Northbrook, IL 60062 -- (SBWIRE) -- 08/21/2023 -- The global Blockchain Supply Chain Market size to grow from USD 253 million in 2020 to USD 3,272 million by 2026, at a Compound Annual Growth Rate (CAGR) of 53.2% during the forecast period, according to research report by MarketsandMarkets™.

Increasing popularity of blockchain technology in retail and SCM, growing need for supply chain transparency and rising demand for enhanced security of supply chain transactions are major growth factors for the market. Growing need for automating supply chain activities and eliminating middlemen and rising government initiatives would provide lucrative opportunities for vendors in the blockchain supply chain market.

Browse 278 market data Tables and 50 Figures spread through 260 Pages and in-depth TOC on "Blockchain Supply Chain Market - Global Forecast to 2026"

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By offering, Platform segment to hold the largest market size during the forecast period

The blockchain platform enables customers to set up private, public, and consortium-based blockchain environments as well as enable people, products, applications, and services to interoperate across the blockchain network. Blockchain supply chain platforms also help enterprises in avoiding risks through fraud and risk management applications and optimize their daily operations, leading to reduced operational costs. Another important advantage is the relative simplicity of managing read/write access permissions over blockchain. The access to blockchain is restricted so that the data is not tampered with. This results in a platform that keeps full track of each and every item in real-time, including additional information as per the given requirement, making blockchain-based supply chain management platforms highly efficient and reliable. The growing emphasis on compliance as well as government regulations are also expected to fuel the adoption of blockchain solutions, especially in highly regulated regions, such as North America and Europe.

In provider, application providers to grow at a higher CAGR during the forecast period

Application providers are third-party entities that distribute and manage blockchain solutions for customers across application areas. Blockchain solutions are outsourced to meet the technological needs of businesses. Blockchain offers a historical record of all transactions since the beginning of the technology and serves as a single source for extracting information and is integrated to maintain the privacy of data. Market vendors provide different blockchain solutions, such as digital identity management, payments, exchanges, documentation, Governance, Risk, and Compliance (GRC) management, and smart contracts. These vendors provide blockchain technologies that are expected to deliver high business value to companies by reducing the duplication of transactional data and providing periodic reconciliation and authentication for commercial and regulatory needs. The introduction of technologically-advanced solutions has witnessed a certain level of adoption in government agencies, thereby fuelling the overall market growth.

North America to hold the largest market size during the forecast period

North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to contribute the highest market share in terms of revenues during the forecast period. Factors such as increased adoption of IoT, ML and AI-based technologies for digitizing supply chain operations, increasing digitization and increasing demand for cloud-based blockchain supply chain services among enterprises, especially SMEs, due to advantages such as scalability and cost effectiveness are expected to fuel the growth of blockchain supply chain in the region.

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Major vendors in the global blockchain supply chain market include IBM (US), Microsoft (US), SAP SE (Germany), Amazon Web Services (AWS) (US), Oracle (US), Huawei (China), Guardtime (Estonia), Tibco Software (US), Bitfury (Netherlands), Interbit (Canada), Auxesis (India), Vechain Foundation (China), Chainvine (UK), Digital Treasury Corporation (DTCO) (China), Datex Corporation (US), OpenXcell (US), Algorythmix (India), Blockverify (UK), Applied Blockchain (UK), Transchain (France), Omnichain (US), Ownest (France), Traceparency (France), Peer Ledger (Canada), OARO (Spain), and Records Keeper (Spain), .

Key Dynamic Factors For Blockchain Supply Chain Market:

Transparency and Traceability: One of the main factors behind the adoption of blockchain technology is its inherent capacity to offer a transparent and unchangeable record of transactions and events in a supply chain. It gives stakeholders the ability to follow a product's journey from its point of origin to the final consumer, confirming its authenticity and lowering the chance that fraudulent or fake items will enter the supply chain.

Data Integrity and Security: Because blockchain is decentralised, data is kept over a distributed network, making it extremely hard to tamper with or change without authorization. Data on the supply chain is improved in terms of security and integrity, increasing its dependability and credibility.

Efficiency and automation: The creation of a shared, real-time ledger that is accessible to all authorised users using blockchain technology streamlines procedures. By reducing manual reconciliation and documentation, this can improve operational effectiveness while lowering administrative expenses.

Smart Contracts: Self-executing contracts with conditions encoded straight into code are known as smart contracts. These agreements can automate a number of supply chain procedures, including product transfers, payment settlements, and compliance checks. They might result in transactions that go more quickly, accurately, and transparently.

Blockchain provides improved visibility into the flow of commodities, inventory levels, and production procedures. Stakeholders can spot bottlenecks, improve inventory management, and take wise decisions thanks to this real-time visibility.

Regulatory Compliance: Many sectors must adhere to stringent regulations, which call for extensive documentation and compliance along the whole supply chain. The immutable record-keeping capabilities of blockchain can make audits and compliance checks simpler while lowering the risk of non-compliance.

Reduced Fraud and Counterfeiting: It is possible to stop the introduction of fake products into the market by being able to confirm the authenticity of products along the whole supply chain. This is especially important in sectors like food, luxury goods, and pharmaceuticals.

Globalisation and Complex Supply Chains: Blockchain can provide a standardised platform for communication, documentation, and collaboration in an era of complex global supply chains involving several partners in various countries, hence minimising delays and inaccuracies.

Demand for Transparency from Consumers: Today's consumers are becoming more concerned with the moral and environmental effects of their purchases. Blockchain can offer verified details about a product's production methods, origin, and route to the user.

Partnership and Collaboration: Using blockchain in supply chains frequently necessitates working with a variety of stakeholders, such as suppliers, manufacturers, distributors, and retailers. Stronger relationships and information exchange can result from this collaborative approach.

Technological developments: As blockchain technology develops, its utility in supply chain applications may be improved through advancements in scalability, interoperability, and integration with other technologies.

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Competitive and Segmentation Analysis:

A wide range of stakeholders, including IT behemoths, startups, solution providers, and consortiums, have shown interest in the blockchain supply chain sector. The understanding of blockchain's potential to transform supply chain management is what fuels market competition. Blockchain-based solutions for supply chain efficiency, traceability, and transparency have been created by well-known IT firms like IBM, Microsoft, and SAP. To provide comprehensive and integrated solutions, these businesses make use of their strong brand reputation and numerous resources.

Additionally, innovators and niche solution providers innovate the industry by creating specialised blockchain applications that are suited to certain supply chain difficulties. In order to develop sector-specific solutions that address complicated concerns like product provenance, compliance, and ethical sourcing, these firms frequently work with industry leaders or consortiums.

Industry consortiums, made up of several stakeholders in a particular area, have also become significant participants. Examples include the IBM-supported Food Trust programme and the Global Shipping Business Network (GSBN), which involves top maritime corporations. Standards are developed by consortiums, which also encourage adoption and interoperability among supply chain actors.

The competitive environment is further enhanced by open-source projects. The Linux Foundation-hosted open-source collaborative project Hyperledger provides a number of blockchain frameworks that can be modified for supply chain applications. These initiatives promote cooperation and the creation of common solutions.

Solution providers can tailor their services by using segmentation to uncover the particular needs and pain areas of various sectors and supply chain stages. These divisions may change or become more specialised as the blockchain supply chain market develops in response to advancing technology and market demands.

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