Industry Overview of Blockchain Supply Chain Market
Blockchain supply chain involves the utilization of blockchain technology for the efficient management and optimization of supply chain processes. This approach entails creating a network of participants who collectively validate and maintain the blockchain. By leveraging this decentralized platform, stakeholders can securely share crucial information such as orders, invoices, and certifications. The transparency and immutability of blockchain enable easy auditing and verification of data, facilitating compliance with regulations concerning quality control, product origin, sustainability, and other relevant aspects of the supply chain. Ultimately, blockchain supply chain enhances transparency, traceability, and trust among participants, leading to improved efficiency and integrity in supply chain management.
How Big Is the Blockchain Supply Chain Market?
The global blockchain supply Chain market size reached US$ 560.9 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 6,288 Million on by 2028, exhibiting a growth rate (CAGR) of 46.4% during 2023-2028.
Global Industry Trends and Drivers:
The global market for blockchain supply chains is witnessing significant growth, driven by several factors. One of the primary drivers is the increasing adoption of blockchain technology in the pharmaceutical industry to combat the infiltration of counterfeit drugs. By verifying the authenticity of drugs at every stage, blockchain supply chains provide a robust solution to ensure patient safety and enhance regulatory compliance. Furthermore, the transportation and logistics industries are leveraging blockchain to streamline the movement of goods. By providing shared and immutable data of all transactions, blockchain enhances transparency, traceability, and efficiency in supply chain operations. This has led to a growing adoption of blockchain in these industries, contributing to market expansion. In addition, the automotive industry is utilizing blockchain in its supply chain to establish a reliable record of vehicle history. This record includes information on parts replacements, repairs, and accidents, thereby increasing transparency for buyers and sellers in the used vehicle market. The market is also positively influenced by the increasing demand for refurbished vehicles, which can benefit from the transparency and trust provided by blockchain-based supply chains.
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What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
- Platform
- Services
Breakup by Application:
- Smart Contracts
- Payment and Settlement
- Product Traceability
- Inventory Monitoring
- Compliance Management
- Others
Breakup by Industry Vertical:
- Retail
- Manufacturing
- Food and Beverages
- Healthcare
- Oil and Gas
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
The Major Players in the market are Accenture plc, Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Group, Guardtime, Huawei Technologies Co. Ltd., International Business Machines Corporation, Microsoft Corporation, OpenXcell, Oracle Corporation, PixelPlex, SAP SE and TIBCO Software Inc.
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