Blockchain is Helping Organizations to Enhance Traceability and Security Elements
The global blockchain in supply chain market is expected to witness a CAGR of around 60% to reach revenue of more than $3 billion by 2025
Bangalore, India, July 15, 2019: With its recently published study “Global Blockchain in Supply Chain Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for blockchain in supply chain will continue to grow, owing to the increasing need amongst organizations for enhanced security and high level of transparency & traceability within the supply chain process.
Blockchain is a distributed database holding the records of digital data or events in a way that makes the stored data tamper-resistant. The users have rights to access, inspect, or add to the data, but they cannot change or delete it. Blockchain in supply chain is increasing the trust amongst the involved parties and eliminating the bias found in the supply chain by documenting the product's journey across the supply chain process and revealing the touchpoints & true origin. The transaction process, i.e., from manufacture to sale, could be documented, thereby creating a permanent history of a particular product. This is likely to reduce time delays, added costs, and human error that affect the transactions.
Eliminating the need for a middleman in supply chain management and enhancing scalability are the major factors steering the growth of the blockchain in supply chain market. This trend is expected to continue during the forecast period 2019–2025, fueling the market growth at a CAGR of around 60% to reach revenue of more than $3 billion by 2025.
North America is maintaining the dominant position in the blockchain in supply chain market, followed by Europe and APAC. Being the early adopter of blockchain technology, North America is estimated to hold the largest market share during the forecast period. The high presence of key players in this region is driving the market growth.
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In terms of segmentation analysis, application providers contribute to a significant revenue share within the blockchain in supply chain market, and smart contracts application is expected to grow at the highest rate during the forecast period. Currently, the retail & e-commerce vertical has a high share in the blockchain in supply chain market, but healthcare & life sciences is expected to increase at the highest CAGR.
“Blockchain is offering real opportunities for enhancing the supply chain across industry verticals, which primarily include security, transparency, and trust.” – Sonam Chawla, Research Analyst, Infoholic Research
Key segments of the Report Include:
- Application Providers
- Middleware Providers
- Infrastructure Providers
- Provenance Tracking
- Payment & Settlement
- Smart Contracts
- Inventory Management
- Counterfeit Detection
- Compliance Management
- Key Verticals
- Retail & e-Commerce
- Healthcare & Life Sciences
- Oil & Gas
- North America
- Rest of Europe
- Rest of APAC
- Industry outlook: Market trends, drivers, restraints, and opportunities
- North America