The Worldwide Blockchain Supply Chain Industry is Expected to Reach $3+ Billion by 2026 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Blockchain Supply Chain Market by Offering (Platform, Services), Type (Public, Private, Hybrid & Consortium), Provider, Application (Asset Tracking, Smart Contracts), Enterprise Size, Vertical (FMGC, Healthcare), and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The report forecasts the global post-COVID-19 blockchain supply chain market to grow from USD 253 million in 2020 to USD 3,272 million by 2026, at a Compound Annual Growth Rate (CAGR) of 53.2% during 2020-2026.
The major growth drivers for the market include increasing popularity of blockchain technology in retail and SCM and growing need for supply chain transparency. However, uncertain regulatory status and standards may restrain the market growth.
Among type, hybrid and consortium segment to grow at the highest CAGR during the forecast period
A permissioned blockchain provides a hybrid solution between the low trust offered by public blockchains and the single, highly trusted entity model of private blockchains. The advantage of the hybrid blockchain combines a permissioned that is a private blockchain with a public blockchain, and companies are able to secure background transactions with business partners, while also sharing product information with consumers on an open ledger.
The advantage of access control leading to increase as well as strengthened security has helped hybrid blockchain to increasingly become popular among enterprises and is being implemented by companies, such as Maersk. The use cases of hybrid blockchain in supply chain are increasing among industry verticals, such as eCommerce. Hence is expected to grow at the highest CAGR.
Large enterprises segment to hold a larger market size during the forecast period
The reduction in infrastructure costs, improvement in business functioning, and sustainability in the intense competition are the key factors that are projected to drive the adoption of blockchain supply chain in large organizations. The investments done by large enterprises in advanced technologies for increasing productivity and efficiency of the company is also a key factor that is projected to drive the adoption of blockchain supply chain in large enterprises.
Asia-Pacific (APAC) to grow at the highest CAGR during the forecast period
Due to the presence of more middle-class societies, APAC has more varied customer demands. Approximately 70% of the world’s container traffic passes through ports in APAC. Moreover, most APAC businesses reach their markets through complex supply chains that include many intermediaries, such as trading partners and a variety of different paths to market. Supply chains in APAC are often significantly more difficult to manage as compared to other regions of the world. To reduce these complexities, the adoption of blockchain supply chain in the region is increasing.
China, India, Australia, and Singapore are witnessing growth in the number of startups in cryptocurrency and blockchain technology. Hence, organizations have started joining various conferences to brainstorm and understand the value of blockchain. The increased shift of APAC enterprises toward leaner and agile supply chains with end-to-end visibility by the adoption of the latest technologies is also one of the biggest drivers of blockchain supply chain software and services in the region.
Market Dynamics
Drivers
- Increasing Popularity of Blockchain Technology in Retail and SCM
- Growing Need for Supply Chain Transparency
- Rising Demand for Enhanced Security of Supply Chain Transactions
Restraints
- Uncertain Regulatory Status and Standards
Opportunities
- Growing Need for Automating Supply Chain Activities and Eliminating Middlemen
- Rising Government Initiatives
Challenges
- Managing the Increasing Data Volume
- Lack of the Technical Knowledge
- Shortage of Supply and Demand Shocks During COVID-19 Outbreak
Companies Mentioned
- Algorythmix
- Amazon Web Services (AWS)
- Applied Blockchain
- Auxesis Group
- BigchainDB
- Bitfury
- Blockverify
- Chainvine
- Datex Corporation
- Digital Treasury Corporation
- Guardtime
- Huawei
- IBM
- Interbit
- Maersk
- Microsoft
- Oaro
- Omnichain
- OpenXcell
- Oracle
- Ownest
- Peerledger
- Recordskeeper
- SAP SE
- Tibco Software
- Traceparency
- Transchain
- Vechain Foundation
For more information about this report visit https://www.researchandmarkets.com/r/baerly
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