Blockchain Market In Supply Chain - Forecast (2020 - 2025)
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Despite heavy investment in supply chain management, organizations fail to deliver the best services because of the exuded complexity and mere lack of transparency with the customers. Traversing to the last decade; according to the National Institute of Standards and Technology (NIST), the inadequacies in the supply chain infrastructure translated to $5 billion annual loss in the automotive industry and $3.9 billion in the electronics industry. It has been more than a decade, but organizations are still struggling to control their supply chain management process which is leading to irrevocable losses. However, this challenge is lead to a gamut of opportunities for blockchain market in supply chain which had a market size of $70 million to $75 million as of 2018 according to the market analyst of IndustryARC. Furthermore, the analyst estimates that the demand for the implementation of blockchain in the supply chain sector will increase with a mindboggling CAGR of 50% during the forecast period of 2019 to 2025.
Owing to the myriad of transportation and other systems that warrant multiple steps before the delivery to the end-user in North America, there is a discernible demand for supply chain in North America. Now, this is coupled with the region's progress in technology and its adoption in each sector, which is aiding to the increasing blockchain market in supply chain market size. The region has a market share of nearly 40%.
The blockchain is a value-exchange protocol or a distributed computing system which uses cryptography. It was invented in 2008 to serve as the public transaction ledger of the cryptocurrency. Blockchain market in supply chain management has a wide scope. Blockchain finds applications in a lot of industries for procurement, sales, and other tasks that involve a financial transaction. Its major application is in the payment sector, especially because it provides a holistic solution to the much need transparency between the vendor and customer. According to the market analyst, the forecast period of 2019 to 2025 will observe a staggering CAGR of 32% to 35% in the payment sector.
The Proliferation of E-Commerce Across the Globe -
Owing to the growing number of mobile subscribers across the globe, a significant fraction of population is now using mobile phones and other gadgets to purchase a product, which is leading to rapid growth of the E-Commerce sector. Now, the E-Commerce businesses have a lengthy supply chain management system, and the loopholes in the system lead to losses and deterioration of end-user service which proves to be detrimental to their brands. However, the application of blockchain reduces the risk of losses due to the blemishes in the system. This happens to be a major factor leading to opportunities for blockchain market in supply chain management.
The Adoption of Blockchain in the Banking Sector -
Similar to E-Commerce, the banking sector has a supply management system for a seamless cash flow and branch operations. The application of blockchain in the banking sector instill better security to the digital transactions and disables all the mishaps that can lead to heavy losses. The on-going digitization and the need for providing a safe and secure transactional process to the customers are factors that are creating a sustainable blockchain market in supply chain management of the banking sector.
The Penetration of Smart Contracts in Various Industries -
Smart contract is a supply chain computer protocol which digitally facilitates, verifies, or enforces the negotiation and performance of a contract and ultimately makes tracking shipments and deliveries fairly easier. Now, organizations are leveraging blockchain in smart contracts, which is further stroking the blockchain market in supply chain management.
Blockchain technology contains immutable and transparent attributes, and a block is formed within the chain when a user completes an action or a series of action. The major challenge in this technology is entering the information and creating a block thereafter. However, blockchain technology is continuously evolving which will alleviate the challenge and help vendors in the blockchain market in supply chain management streamline the operations.
The key players trying to enhance revenues from the blockchain market in supply chain management are Microsoft, IBM, Oracle, T-Mining, DTCO, Deloitte, Primechain, Veem, Guardtime, BTL, Ripple, OpenXCell.
In November 2018, Amazon partnered with Kaleido - a startup that helps organizations to implement blockchain technology.
Latest Development - Recently, blockchain has ventured into the healthcare services to strengthen their supply chain processes by combating counterfeit medicines and securing medical devices. This is going to create a revenue avenue for vendors in blockchain market in supply chain management.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the blockchain market in supply chain. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of blockchain market in supply chain, and their specific applications in the marketing and advertising, drugs and healthcare, and other sectors.
Blockchain market in supply chain Market Report: Industry Coverage
The report analyses the product demands on the bases of type - public blockchain, private blockchain and others. The market is also segmented on the basis of origin of the product, compounds and others.
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
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