Blockchain in the Transportation and Logistics Market – Trends, Analysis and Forecast to 2032 – By PMI
Blockchain in the transport and logistics market-PMI
The report “Blockchain in Transportation and Logistics Market, by Mode, by Application and by Region – Trends, Analysis and Forecast to 2032”.
COVINA, CALIFORNIA, USA, March 31, 2023/EINPresswire.com/ —
Blockchain in the Transport and Logistics Market – Increasing venture capital funding and investments in blockchain technology, various vendors are boosting market growth
The blockchain technology market in the transportation and logistics industry is fragmented due to the presence of many vendors in the market. The market is competitive, with all players competing to take more market share. Intense competition, rapid advances in technology and frequent changes in consumer preferences pose significant risk factors for suppliers.
The global blockchain in transportation and logistics market accounted for USD 22.5 million in 2019 and is estimated to be USD 765.5 million by 2025 and is expected to register a CAGR of 80.0%.
The report “Global Blockchain in Transportation and Logistics Market, by Mode (Sea, Land and Air), by Organization Size (Large Enterprises and SMEs), by Application (Product Traceability, Tracking and Visibility, Payment and Settlement, Smart Contract, Governance Risk and Compliance Management, and others), and by region (North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa) – Trends, Analysis and Forecast to 2032”.
Key highlights:
• In May 2019, leveraging SAP’s blockchain, Coke One North America (CONA) increased the efficiency and transparency of the giant supply chain. CONA expects to reduce the duration of order reconciliation from months to just days since it will now be able to see all transactions made by different bottlers on a distributed ledge.
• In January 2020, IBM and Digital Asset Holdings (DAH) upgraded the Hyperledger Fabric. Developers can write smart contracts written in widely adopted programming languages, such as Go, Java and Javascript that support Ethereum’s Solidity smart contracts language.
• In September 2018, Chain was acquired by Lightyear, a subsidiary of the Stellar Development Foundation, to form the combined company called Interstellar. The companies have teamed up to develop enhanced cryptographic ledgers to make financial services smarter, safer and more connected.
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Analyst view:
One of the emerging drivers for the blockchain market is the growing use of the DLT system (distributed ledger technology) based on advanced analytics. DLT is a decentralized system used to record transactions with secured mechanisms and advanced data analysis. Services based on the DLT system help to trade and monitor via digital currency. With the increase in the use of DLT systems and research services, the market is expected to grow in the near future.
The increasing digitization around the world has increased consumer demand for more transparency in financial transactions, paving the way for the latest innovations such as blockchain. The financial institutions and banking sector are the primary end users of this technology as it provides seamless management of business payments. However, significant initial investment and security issues can hinder growth in the target market.
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Key market insights from the report:
The global blockchain in transportation and logistics market accounted for USD 22.5 million in 2019 and is estimated to be USD 765.5 million by 2025 and is expected to register a CAGR of 80.0%. The market report is segmented on the basis of mode, organization size, application, and region.
• Depending on the mode, the country segment is expected to grow at the highest CAGR over the forecast period.
• Depending on organization size, the SMB segment is estimated to grow at the highest CAGR over the forecast period due to the need to cost-effectively streamline business processes across SMBs. The adoption of the blockchain technology is currently in the experimental phase in most of the SMEs; However, the adoption rate in the SME segment is expected to increase significantly in the coming years, due to low infrastructure costs and transparency.
• Depending on the application, the smart contracts segment is estimated to grow at the highest CAGR over the forecast period due to smart contracts reducing costs and eliminating middlemen.
• By region, North America is believed to have the largest market size in the blockchain market. Early adoption of blockchain technologies by the organizations in the region and the emergence of several providers of blockchain technologies will contribute to the overall share of the market. Businesses in North America have recognized the potential of blockchain technology in delivering improved customer experiences; therefore, they have started adopting the technology to develop business applications.
Challenging landscape:
The prominent player operating in the global blockchain in transportation and logistics market includes IBM, AWS, Microsoft, SAP, Intel, Oracle, Bitfury, Cegeka, Earthport, Guardtime, Digital Asset Holdings, Chain and Huawei.
The market provides detailed information on industrial base, productivity, strengths, manufacturers and recent trends that will help companies expand their businesses and promote economic growth. Furthermore, the report presents dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across various regions that influence the market trajectory. Recent technological advancements and innovations affecting the global market are included in the report.
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Blockchain in Banking Market, by Type (Public Blockchain, Private Blockchain, Hybrid Blockchain), by Payment Verticals (Interbank Transfers, Cross-Border Transfers and Remittances, Retail and P2P Payments, Corporate Payments), by Application (Clearing and Settlement Systems, Trade Finance Platforms, E- KYC, Smart Contracts, Regulatory Reporting & Compliance) – By Region (North America, Europe, Asia Pacific, Latin America & Middle East & Africa) – Market Trends, Analysis and Forecast to 2029.
Some important points answered in this market report are given below:
• Explains an overview of the product portfolio, including product development, planning and positioning
• Explains details of key operational strategies focusing on R&D strategies, corporate structure, location strategies, production capabilities and financial performance of various companies.
• Detailed analysis of market revenues over the forecast period.
• Investigate different views on the market using Porter’s five forces analysis, PEST & SWOT Analysis.
• Study the segments expected to dominate the market.
• Investigation into the regional analysis that is expected to register the highest growth over the forecast period
Some frequently asked questions about Blockchain in the transport and logistics market:
1. What is the blockchain in the transport and logistics market?
The blockchain in the transport and logistics market refers to the use of blockchain technology in the transport and logistics industry, including applications such as supply chain management, logistics tracking and forwarding.
2. How does blockchain technology benefit the transport and logistics industry?
Blockchain technology provides benefits such as increased transparency and traceability in supply chains, improved efficiency and security in logistics tracking and streamlined shipping processes.
3. What are some of the most important applications for blockchain in transport and logistics?
Some of the most important applications of blockchain in transportation and logistics include supply chain management, logistics tracking, freight forwarding and document management.
4. Which industries are the biggest consumers of blockchain in transport and logistics services?
The largest industries using blockchain in transportation and logistics services include retail, automotive, healthcare and manufacturing.
5. What are some of the key drivers of blockchain in the transportation and logistics market?
The key drivers for blockchain in the transportation and logistics market include growing demand for increased supply chain visibility, growing adoption of blockchain technology across industries, and growing need for secure and efficient logistics processes.
6. Who are some of the major players in the blockchain within the transport and logistics market?
Some of the major players in the blockchain within the transport and logistics market include IBM, SAP, Microsoft, Oracle and Accenture.
7. What are the prospects for blockchain in the transport and logistics market?
The outlook for blockchain in the transport and logistics market is positive, with increasing use of blockchain technology across industries and the growing need for secure and efficient logistics processes expected to drive growth in the industry. However, challenges related to interoperability and standardization of blockchain solutions may hinder market growth.
Shweta Raskar
Prophecy Market Insights
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