The Blockchain for Supply Chain market is estimated to reach USD 16.67 billion by 2030, from USD 569.5 million in 2022, registering a CAGR of 52.30% during the forecast period 2023-2030| Data from Contrive Datum Insights Pvt Ltd.

According to a market survey published by Contrive Datum Insights, blockchain refers to a series of digital databases, also known as blocks, that contain verified events. It ensures that all transactions and information in the supply chain network are synchronized, eliminating the need for a central intermediary to manage them.

FARMINGTON, May 14, 2023 (GLOBE NEWSWIRE) — In 2022, Blockchain For Supply Chain Market was worth $569.05 million. By 2030, it is expected to be worth $16.47 billion, which means it will have grown at a CAGR of 52.3% from 2023 to 2030. Supply chain management refers to the process of planning, controlling and managing the flow of raw materials and finished goods to save costs. In the supply chain, blockchain technology is used to reduce costs, track the origin of goods and establish trust. The emergence of the Blockchain Supply Chain Market has introduced new and advanced ways to access everything on a single platform. This market is categorized by component, application and industry vertical.

The Blockchain for Supply Chain Market Insights 2019 report is a comprehensive analysis of the current state of the global Blockchain for Supply Chain industry. This report provides key information on the market status of Blockchain for Supply Chain manufacturers and provides valuable guidance for companies and individuals interested in the industry. The study covers a detailed analysis of the Global Blockchain for Supply Chain markets from 2017 to 2030, taking into account all important factors.

The increasing demand for e-commerce, secure transactions in the supply chain and increased transparency in the supply chain are the primary drivers for the market’s growth.

Request a sample copy of the report “Global Blockchain for Supply Chain Market Size, Share and Trend Estimates Report by Component Outlook (Platform and Services) by Application Type Outlook (Counterfeit Detection, Payment and Settlement, Product Traceability, Risk and Compliance Management and Other) by Industry Vertical Type Outlook ( Retail and Consumer Goods , Health and life sciences , Production , Oil and gas , Logistics and other) Region, and forecasts, 2022 – 2030“, published by Contrive Datum Insights.

Segmentation overview:

By component Outlook:

The market is divided into two categories based on the type of component: Platform and services. Due to the increasing use of blockchain technologies to improve supply chain operations, the platform category has greater importance. This segment is expected to experience significant growth, primarily driven by the introduction of cost-effective and adaptable pricing options by market rivals.

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Upon application Outlook:

The market is categorized into counterfeit detection, payment and settlement, product traceability, risk and compliance management and others based on their respective applications. Among these, Counterfeit Detection is the most prominent part as it is widely used to authenticate the authenticity of products. Anti-counterfeit blockchain systems utilize barcodes to monitor the movement of products throughout the supply chain, ensuring that consumers receive genuine products.

By Industrial Vertical Outlook:

The market is segmented by industry into retail and consumer goods, healthcare and life sciences, manufacturing, oil and gas, logistics and others. Retail and consumer goods make up the largest segment of the market, and are therefore of the greatest importance. This segment is witnessing growth as retailers increasingly adopt Blockchain Supply Chain technology for product tracking, payment and settlement, and anti-counterfeiting.

Regional Analysis:

• The use of modern infrastructure and technology is prominent in North America, which provides significant growth opportunities for suppliers across multiple industries, including manufacturing, healthcare, retail, consumer goods and logistics. The collective actions of major market players in the region contribute to its dominance in blockchain technology solutions.

• North America continues to lead the global retail blockchain market and is expected to maintain its competitive edge during the forecast period. One of the key drivers of market growth in this region is the growing concern among retailers about data security. This is evidenced by the high number of data breaches that occur every day in the US government, prompting retailers to invest heavily in data security measures such as firewalls, hiring expert hackers and other security protocols.

• Retailers in North America are also adopting advanced technologies such as point-to-point encryption and tokenization to protect sensitive information in their systems. A study by the National Retail Federation predicts that by the end of 2019, 80% of retailers will have implemented point-to-point encryption, and 89% will have used tokenization. Additionally, according to BakerHostetler, phishing accounts for 38% of data protection incidents in US companies in 2019.

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Scope of the report:

Market dynamics:

Driver:

The retail and SCM market is experiencing a transformation due to the growing popularity of blockchain technology. Exchange of information related to authentication processes, sales, payments, taxes, licenses and approvals takes place on a daily basis among businesses operating in these industries. Supply chain companies face significant challenges in reducing costs, increasing speed and tracking product movements effectively. To address these issues, various segments of the SCM industry have started using blockchain technology to improve business operations and improve customer experience. Integrating blockchain with SCM systems ensures data integrity and prevents tampering, which is likely to be a major driver for the growth of the blockchain market. The technology also enables the recording of activities on distributed ledgers, promoting transparency, preventing fraud and increasing operational efficiency for various agencies.

Limitations:

As technology advances, regulatory agencies must understand what the current rules do not address and how those rules may affect technology-enabled programs as a whole. The blockchain supply chain market remains concerned about unclear regulations. For now, the absence of laws is likely to be one of the biggest obstacles to the widespread use of blockchain technology, especially in supply chain management (SCM) in many industries. Global health institutions are collaborating to develop a standardized set of blockchain technology standards. However, one of the most difficult aspects of changing supply chain systems is convincing healthcare institutions to adopt new regulations. Distributed ledger technology is still in its infancy. This means that regulators and politicians at both national and international level have many questions regarding the wide range of applications, security and authenticity. Due to issues such as standardization and interoperability, the regulatory framework for blockchain technology remains unclear.

Key segments covered:

Top players on the market:

By component:

Upon application

By industrial vertical:

Regions and countries covered

• North America: (USA, Canada, Mexico, rest of North America)

• Europe: (Germany, France, Italy, Spain, UK, Nordic countries, Benelux Union, Rest of Europe)

• Asia Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

• Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)

• Latin America: (Brazil, Argentina, Rest of Latin America)

• The rest of the world

Check out more related studies published by Contrive Datum Insights:

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• Blockchain in the retail market Size, Share and Trend Estimates Report by Component (Platform/Solutions, Services) by Type (Public Blockchain, Private Blockchain), by Application (Supply Chain Management, Food Safety Management), by Region and Segment Forecasts, 2023 – 2030

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