LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global blockchain technology market and the market is poised to experience spend growth of over than USD 2,405 billion between 2017-2021 at a CAGR of over 61%. Request free sample pages.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our Global Blockchain Technology Procurement market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
Insights into the market price trends
- The rapid changes in the technology standards, protocols, and regulations exert pressure on the category suppliers to stay agile and integrate these developments in their solutions. This need for agility and rapid development has a substantial impact on the development costs borne by suppliers. Further, the rising stringency of labor laws in major markets will make it substantially difficult for suppliers to access highly skilled talent and will lead to an increase in the employee costs. This will drive buyers’ blockchain technology procurement expenditure.
- Sales and marketing costs are major expense incurred by suppliers. This increase the competition within the industry with the entry of global technology players and smaller players backed by venture capital firms. Which will eventually exert pressure on suppliers to infuse more capital toward their marketing costs.
Pricing models that buyers must implement while entering into a contract with suppliers
Subscription-based pricing is the most widely adopted pricing model in the blockchain technology industry.
- Subscription-based - Provides flexibility to buyers as they can cancel or renew services as and when required. This converts fixed costs into variable costs
Insights into strategies that will help buyers optimize their procurement spend
- Organizations should try to implement a private blockchain by being a member of an industry consortium. This divides the operational costs among the participants. This leads to a viable ecosystem and provides sustainability to a commercialized solution
- Conducting a comprehensive technology feasibility study, which will provide clarity regarding the viability of the blockchain technology with respect to the application being considered This can improve utilization factor for buyers, thereby providing better value to the spend on the global blockchain procurement market
Some of the top Global blockchain technology market suppliers enlisted in this report
This Global blockchain technology market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
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