Blockchain in the Supply Chain Market Should
New York, USA, April 13, 2022 (GLOBE NEWSWIRE) — According to the newly released report, the global blockchain in supply chain market is expected to grow at a breakneck pace CAGR of 57.4%, thus collecting a revenues of $14,884.4 million in the 2021-2028 Time range. This integrated report presents a brief overview of the current blockchain in supply chain market framework, including features such as growth drivers, growth opportunities, restraints, and barriers during the period of forecast 2021-2028. All the crucial market indicators are also provided in this report to help new entrants understand the market better.
Drivers: Since the last decade, there has been a continuous increase in the popularity of blockchain technology across the world. This is mainly due to the increase in the development and adoption of e-commerce websites in day-to-day business activities. This has proven to be the main driver for blockchain in the supply chain market. Additionally, there is an increase in demand to increase supply chain security across all industries. These two factors have helped the market to grow tremendously.
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Opportunities: The ever-increasing need for adoption of blockchain technology and automation to bring transparency and efficiency into supply chains is expected to provide ample growth opportunities for blockchain in the blockchain market. supply during the period 2021-2028.
Constraints: Lack of awareness about blockchain technology could prove to be a hindrance to market growth.
Impact of Covid-19 on the market:
The new coronavirus has affected people all over the world, either directly due to the disease or indirectly due to the containment measures put in place to curb the spread of the virus. Blockchain in the supply chain market has been negatively affected by the pandemic. This is mainly due to supply and demand disruptions that have affected all manufacturers, retailers, etc.
However, during the pandemic, there has been a steady increase in the use of e-commerce websites and technologies such as artificial intelligence (AI) and machine learning (ML). This has led analysts to predict the rise of blockchain in the supply chain industry over the period 2021-2028.
After the COVID-19 pandemic, the surge of blockchain in the supply chain market. Contact our expert [email protected] https://www.researchdive.com/connect-to-analyst/8493
The report has divided blockchain in supply chain market into certain segments based on type, application, end-use, and region.
Type: Platform sub-segment that will be the most lucrative
On the basis of type, the platform sub-segment is expected to be the most dominant in registering a revenues of $9,443.7 million in 2021-2028 Time range. The business agility offered by this type of platform is the main reason for the growth of this sub-segment.
Application: Product Traceability sub-segment to grow at the fastest rate
By application, blockchain product traceability sub-segment in supply chain market is expected to witness the fastest growth and reach $3,389.1 million by 2028. Growing need to adopt product traceability to introduce transparency and quality control in manufacturing processes has been the major reason for the increasing growth rate of this sub-segment.
End Use: Retail sub-segment will grow at maximum rate
By end use, the blockchain retail sub-segment in the supply chain market is expected to grow at a steady rate. superb CAGR of 58.6% over the period 2021-2028. Retail operators have turned to blockchain technology to bring efficiency and optimization to supply chains to make them more resilient. This has helped the retail sub-segment grow at such a breathtaking rate.
Region: Asia-Pacific Market to Grow Fastest
According to a regional analysis, the market in the Asia-Pacific region is expected to grow the fastest. It is planned to raise a revenues of $4,063.4 million by 2028. Increase in technological advancement and growing adoption of blockchain technology by leading organizations in this region to make supply chains more robust has been the major driver for the growth of blockchain in the supply chain market in the Asia-Pacific region.
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Main market players:
Some of the major blockchain players in the supply chain market are
- SAP SE
- TIBCO Software
- Guardtime, among others.
These players are introducing new technologies and innovative strategies to gain a prominent position in the market. – Inquire to Verify Access to Key Business Development Strategy Report
For example, in July 2021, Global Shipping Company Network (GSBN), a consortium based in Hong Kong, has launched its own operating system that runs on blockchain technology. This operating system is launched for the specific purpose of increasing the presence and efficiency of global commerce in China. This adoption of blockchain technology will help make the supply chains involved more transparent, efficient and robust.
Finally, the report also summarizes many crucial aspects of the Blockchain in Supply Chain Market including SWOT analysis, latest strategic developments, key players financial efficiency, and product portfolio.
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