Newark, Jan. 08, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 1.47 Billion in 2022 blockchain supply chain market will reach USD 75.38 Billion by 2032. Two major reasons driving the market’s growth are the increasing need for supply chain transparency and the increased security of supply chain transactions. Expanded automation and the elimination of middlemen with blockchain technology in supply chain management could lead to opportunities for market expansion.
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Key Insight of the Blockchain Supply Chain Market
North America is anticipated to expand at the highest CAGR of 50.62% over the projection period.
North America is expected to grow at the highest CAGR of 50.62% over the forecast period. Numerous collaborations and industrial consortiums centred on supply chain management and blockchain are based in the region. These partnerships hasten the creation and uptake of blockchain-based solutions. Furthermore, North American customers are becoming more conscious of the significance of supply chain transparency and traceability. Businesses are encouraged to use blockchain technology in order to meet customer expectations as a result of this demand.
The services segment is expected to register the highest CAGR of 51.68% over the projected period in the blockchain supply chain market.
The services segment is anticipated to grow at the highest CAGR of 51.68% in the blockchain supply chain market. The services sector includes a wide range of products and services, including as maintenance, integration, consulting, and implementation services. For companies implementing Blockchain in their supply chains, these services are crucial. Service providers facilitate the adoption of blockchain technology by helping with the development, implementation, and management of blockchain solutions. The provision of specialised services encourages confidence and trust in prospective users, which propels market expansion.
Over the projected period, the manufacturing segment is expected to register the highest CAGR of 51.26% in the blockchain supply chain market.
Over the forecasted period, the manufacturing segment is anticipated to grow at the highest CAGR of 51.26% in the blockchain supply chain market. Blockchain is transforming supply chains in the manufacturing industry by guaranteeing raw material quality, improving supplier collaboration, and offering real-time visibility into production processes. Blockchain technology can be used by manufacturers to track the flow of parts and components along the supply chain, resulting in shorter lead times and increased production. The manufacturing sector’s use of Blockchain fosters innovation and operational efficiency, which accelerates market expansion.
Market Dynamics
Driver: Increasing use of cutting-edge technologies in corporate plans
The increasing application of cutting-edge technology, especially artificial intelligence (AI) and machine learning (ML), facilitates market expansion. AI and ML augment and improve blockchain’s capabilities; businesses are increasingly implementing these technologies into their operational plans. AI and ML can help to improve data analytics in the supply chain. They enable companies to get predictive and prescriptive insights that enhance demand forecasts, inventory management, and routing. These technologies combine with Blockchain to give AI-driven intelligence to the Blockchain’s data, creating a powerful synergy. Moreover, supply chain data stored on the Blockchain by AI and ML algorithms might reveal trends, anomalies, and even fraud. This increases the security and dependability of the blockchain system. Blockchain adoption is further aided by the automation and efficiency gains brought about by the integration of AI and ML. Artificial Intelligence (AI) has the potential to improve the intelligence and flexibility of smart contracts, which are an essential part of blockchain technology. This can lead to automated decision-making and job execution in supply chain management. The rapid automation of company processes is driving market expansion. Automation is revolutionising supply chain operations, and blockchain technology is making it simple to integrate this change. By enabling self-executing contracts, or smart contracts, that act when specific conditions are fulfilled, blockchain simplifies automation. The Blockchain’s smart contracts provide the backbone for supply networks, which are increasingly being automated by businesses.
Opportunity: Increasing popularity of smart gadgets
The growing acceptance of smart devices is bolstering the market. Smart technology like Internet of Things sensors and RFID tags are becoming standard in the supply chain industry. These devices collect copious amounts of real-time data regarding the flow, state, and status of things as they move through the supply chain. This data can be shared and stored on a secure, unhackable platform provided by blockchain technology, enabling seamless interaction with smart devices. All data points, including temperature readings for perishable goods and shipping position updates, can be recorded on the blockchain to provide an irreversible audit trail. This link enhances the traceability and transparency of the supply chain.
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Some of the major players operating in the blockchain supply chain market are:
- Microsoft Corporation
- Oracle Corporation
- AWS Inc.
- Accenture Plc
- BTL Group
- SAP SE
- Huawei
- IBM Corporation
- TIBCO Software
- Auxesis Group
Key Segments cover in the market:
By Component:
- Services
- Platform
By Industry Vertical:
- Manufacturing
- Healthcare
- Retail
- Oil and Gas
- Food and Beverages
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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