Global Blockchain Supply Chain Market

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

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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).

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. '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)'

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.

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.

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.

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