Blockchain in Supply Chain Market Synopsis:
The report on “Blockchain in Supply Chain Market” by Market Research Future (MRFR) in reveals that the global market of blockchain in supply chain is likely to increase to a valuation of USD 3,485.25 million by 2023 from USD 81.40 million in 2017. The worldwide blockchain in supply chain market is expected to thrive at a 87.0% CAGR of over the forecast span of 2018 to 2013. The rise in requirement for supply chain transparency and enhanced security in supply chain transactions are considered to drive the growing rate of adoption blockchain technology in the supply chain management. On the contrary, uncertain regulatory protocols can restrict the use of blockchain technology in the supply chain and logistics.
Blockchain technology is based on three components, which are shared ledger, digital transactions, and distributed network. The supply chain management includes activities, such as planning, controlling, and execution of a product flow form raw material to manufacturing, and distribution to end-user. The integration of blockchain technology in supply chain is expected to make the process streamlined and also cost-effective.
The application of blockchain technology in Blockchain in Supply Chain Market adds greater visibility and efficiency to the entire supply chain process. This is expected to deliver high value to customers. Blockchain makes process, such as product tracking and managing complicated records seamless. These factors are likely to boost the blockchain in supply chain market expansion. Other important uses of blockchain technology in supply chain are, cost reduction, provenance tracking, and establish customer trust, which can surge the market.
The quick expansion of the market can also be attributed to the major benefit of blockchain, which is interoperability. This allows companies to share information with suppliers, vendors, and manufacturers with greater security. Blockchain also enables smooth access to large databases from different locations across the globe with minimal exposure of data, hence leading to low risk of data breach. The enhanced transparency in the supply chain along with protection of goods is expected to contribute to the expansion of the market.
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Blockchain in Supply Chain Market Key Players:
MRFR identified some important players of the blockchain in supply chain technology market that operates across the world. They are; Microsoft Corporation (US), IBM Corporation (US), Coinbase (US), Ripple (US), Digital Asset Holdings (US), Chain, Inc.(US), Blockchain Tech Ltd (UK)., Abra, Inc (US)., Bitfury Group ( The Netherlands), Earthport PLC (UK), Deloitte, Inc. (UK), and others.
Blockchain in Supply Chain Market Segmental Study:
The market of blockchain in supply chain is segmented by provider, application, and vertical.
- By application, the market is segmented into counterfeit detection, payment & settlement, product traceability, risk & complience managament, smart contracts, and others.
- By provider, the market is segmented into middleware providers, application & solution providers, and infrastructure and protocol providers.
- By vertical, the market is segmented into healthcare and life sciences, retail and consumer goods, manufacturing, logistics, oil and gas, and others.
Blockchain in Supply Chain Market Detailed Regional Analysis:
By region, the blockchain in supply chain market is studied across North America, Europe, APAC, and the rest of the world (RoW). The worldwide market can grow at a lucrative rate in the forecast period. As per the geographic study of the market done by MRFR, the blockchain in supply chain market in North America is anticipated to spearhead. The US is expected to make some good profit for the regional market.
This is due to the advancements of infrastructure and rise in technology adoption. The residence of major players and quick adoption of modern technologies, such as IoT, big data, cloud, and artificial intelligence (AI) can boost the market in the APAC region.
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