New York, USA, March 22, 2023 (GLOBE NEWSWIRE) — According to a report published by Research Dive, global blockchain i pptop chain market expected to gain USD 14,884.4 million in revenue and rise at a staggering CAGR of 57.4% throughout the forecast period from 2021 to 2028.
According to our analysts, the increasing use of blockchain in the logistics and supply chain industry to increase corporate transparency, efficiency and overall experience of the final delivery phase is the most important factor expected to boost the growth of the blockchain in supply chain market over the analysis period. Moreover, blockchain technology offers several benefits such as fraud protection, continuous monitoring of product flow and many more as it allows transactions to be recorded on distributed ledgers, which is expected to promote the growth of the market during the forecast period. Moreover, the growing need for blockchain technology to automate the process of storing data in a digital format is predicted to create broad growth opportunities for the growth of the market over the estimated period. However, the lack of awareness about blockchain technology may hinder the growth of the market throughout the forecast period.
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Sparts of Blockchain in the Supply Chain Market
The report has divided the market into segments based on type, application, end-use and region.
Type: Platform sub-segment to be most productive
The platform sub-segment is expected to achieve a revenue of $9,443.7 million during the estimated time frame. This is mainly due to the increasing use of blockchain solutions to automate supply chain procedures. Moreover, blockchain platforms support business agility by allowing rapid development and frequent release of features that are predicted to magnify the growth of the market sub-segment over the forecast period.
Application: Product traceability Sub-segment to be most profitable
The product traceability sub-segment is estimated to generate a revenue of $3,389.1 million throughout the analysis timeframe. The growing need to incorporate traceability for multi-tier and multi-site manufacturing to address issues such as information asymmetry and limited visibility is expected to boost the growth of blockchain in the supply chain sub-segment during the forecast period.
End use: The retail sub-segment should be the most profitable
The retail sub-segment is forecast to gain a revenue of $1,868.8 million over the estimated time frame. The growing adoption of blockchain technology by retail operators to optimize their supply chain processes is expected to drive the growth of the market sub-segment in the coming period.
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The Asia-Pacific region has enormous growth opportunities
The Asia-Pacific region in the blockchain in supply chain market is expected to register a revenue of USD 4,063.4 million over the estimated period. The increasing adoption of blockchain supply chain software and services in the region due to the increasing shift of organizations towards leaner and more agile supply chains is predicted to drive the regional growth of the market throughout the analysis period.
Covid-19 impact on the blockchain in the supply chain market
The outbreak of the Covid-19 pandemic has caused various uncertainties in several industries. This has also negatively affected the blockchain in the supply chain market. This is mainly because the emergence of the pandemic has affected almost all manufacturers, distributors and retailers. However, the rise in demand for e-commerce and the growing use of artificial intelligence (AI) and machine learning (ML) across SMEs to innovate advanced business plans have created growth opportunities for the market during the crisis.
Important players on the market
The major players in the blockchain in supply chain market include
- Duty time
- Huawei
- TIBCO software
- Oracle
- Bitfury
- SAP SE
- Interbit
- Microsoft
- AWS
- IBM
These players mainly work on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to achieve a leading position in the global industry.
For example, in November 2022, Microsoft, a leading American multinational technology company, launched the Microsoft Supply Chain Platform, which is an open approach to supply chain agility, automation and sustainability. This platform is raised incorporating the best Microsoft AI, low-code, collaboration and SaaS applications in total.
Furthermore, the report also presents other important aspects including SWOT analysis, product portfolio, the financial performance of the key players and the latest strategic developments.
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