The blockchain is a records of digital database or blocks of immutable and validated transactions. The blockchain technology acts as an open ledger, such that every transaction on the network is recorded and is made available for all the entities or participants involved in the network to see and verify them. Therefore, blockchain eliminates the need to transfer information between organizations via mail or any other communication media. The blockchain centralizes the information sharing within enterprises thereby ensuring the transparency at all levels of supply chain management.
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The very technical nature of blockchain technology limits its awareness among enterprises. Nonetheless, with the growth of awareness, the blockchain supply chain market is projected to witness innovative and advance transformation, which enable the participants to access everything they want on a single platform. The global blockchain supply chain market size was valued at $ 93.16 million in 2017, and is projected to reach $ 9,852.91 million by 2025, growing at a CAGR of 80.2% from 2018 to 2025.
The platform component segment dominated the overall blockchain supply chain market in 2017 and is expected to remain dominant during the forecast period, due to increase in adoption of blockchain platforms to streamline the supply chain processes. Also, the segment is expected to witness significant growth in the upcoming years due to advent of affordable and diverse pricing plans offered by market players. The blockchain supply chain market outlook looks positive with the strong growth in CAGR.
The retail industry dominated the blockchain supply chain market share in 2017 and is expected to remain dominant during the forecast period, due to rise in adoption by retail players to streamline their supply chain processes. Further, this is expected to increase the demand for blockchain supply chain services in the retail industry. However, the blockchain supply chain market forecast predicts the healthcare industry to witness highest CAGR during the study period. Healthcare service providers are implementing blockchain technology to constantly monitor and track the healthcare products from production to delivery. Also, blockchain supply chain offerings enable pharmaceutical companies to decrease the illegitimate activities, such as counterfeit drugs and illegal production of harmful medicines, improper stock control.
North America dominated the overall blockchain supply chain market in 2017, as the region is equipped with strong broadband access and presence of significant number of market players. Further, the North America region is considered to be most advanced in terms of infrastructure and technology adoption. The wide presence of key industry players of blockchain technology solutions providers in the region is the major factor that drives the growth of the blockchain supply chain market. The enterprises from various industry verticals, such as healthcare, manufacturing, retail & consumer goods, and logistics are some of major customers to the vendors in the market. Asia Pacific, on the other hand, is expected to record highest growth CAGR for the blockchain supply chain market during the forecast period with ongoing developments in the major APAC countries, such as China, India, Japan, and Singapore.
The report focuses on the blockchain supply chain market trends, growth prospects, restraints, and opportunities. The study also provides Porter’s five forces analysis of the Blockchain supply chain industry to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the blockchain supply chain market growth.
Segment review
The global blockchain supply chain market is segmented based on component, application, industry vertical, and region. Based on component, the market is bifurcated into platforms and services. Based on application, the market is divided into smart contracts, payment & settlement, product traceability, inventory monitoring, compliance management, and others. Based on industry vertical, the market is classified into retail, manufacturing, Food & Beverages, healthcare, oil & gas, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global blockchain supply chain market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, AWS Inc. Huawei Accenture Plc., Auxesis Group, TIBCO Software, and BTL Group
Top impacting factors
Increase in need for supply chain transparency, proliferation of e-commerce industry, and rise in demand for enhanced security of supply chain transactions are some of the factors expected to boost the growth of the blockchain supply chain market. However, lack of awareness about blockchain technology and scarcity of skilled workforce are expected to hamper the market growth during the forecast period. Furthermore, emergence of new blockchain supply chain market and new developments in blockchain supply chain technology are expected to provide lucrative opportunities for the market. Elimination of middlemen with blockchain and increased automation in supply chain management are expected to present strong market opportunities in the coming years for the market.
Rise in demand for enhanced security of supply chain transactions
Blockchains create one shared and centralized intermediary for transaction and information flow monitoring for various entities involved in the supply chain network. Each participant or entity involved in the supply chain has a copy of the ledger, and all the information pertaining to product movements and transactions are part of that ledger. If any entity involved in the supply chain tries to perpetrate fraud or manipulate the data in the digital ledger, that participant or company is manipulating only its own ledger and gets immediately out of sync with the rest of the ledgers in the blockchain ecosystem. Further, the blockchain ledgers and transactions are encrypted. Therefore, these are much more secured compared to traditional banking models.
The proliferation of e-commerce
The e-commerce process involves the management of continuous supply of products, warehousing, inbound and outbound transportation, and products distribution. Further, lucrative growth of mobile subscribers and smartphone users across the globe is leading to significant portion of population using smartphones and other gadgets to procure the product. Nonetheless, current lengthy supply chain management system, and other loopholes in the system leads to losses and deterioration of end-user service. Smart contracts with the help of blockchain regulates the intermediaries including payment processing partners and logistics providers. The blockchain provides read-only record of data which provides customers with various information such as origin of the products and component and processing the product was involved in to before getting delivered.
Key Benefits For Blockchain Supply Chain Market:
• This study includes the global blockchain supply chain market analysis, trends, and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunity.
• The blockchain supply chain market size is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
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Blockchain Supply Chain Key Market Segments:
By Component
• Platform
• Services
By Application
• Smart Contracts
• Payment & Settlement
• Product Traceability
• Inventory Monitoring
• Compliance management
• Others
By Industry Vertical
• Retail
• Manufacturing
• Food & Beverages
• Healthcare
• Oil & Gas
• Others
By Region
• North America
U.S.
Canada
• Europe
Germany
France
UK
Rest of Europe
• Asia-Pacific
Japan
China
India
Rest of Asia-Pacific
• LAMEA
Latin America
Middle East
Africa
Key Market Players
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• AWS Inc.
• Huawei Accenture Plc.
• Auxesis Group,
• TIBCO Software
• BTL Group
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