Global Blockchain in Supply Chain Market Anticipated to Surpass $14,884.4 Million, Rising at 57.4% CAGR from 2021 to 2028 - Exclusive Report [241-Pages] by Research Dive
Rising demand for blockchain in supply chains is fueling the global blockchain in supply chain market growth. COVID-19 pandemic has positively impacted the market. The Asia-Pacific market is projected to observe speedy growth.
NEW YORK, Sept. 22, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Blockchain in Supply Chain Market by Component (Platform and Services), Application (Payment & Settlement, Inventory Management, Product Traceability, Compliance Management, and Others), End-use (Manufacturing, Retail, Transport & Logistics, Healthcare, Energy & Resources, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
The global blockchain in supply chain market is expected to garner $14,884.4 million by 2028, rising at a CAGR of 57.4% from 2021 to 2028. The report offers all-inclusive insights into the present condition and future scope of the industry by deeply analyzing market drivers and restraints, opportunities, major segments, and regions.
The market is segmented on the basis of component, application, end use, and region.
The platform sub-segment of the component segment is anticipated to dominate the market by surpassing $9,443.7 million in the estimated period. This growth is chiefly because of the rising demand for of blockchain solutions for automating supply chain processes in various industries.
The product traceability sub-segment of the application segment is estimated to observe speedy growth and hit $3,389.1 million in the projected period. This growth is mainly because of the increasing need for product traceability for fulfilling consumer requirements such as quality assurance and transparency.
The retail sub-segment of the end use segment is anticipated to experience rapid growth and hit $1,868.8 million in the projected period. This growth is mainly due to the growing need of blockchain technology by retail business owner to enhance their supply chain processes.
Among region, the Asia-Pacific region market is projected to witness speedy growth and gather a revenue of $4,063.4 million, growing at a CAGR of 58.2% during the forecast period. This growth is mostly because of the growing demand for streamlined and agile supply chains with end-to-end transparency from different industries in this region.
The key factor fueling the growth of the global blockchain in supply chain market is the increasing data flow and transactions each day in the logistics and supply chain management businesses across the globe. Additionally, growing adoption of automated technologies in the supply chain processes by various industries is estimated to open doors to innovative opportunities for the market growth in the projected period. However, absence of proper knowledge and regulatory uncertainties pertaining to blockchain solutions in supply chain are expected to impede the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Blockchain in Supply Chain Market:
The COVID-19 pandemic has made a significant impact on the growth of the global blockchain in supply chain market in 2020. The rising spread of the COVID-19 virus is fueling the adoption of blockchain in supply chains to resolve the disrupted supply chains' issues. Moreover, surge in eCommerce businesses is greatly boosting the implementation of blockchain supply, which is boosting the market growth in the pandemic period.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. For example, in June 2021, Stahl, a global front-runner in the specialty chemistry of coatings, processing, and treatments, launched blockchain-based collaborations to boost supply chain transparency.
Moreover, the report offers other key details of leading players such as business tactics, financial performance, and product/service range of these players along with Porter's five forces analysis and SWOT analysis.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
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