DUBLIN--(BUSINESS WIRE)--The "Blockchain Supply Chain Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Blockchain Supply Chain Market is expected to grow at a CAGR of 81.7% over the forecast period 2020 to 2025
A growing requirement for supply chain transparency and surging demand for heightened security of supply chain transactions are significant growth factors for the market. Increased automation and removal of intermediaries with blockchain in supply chain management would generate possibilities for market growth.
The platform component part dominated the overall blockchain supply chain market and is anticipated to remain aggressive due to an increase in the adoption of blockchain platforms to streamline the supply chain processes. The segment is anticipated to observe a significant growth in the upcoming years due to the advent of affordable and diverse pricing plans offered by market players.
During a 2019 survey by Kenco Group, 40% of supply chain leaders stated they intend to invest in blockchain technologies. In that same survey, 46% of respondents revealed that they plan to invest in sensors and the Internet of Things (IoT). As per the same source, in 2019, supply chain leaders show a greater willingness to take a risk on new technologies, as 46% of respondents say they are willing to spend 10-24% more on innovation, up from 24% in 2018 and 29% in 2017.
Forward-thinking companies are planning to invest when blockchain gets to the point that it can deliver value. However, blockchain has yet to provide full value beyond food or pharmaceutical applications. As a result, only 6% of supply chain leaders consider blockchain to be a high priority in 2019, according to Kenco Group.
The increasing number of smartphone and tablet subscribers has resulted in the rapid growth of the E-Commerce sector. For example, according to Experian Plc., 97% of tablet owners have purchased their device, and 83% have engaged in shopping-related activities immediately before, during, or after visiting a store. This happens to be a significant factor leading to opportunities for the blockchain market in supply chain management.
Return fraud and abuse costs retailers USD 777,877 per USD 1 billion in sales, according to the National Retail Federation's 2018 Organized Retail Crime Survey. Blockchain can assist retailers in authenticating and managing these transactions to decrease return fraud. One firm that has implemented this tech is the clothing retailer EVRYTHNG, which has set its wares with digital identities at the point of manufacture to be traced throughout their lifecycle.
Healthcare service providers are performing blockchain technology to control and track healthcare products from production to delivery continually. Also, blockchain supply chain offerings enable pharmaceutical companies to decrease the illegal activities, such as counterfeit drugs and unlawful production of harmful medicines, improper stock control.
A smart contract is a supply chain computer protocol that digitally facilitates, verifies, or enforces the negotiation and performance of an agreement and ultimately makes tracking shipments and deliveries relatively easier. Now, organizations are leveraging the blockchain in smart contracts, further fueling the blockchain market in supply chain management.
The Blockchain Supply Chain Market is moderately competitive, and the ecosystem comprises some major vendors, such as IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and AWS Inc., among others. Notable players in the market adopt advanced strategies such as collaboration, mergers and acquisitions, and partnerships that help them get a larger share in the global market. Many businesses are anticipated to enter the market shortly with the expected profitable growth of the market.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Augmented Demand for Improved Security of Supply Chain Transactions
5.1.2 Growing Requirement for Supply Chain Transparency
5.2 Market Restraints
5.2.1 Absence of Awareness of the Blockchain Technology
5.3 Assessment of Impact of COVID-19 on the Industry
6 MARKET SEGMENTATION
6.1 By Application
6.1.1 Payment & Settlement
6.1.2 Product Traceability
6.1.3 Counterfeit Detection
6.1.4 Smart Contracts
6.1.5 Risk & Compliance Management
6.1.6 Other Applications
6.2 By Industry Vertical
6.2.1 Retail & Consumer Goods
6.2.2 Healthcare & Life Sciences
6.2.4 Logistics, Oil & Gas
6.2.5 Other Industry Verticals
6.3 By Component
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Oracle Corporation
7.1.3 Microsoft Corporation
7.1.4 SAP SE
7.1.5 Amazon Web Services Inc.
7.1.6 Huawei Technologies Co., Ltd.
7.1.7 TIBCO Software Inc.
7.1.8 Auxesis Group
7.1.9 Guardtime Inc.
7.1.10 BTL Group
7.1.11 Bitfury Group Limited.
7.1.12 Omnichain Inc.
7.1.13 VeChain Foundation
7.1.14 Accenture PLC
7.1.15 Digital Treasury Corporation
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/9jkm90