in 2018, owing to the presence of major companies such as IBM and Microsoft in the U.S. The increase in research & development activities for blockchain due to food safety concerns and the benefits this technology offers to the farming vertical in terms of transparency, payment, and land registry are the factors that are expected to drive the blockchain in agriculture market in this region during the forecast timeline. In the Asia Pacific region, India is projected to be the fastest-growing market during the forecast period. The growing investment made by various stakeholders and government support for exploration and adoption of new technology is expected to drive the blockchain in agriculture market in India. The key players in Europe and the U.S. are focusing on exploring the untapped growth potential of the agriculture sector in APAC in countries such as India and China.
LATAM, Europe, and MEA are the markets having huge growth potential.
Global Blockchain in Agriculture Market: Competitive Players
The key players in the global blockchain in agriculture market include BM (US), Microsoft (US), SAP-SE (Germany), Ambrosus (Switzerland), Arc-net (Ireland), OriginTrail (Slovenia), Ripe.io (US), VeChain (China), Provenance (UK), ChainVine (UK), AgriDigital (Australia), and BlockGrain (Australia).
Global Blockchain in Agriculture Market: Regional Segment Analysis
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