Blockchain in Supply Chain Market is Projected to Reach 17.15 billion with a CAGR 45.55% by 2030

 

According to the reports, blockchain in supply chain market size will expand from USD 81.40 million in the year 2022 to USD 17.15 billion by the end of the year 2030, representing an increase of 45.55% during the five-year projection period 2022–2030. The development of blockchain technology and its applications is being driven by the rising desire for more supply chain transparency as well as better security in supply chain transactions. However, the usage of blockchain technology in an organisation may be constrained throughout the anticipated period due to the ambiguity of legal rules. Blockchain is a peer-to-peer distributed computing technology comprised of three components: a decentralized network, a shared database, and a system for recording digital transactions.

A variety of activities known as supply chain administration are used to manage product movement from raw materials to production to distribution to end-users. These operations are carried out as efficiently and cost-effectively as possible. Blockchain technology is being used in the supply chain to increase productivity and transparency across the entire supply chain while also providing high value to consumers. The concept could be applied to a wide range of corporate activities that comprise a supply chain, such as product tracking and the upkeep of complex recordkeeping systems.

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Top Key players - Top leaders in the blockchain supply chain market include IBM Corporation (US), Microsoft Corporation (US), Ripple (US), Coinbase (US), Chain, Inc. (the US), Abra, Inc (US), Blockchain Tech Ltd (UK), Deloitte, Inc. (the UK) among others.

Market Segmentation:

By Application: Payment and settlement, counterfeit identification, tracking, smart contracts, risk and compliance management, and others are the application segments of the market.

By end-users: The market is divided into retail and consumer products, healthcare and biosciences, industrial, oil and gas, transportation, and others based on propulsion type.

By providers: In this company includes Application Developers, Infrastructure Providers, and Middleware Providers.

By platform service: It includes technologies like Advisory and Consulting in Technology, Integration, and Deployment, and Maintenance and Support

Regional Classification:

According to estimations, the global market for blockchain in the supply chain will grow at a rapid rate from 2018 to 2023. The regional distribution of the market is examined in North America, Europe, Asia-Pacific, and other regions of the world. Because North America has advanced in terms of infrastructure development and technology adoption, the region is expected to dominate the blockchain in the supply chain market during the projection period. The presence of huge organizations, as well as the early adoption of new technologies such as the Internet of Things (IoT) and artificial intelligence (AI), promote the blockchain in the North American supply chain industry. During the forecast period, the United States is expected to maintain its dominance in the worldwide blockchain supply chain market. Asia-Pacific is expected to grow at the fastest rate of all regions throughout the projected period. Because Asia-Pacific is the second largest region in terms of e-commerce sales, the retail and consumer products sector is pushing blockchain adoption in the supply chain industry.

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