The report titled Blockchain in Supply Chain Market which was recently added by Kenneth Research, aims at providing the clients with the business growth and investment opportunities present in the market globally. Further, the market is evaluated on various parameters that is covered in the report and further includes market size, market volume and the growth rate over the forecast period, i.e., 2022-2031. The market is further anticipated to grow with a robust CAGR throughout the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain in Supply Chain Market Products.
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In Canada, the ICT sector consists of around 41,500 companies. Out of these, over 37,000 companies fall under software and computer services industry, resulting in around 89.8% of key players in the ICT industry to be involved in software and computer services. On the other hand, in the year 2018, as per the statistics of the Canadian ICT Sector Profile, released by the Government of Canada, ICT wholesaling, communications services and ICT manufacturing contributes to 4.5%, 3.4% and 2.2% share respectively in the country.
Global Blockchain in Supply Chain Market
A Blockchain is a distributed digital ledger. It records transactions in a series of blocks. It exists in multiple copies, spread over multiple computers, which are called anodes. The ledger is secure because every new block of transactions is linked again to previous blocks in such a way that tampering with it is practically impossible. As it is decentralized, it does not depend on any single entity (Eg:Bank) for safekeeping. The nodes connected to the Blockchain network get updated versions of the ledger as new transactions are carried out. According to Netscribes, the global Blockchain in supply chain market is expected to have a significant compounded annual growth rate of 87.0%, and reach a market size of USD 3,314.6 Mn by 2023. North America is expected to dominate the Blockchain in Supply Chain Market during the forecast period.
An increasing need for supply chain transparency and increasing demand for enhanced security of supply chain transactions are expected to drive the market during the forecast period. Supply chains across industries and countries will be reimagined, improved, and disrupted by Blockchain technology. Now, there are safer and more efficient ways to connect with business partners and also to track and exchange any type of asset. The ability to use Blockchain technology to create the next generation of digital supply chain networks and platforms will be central to the success of business.
Based on type of industry, the market is segmented into private, public and consortiums; based on the application of the industry, the market is categorized into contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control. Moreover based on the protocols of the industry it is divided into bitcoin, ethereum, ripple consensus network, hyperledger, R3’s corda, symbiont, distributed ledgers and others.
The segmentation is also based on the types of industries involved and the market is categorized into banking, financial services and insurance (BFSI), telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce and others. Each and every segment is examined carefully by factoring in sales, revenue and market size, in order to understand the potential for growth and scope.
Key growth factors
Blockchain transactions have become more flexible and many manual tasks are carried out automatically using smart contracts. Some of the major factors which are driving the market growth are raising cryptocurrency market capital, initial coin offering (ICO) and faster transactions.
The technology ensures enhanced transparency for consumers in the supply chain. It allows the consumers to trace and give an assurance of origin in the trade.
Threats and key players
Although the Blockchain in Supply Chain Market is expected to have a positive growth globally, still, there are still a few threats to the market. The market constraints involves threat to personal information and high diagnostic cost as a barrier. Blockchain technology has often been compromised, resulting in the theft of millions of dollars’ worth of cryptocurrencies. The potential risk of hardware or software failure can be another risk in the supply chain. Lack of awareness about the Blockchain and higher cost of investments can restrain market growth during the forecast period.
The Blockchain market ecosystem comprises vendors, such as Abra, AlphaPoin, Bitfury Group Limited, Bloq, BTL Group Ltd, Coinbase, Digital Asset Holding LLC, Ethereum Foundation, Guardtime, Internation Machine Business Corporation, IBM, Blockcypher, Inc., Microsoft, Primechain Technologies Pvt. Ltd, Skuchain, Romit and Provenance Ltd, among others.
What’s covered in the report?
1. Overview of the global Blockchain in Supply Chain Market
2. Market drivers and challenges in the global Blockchain in Supply Chain Market
3. Market trends in the global Blockchain in Supply Chain Market
4. Historical, current and forecasted market size data for the global Blockchain in Supply Chain Market
5. Historical, current and forecasted market size data for the types of global Blockchain in Supply Chain Market (private, public and consortium)
6. Historical, current and forecasted market size data by application of industry in global Blockchain in Supply Chain Market (contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control)
7. Historical, current and forecasted market size data by protocol of industry in global Blockchain in Supply Chain Market (bitcoin, ethereum, ripple consensus network, hyperledger, R3’s corda, symbiont, distributed ledgers, and others)
8. Historical, current and forecasted market size data by industries involved in the global Blockchain in Supply Chain Market (Banking, Financial services and Insurance (BFSI),Telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce, and others)
9. Historical, current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa) market size data for global Blockchain in Supply Chain Market
10. Analysis of the competitive landscape and profiles of major companies operating in the market
11. Key recent developments in the Blockchain in Supply Chain Market
Why buy?
1. Get a broad understanding of the global Blockchain in Supply Chain Market and its segmentation (by type of industry: private, public and consortium; by industry applications: contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control, by industry protocols: bitcoin, ethereum, ripple consensus network, hyperledger, R3’s corda, symbiont, distributed ledgers and others, by industries involved: Banking, Financial services and Insurance (BFSI), Telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce and others)
2. Get region-specific drivers and challenges affecting the global Blockchain in Supply Chain Market and its segmentation (by type of industry: private, public and consortium; by industry applications: contract management, payment system, procurement, provenance, ownership transfer, asset tracking and inventory control, by industry protocols: Bitcoin, Ethereum, Ripple Consensus Network, Hyperledger, R3’s Corda, Symbiont, Distributed ledgers and others, by industries involved: Banking, Financial services and Insurance (BFSI),Telecom and IT, healthcare and life sciences, manufacturing, retail, e-commerce and others)
3. Devise market-entry strategies by understanding the factors driving the growth of the market
4. Recognize major competitors’ business and market dynamics, and respond accordingly
5. Get stakeholder and technology analysis, relevant companies profiles and also start-ups’ profiles
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The Market report answers the following questions:
What is the aim of the report?
- The Blockchain in Supply Chain Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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