This market research report includes a detailed segmentation of the global blockchain in supply chain market by providers (application providers, middleware providers, infrastructure providers), by applications (provenance tracking, payment & settlement, smart contracts, inventory management, counterfeit detection, compliance management, others), by verticals (retail & e-commerce, manufacturing, healthcare & life sciences, logistics, oil & gas, others), and by regions (North America, Europe, APAC, and RoW). The market research report identifies IBM, SAP, Microsoft, Oracle, AWS, Huawei, TIBCO Software, Auxesis Group, and Bitfury Group as the major vendors operating in the global blockchain in supply chain market.
Overview of the Blockchain in Supply Chain Market
Trends market research report predicts that the global blockchain in supply chain market will grow at a CAGR of around 60% during the forecast period. Blockchain applications for the supply chain are built on permissioned ledgers that are controlled by some actors or miners, which enhances security and traceability. The market is expected to grow as several IT players as well as start-ups have initiated the promising pilot projects. For example, Nestle, a food retail giant, in July 2019, announced that it would pilot the open blockchain technology for tracking its products along the supply chain. The pilot project will trace the milk from producers and farm in New Zealand till the warehouse and factories in Middle East.
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Walmart is testing the blockchain application to provide traceability for “farm to fork” and to improve transparency, efficiency, and food safety. IBM and Maersk, a shipping company, are working on cross-party, cross-border transactions that use the blockchain technology for enhancing the process efficiency. BHP is using the blockchain solution for tracking samples internally as well as externally from several providers.
According to the blockchain in supply chain industry analysis, North America accounted for the largest share of the global blockchain in supply chain market in 2018. Key players, such as IBM and Microsoft, continue to invest in blockchain technology, thereby result in the increased adoption of blockchain technology in supply chain. Bumble Bee Foods, one of the well-known seafood companies in North America, is using the blockchain technology for product traceability. The Asia Pacific region is expected to witness the fastest growth rate due to increased investments in blockchain-based start-ups.
Blockchain in Supply Chain Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global blockchain in supply chain market. Major vendors across different verticals are planning for high investments in this market, and as a result, the blockchain in supply chain market is expected to grow at an impressive rate in the coming years. The key players in the blockchain in supply chain market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in the strong position in the market.
Few of the Key Vendors in the Blockchain in Supply Chain Market Research:
- TIBCO Software
- Auxesis Group
- Bitfury Group
IBM had already identified the potential of blockchain technology in supply chain management and has several projects in development and pilot stages.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Blockchain in Supply Chain Market Research, By Providers
- Application Providers
- Middleware Providers
- Infrastructure Providers
The application providers segment is estimated to hold the largest market share and is expected to witness significant growth at the highest CAGR as application providers are the entities that are usually specialized in different protocol implementations.
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Blockchain in Supply Chain Market Research, By Applications
- Provenance Tracking
- Payment & Settlement
- Smart Contracts
- Inventory Management
- Counterfeit Detection
- Compliance Management
Among these applications, provenance tracking is estimated to hold the largest market share in 2019, and smart contracts is anticipated to grow at the highest rate during the forecast period 2019–2025.
Blockchain in Supply Chain Market Research, By Verticals
- Retail & e-Commerce
- Healthcare & Life Sciences
- Oil & Gas
The retail & e-commerce segment is expected to hold the largest market share, and the healthcare & life sciences segment is predicted to grow at the highest CAGR during the forecast period.
Blockchain in Supply Chain Market Research Benefits
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The report provides an in-depth analysis of the blockchain in supply chain market. The blockchain in supply chain industry offers many advantages, including greater scalability, increased innovation, and enhanced transparency & security. Blockchain in supply chain is adding more trust and transparency amongst the participants, resulting in improved supply chain efficiency. The report discusses the market in terms of providers, applications, verticals, and regions. Further, the report provides details about the major challenges impacting the market growth.