USD 0.7 billion
Blockchain Supply Chain Market Size, Share, Growth Analysis, By Component(Platform and Service), By Application(Smart Contracts, Payment & Settlement), By Industrial Vertical(Retail, Manufacturing) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2259 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
92 |
Figures:
72
Blockchain Supply Chain Market Insights
Global Blockchain Supply Chain Market size was valued at USD 0.7 billion in 2022, USD 1.0 billion in 2023 and is projected to grow USD 14.06 billion by 2031, growing at a CAGR of 45.5% in the forecast period (2024-2031).
The blockchain consists of blocks of verified and unchangeable digital transaction records. Every transaction on the network is recorded and made available for all entities or participants to view and validate thanks to the open ledger function of blockchain technology. Blockchain thereby removes the requirement for information to be sent between organizations via mail or any other kind of communication. By centralizing information exchange among businesses, the blockchain ensures supply chain management transparency across the board. Enterprise knowledge of blockchain technology is limited due to its highly technical nature. However, as awareness grows, the blockchain supply chain market is expected to undergo advanced and innovative development.
The retail sector held a prominent market share in the blockchain supply chain market and is anticipated to maintain this position throughout the forecast period as a result of a rise in the use of supply chain process optimization by retail operators. Furthermore, it is anticipated that the retail sector will see a rise in demand for blockchain supply chain services. The healthcare sector, on the other hand, is expected to grow at the fastest rate over the research period. Blockchain technology is being used by healthcare service providers to track and continuously monitor healthcare products from manufacturing to distribution. Additionally, pharmaceutical firms can reduce illicit activities including stock control errors, illicit production of hazardous medicines, and counterfeit drugs by utilizing blockchain supply chain capabilities.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Inventory Monitoring
Fastest Growth
Smart Contracts
Growth Rate
45.5% CAGR
Global Blockchain Supply Chain Market ($ Bn)
Country Share by North America (%)
Global Blockchain Supply Chain Market By Application (%)
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Blockchain Supply Chain Market Segmental Analysis
The global blockchain supply chain market is segmented based on component, application, industrial vertical and regional type. In terms of component, the market is bifurcated into platform and service. Based on application, the market is grouped into smart contracts, payment & settlement, product traceability, inventory monitoring, compliance management and others. Based on industrial vertical, the market is segmented into retail, manufacturing, food & beverages, healthcare, oil & gas and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. In the upcoming years, the supply chain management application category is anticipated to offer significant market possibilities.
Analysis by Application
As per categorization by application, the market is classified into smart contracts, payment & settlement, product traceability, inventory monitoring, compliance management and others. Among these, inventory monitoring earned the largest share and continues to dominate the market. Blockchain technology is bringing about a major innovation in inventory management, which is being seen by the global blockchain supply chain market. Blockchain lowers the risk of fraud and mistakes by ensuring transparent and safe inventory tracking across the supply chain. Blockchain-based smart contracts automate inventory management procedures, improving accuracy and efficiency. Blockchain is a key technology for modernizing inventory management in global supply chains since it provides real-time visibility into inventory movements, which helps with rapid decision-making and enhances overall supply chain performance.
Due to their revolutionary potential, smart contracts, payment and settlement, product traceability, compliance management, and other blockchain applications are expected to rise at a rapid rate in the global blockchain supply chain market. Contractual agreements are automated using smart contracts, which streamlines operations and lowers expenses. Blockchain-powered payment and settlement systems provide safe, quick transactions and build stakeholder trust. Product traceability features meet consumer needs for goods supplied ethically by improving accountability and transparency. Furthermore, blockchain enables smooth compliance management, guaranteeing cross-border adherence to rules; both functions are essential for the rapid worldwide expansion of supply chain management.
Analysis by Industry Vertical
The Global Blockchain Supply Chain Market is seeing creative uses in the manufacturing sector that are meant to boost efficiency and transparency. From acquiring raw materials to delivering the finished product, every stage of the manufacturing process is being tracked and authenticated using blockchain technology. Smart contracts simplify the procurement process by automating agreements between suppliers and manufacturers. Furthermore, product traceability made possible by blockchain technology guarantees quality control and makes prompt recalls possible when needed, spurring innovation in manufacturing techniques all over the world.
Urgent need for efficiency, security, and transparency throughout their supply chains, the retail, food and beverage, healthcare, oil and gas, and other industries are expected to have substantial growth in the global blockchain supply chain market. Blockchain technology in retail allows for real-time product tracking, which lowers the number of counterfeit goods sold and increases consumer confidence. Similar to this, blockchain protects private information in healthcare and expedites procedures like managing patient records. Additionally, blockchain improves traceability and compliance in sectors like food and beverage and oil and gas, which is essential for fulfilling regulatory requirements and customer expectations. As a result, these industries are propelling the swift integration of blockchain technology into supply chain management, opening the door for revolutionary expansion.
Global Blockchain Supply Chain Market By Application (%), 2023 (%)
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Blockchain Supply Chain Market Regional Insights
North America accounted for the majority of market share. It is acknowledged that North America has the most developed infrastructure and widespread use of technology. The primary driving force in this sector is the general conduct of the main suppliers of blockchain technology solutions. Businesses in a range of sectors, including manufacturing, healthcare, retail, consumer goods, and logistics, offer significant potential for vendor expansion. As blockchain technology is being adopted more widely in the region, especially in the financial and logistical sectors, Europe Blockchain Supply Chain Market has the second-largest market share. In addition, the European region's fastest-growing market was the UK Blockchain Supply Chain Market, while Germany held the greatest market share.
Between 2024 and 2031, the Asia-Pacific Blockchain Supply Chain Market is anticipated to expand at the fastest rate. This is a result of its early adoption of cutting-edge technologies. Furthermore, in the Asia-Pacific region, the Indian Blockchain Supply Chain Market was developing at the fastest rate, while China's Blockchain Supply Chain Market held the most market share. The Middle East and Africa and Latin America are becoming major players in the global blockchain supply chain market. Due to the growing use of blockchain technology to improve supply chain transparency, efficiency, and traceability, countries like Brazil and South Africa are experiencing tremendous growth, which is propelling market expansion in these regions.
Global Blockchain Supply Chain Market By Geography, 2024-2031
- Largest
- Fastest
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Blockchain Supply Chain Market Dynamics
Drivers
Retail and SCM Heavily Adopting Blockchain Technology
- Every day, a number of transactions and information exchanges take place in the retail and SCM industries. The primary obstacles encountered by businesses in the supply chain sector are decreased expenses, increased velocity, and ongoing monitoring of the flow and calibre of goods. Blockchain technology is being adopted by a number of SCM sector stakeholders in an effort to increase business operations' efficiency and transparency as well as to improve the final delivery phase's overall experience.
Automated Activities and Eliminating Middlemen
- Numerous services, including legal, insurance, settlement, transport management, and route planning, are part of the supply chain ecosystem. delivery timetables, fleet management, normative compliance, and stakeholder connectedness. Middlemen are necessary for these operations. Supply chains can now store data automatically in a digital format that is very hard to alter thanks to blockchain technology. The implementation of blockchain technology in supply chain operations would eliminate the requirement to designate intermediaries for transaction validations or negotiations.
Restraints
Uncertain Status and Standard
- Regulatory agencies must be aware of the gaps in the current regulations and how they may affect the entire spectrum of technology-enabled applications in light of technological improvements. Regulating uncertainty is still a problem for the blockchain supply chain industry. One of the main obstacles to the widespread implementation of blockchain technology at the moment is the absence of rules, particularly with regard to supply chain management (SCM) across numerous industry verticals.
Increasing Data Volume Management
- Blockchain technology requires a tremendous amount of energy and processing power to validate blocks and store ledgers. With regard to Bitcoin technology, there are vast, open networks capable of handling 450 trillion transactions a second. When compared to the anticipated workload of transactions needed for supply chains, these amounts of transactions per second appear insignificant. Supply chains, Due to privacy concerns, primarily depend on permissioned blockchain.
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Blockchain Supply Chain Market Competitive Landscape
Prominent industry participants are making significant investments in R&D to broaden their product offerings, contributing to the overall growth of the Blockchain Supply Chain Market. In order to increase their market share, market players are also engaging in a range of calculated strategic actions. Notable developments in this regard include the introduction of new products, contracts, mergers and acquisitions, increased investment, and cooperation with other businesses. In order for the Supply Chain business to grow and thrive in an increasingly competitive and expanding market, Blockchain products must be reasonably priced.
Top Player’s Company Profiles
- IBM Corporation (US)
- VeChain (China)
- Ripple (US)
- BASF Agricultural Solutions (Germany)
- Coinbase (US)
- Microsoft Corporation (US)
- Chain Inc (US)
- Hyundai Motor Company (South Korea)
- Abra Inc (US)
- Blockchain Tech Ltd (UK)
- OrionOne (US)
- Earthport PLC (UK)
- Bitfury Group (Netherlands)
- Deloitte Inc. (UK)
- Kia Corporation (South Korea)
- Digital Asset Holdings (US)
Recent Developments
- In July 2023, A blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) has been established by Hyundai Motor Company and Kia Corporation to track the carbon emissions of its suppliers or cooperative business partners. This system tracks and monitors suppliers' carbon emissions using blockchain technology and artificial intelligence (AI), assisting them in lessening their environmental effect and enhancing their sustainability.
- In October 2022, To provide more transparency and traceability for fashion designers, BASF Agricultural Solutions introduced a blockchain technology that tracks sustainably produced FiberMax cotton from seed to sew. With the support of the "Seed 2 Sew" pilot project, businesses can confidently purchase sustainable cotton despite the intricacy of the cotton supply chain. Blockchain technology is being used by BASF to offer a transparent and safe method of tracking the origin and movement of cotton across the supply chain.
- In August 2022, Blockchain technology may now be easily used by logistics organizations thanks to the integration of OrionOne and VeChain's solutions. Now that OrionOne's logistics platform is integrated with VeChain's blockchain platform, businesses may quickly adopt blockchain technology without having to make large investments in infrastructure or cryptocurrency management. With this combination, the logistics sector hopes to adopt blockchain technology more quickly.
Blockchain Supply Chain Key Market Trends
- Transforming Supply Chains: The implementation of Blockchain technology in the supply chain is transforming and optimizing operations. There is a growing recognition in the supply chain industry for the potential of blockchain technology to address longstanding issues. Increasingly, Blockchain is being used to make processes transparent and easy to understand. Businesses are leveraging blockchain technology to create immutable ledgers that provide complete transparency. They are able to observe what products they have and when money is being exchanged in real time thanks to this.
- Interoperable Blockchain Solutions: Interoperable blockchain solutions enable safe data sharing and connection between disparate systems. This facilitates improved collaboration throughout the supply chain industry. The realization that a large number of Blockchain users require it to interface seamlessly with pre-existing devices is driving this development. Supply chain finance is one area where Blockchain is rapidly expanding its applicability. Historically, it has been challenging to get money in the supply chain. There's no easy way to view things clearly, and it typically takes a long time.
Blockchain Supply Chain Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, Blockchain technology is being used more and more by the retail and supply chain management (SCM) industries to improve delivery times, increase transparency, and streamline operations. Blockchain addresses major issues encountered by companies in these sectors by enabling cost reduction, faster transactions, and better monitoring of the flow and quality of goods by automating numerous operations and doing away with the need for middlemen. Due to gaps in current regulations, the blockchain supply chain industry faces regulatory uncertainty that prevents widespread implementation, particularly in supply chain management across various industries. Additionally, the industry must contend with growing challenges related to the management of large volumes of data, particularly in relation to energy consumption and processing power requirements for ledger storage and transaction validation. In addition to strategic initiatives like product introductions, contracts, mergers, acquisitions, increased investments, and collaborations to enhance market share and competitiveness, major industry players are heavily investing in research and development to expand their product portfolios, driving growth in the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 0.7 billion |
| Market size value in 2031 | USD 14.06 billion |
| Growth Rate | 45.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain Supply Chain Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain Supply Chain Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain Supply Chain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain Supply Chain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain Supply Chain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain Supply Chain Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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