Blockchain Supply Chain Market to Grow at over 80% CAGR through 2024

According to TechSci Research report, “Global Blockchain Supply Chain Market By Type, By Provider, By Application, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024”, global blockchain supply chain market is expected to grow at significant CAGR of over 80% on account of increasing implementation of blockchain in supply chain for enhancing transparency and accuracy in the system and allow tracking of order at any given time without alteration in information. Blockchain is an open and distributed ledger that can record transactions in an efficient, verifiable and permanent way. Increasing need for automating supply chain activities and eliminate middlemen is anticipated to drive global blockchain supply chain market through 2024.

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Global blockchain supply chain market can be segmented based on type, provider, application, end user industry and region. In terms of application, global blockchain supply chain market can be segmented into payment & settlement, counterfeit detection, product traceability, smart contracts, risk & compliance management and others. Of all, smart contracts segment is expected to grow at the highest rate as it enables companies to automate their process with reduced costs, time and improved transaction flow. On the basis of provider, global blockchain supply chain market is categorized into application & solution provider, middleware provider and infrastructure & protocols provider. Application & solution provider segment is expected to witness the fastest growth on account of growing implementation of blockchain solutions for streamlining the supply chain management practices.

Oracle Corp., Amazon Web Services, SAP SE, Microsoft Corporation, IBM Corporation, Intel Corp., Amazon Inc., NVIDIA Corp., Wipro Ltd., Huawei, etc., are some of the leading players operating in global blockchain supply chain market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to increase their share. For instance, SAP SE launched blockchain-as-a-service (BaaS) to provide ledger technology in the cloud.

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“North America is the leading region in global blockchain supply chain market and is anticipated to continue its dominance during forecast period as well owing to increasing adoption of technology across various verticals, such as retail, manufacturing, healthcare, etc., and presence of key players in the region. However, Asia-Pacific blockchain supply chain market is expected to witness significant growth on account of technological advancements and various ongoing projects in countries such as China, India, etc.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Blockchain Supply Chain Market By Type, By Provider, By Application, By End User Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global blockchain supply chain market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global blockchain supply chain market.

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