DUBLIN, March 09, 2022–(BUSINESS WIRE)–The “Blockchain Supply Chain Market – Growth, Trends, COVID-19 Impact, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
The Blockchain Supply Chain Market is expected to grow at a CAGR of 81.7% over the forecast period 2021 to 2026.
Growing demand for supply chain transparency and increasing demand for increased security of supply chain transactions are significant growth drivers for the market.
Increased automation and removal of intermediaries with blockchain in supply chain management would create opportunities for market growth.
The component part of the platform has dominated the overall blockchain supply chain market and is expected to remain aggressive due to an increase in the adoption of blockchain platforms to streamline supply chain processes. The segment is expected to witness significant growth in the coming years due to the advent of affordable and diverse tariff plans offered by market players.
In a 2019 survey by Kenco Group, 40% of supply chain leaders said they intend to invest in blockchain technologies. In the same survey, 46% of respondents revealed that they plan to invest in sensors and the Internet of Things (IoT). According to the same source, in 2019, supply chain leaders show a greater willingness to take risks on new technologies, as 46% of respondents say they are ready to spend 10 to 24% more on innovation. , compared to 24% in 2018 and 29% in 2017.
Forward-thinking companies plan to invest when blockchain gets to the point where it can deliver value. However, blockchain has yet to deliver its full value beyond food or pharmaceutical applications. As a result, only 6% of supply chain managers consider blockchain a high priority in 2019, according to Kenco Group.
The growing number of smartphone and tablet subscribers has driven the rapid growth of the e-commerce sector. For example, according to Experian Plc., 97% of tablet owners purchased their device and 83% engaged in shopping-related activities immediately before, during or after visiting a store. This is an important factor that opens up opportunities for the blockchain market in supply chain management.
Fraudulent returns and abuse cost retailers $777,877 per billion dollars in sales, according to the National Retail Federation’s 2018 Retail Organized Crime Survey. Blockchain can help retailers authenticate and manage these transactions to reduce fraudulent returns. One company that has implemented this technology is clothing retailer EVRYTHNG, which defined its goods with digital identities at the point of manufacture to be traced throughout their lifecycle.
Health service providers use blockchain technology to continuously control and track health products from production to delivery. Additionally, blockchain supply chain offerings allow pharmaceutical companies to reduce illegal activities, such as counterfeit drugs and illegal production of harmful drugs, improper inventory control.
A smart contract is a supply chain computing protocol that digitally facilitates, verifies, or enforces the negotiation and execution of an agreement and ultimately facilitates the tracking of shipments and deliveries. Now, organizations are leveraging blockchain in smart contracts, further fueling the market for blockchain in supply chain management.
Main market trends
Retail and consumer goods to dominate the market
The retail industry used to control the blockchain supply chain market share and is expected to remain dominant due to an increase in adoption by retail players to streamline their blockchain processes. ‘supply. Additionally, blockchain ensures product quality, safety, reliability, and authenticity, while allowing supply chain partners to know the location of their products. These determinants are driving the growth of the blockchain market in the retail industry.
Counterfeit sneakers make up around 40% of the estimated $600 billion global fake fashion industry. Traditional methods used by manufacturers to guarantee authenticity, such as seals and certificates, can themselves be counterfeited. But retailers are starting to implement blockchain technology to solve the counterfeit problem.
An increase in the demand for transparent transactions and smart contracts is the key driver for the growth of the blockchain market in the retail sector. Smart contracts can help automate the payment process for online and offline transactions. This can save businesses time and money by removing the merchant (middleman), who charges extra to authenticate the transaction.
The retail industry, owing to the increase in adoption by retail players to streamline their supply chain processes, is expected to dominate the blockchain supply chain market. For example, in a survey conducted by Eyefortransport Ltd. (left), the largest share of spending was on understanding technology with 38.2% of retailers, brands and manufacturers and 55.3% of logistics service providers reporting having spent money on the blockchain. in the field of supply chain.
Amazon Web Services Inc.
Huawei Technologies Co., Ltd.
TIBCO Software Inc.
Bitfury Group Limited.
Digital Treasure Society
For more information on this report, visit https://www.researchandmarkets.com/r/ytxfqw
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220309005745/en/
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