By Staff Writer
According to the report (see here) published by Allied Market Research, the global blockchain supply chain market was pegged at $93.16 million in 2017 and is expected to hit $9.85 billion by 2025, registering a CAGR of 80.2% from 2018 to 2025.
By geography, North America garnered the major share in 2017, holding nearly three-fifths of the global market. Simultaneously, the region across Asia-Pacific would manifest the fastest CAGR of 90.4% during the estimated period.
Increase in need for supply chain transparency and rise in demand for improved security of supply chain transactions drive the growth of the global blockchain supply chain market. On the other hand, lack of awareness about this technology and dearth of proficient workforce curtail down the growth to certain extent. However, proliferation of the e-commerce industry is projected to usher in a number of opportunities in the near future.
Covid-19 has negatively impacted the global blockchain supply chain market. The outbreak of the disease has struck at the core of global value chain hub regions, including the US, Europe, and China. The pandemic has severe insinuations for international production networks and repercussions might be felt for years down the line.
But, at the same time, blockchain is expected to save the supply chain from COVID-19. With blockchain on board, users tend to gain visibility throughout the supply chain and can get going with monitoring for factors such as quality control, performance standards, and worker benchmarks.
By component, the platform segment accounted for more than four-fifths of the global market revenue in 2017 and is expected to retain its dominance by the end of 2025. At the same time, the services segment would manifest the fastest CAGR of 87.6% till 2025.
By industry vertical, the retail segment contributed to nearly one-fourth of the global market share in 2017 and is anticipated to lead the trail throughout the forecast period. The healthcare segment, on the other hand, would portray the fastest CAGR of 83.2% during the study period.
The key market players analyzed in the global blockchain supply chain market report include Microsoft Corporation, Huawei Accenture Plc., Oracle Corporation, TIBCO Software, SAP SE, IBM Corporation, AWS Inc., BTL Group, and Auxesis Group. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon.