Blockchain Supply Chain Market Size (2024 - 2029)

Blockchain Supply Chain Market Analysis

The Blockchain Supply Chain Market size is estimated at USD 0.84 billion in 2024, and is expected to reach USD 6.31 billion by 2029, growing at a CAGR of 49.87% during the forecast period (2024-2029).

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 significant growth in the upcoming years due to the advent of affordable and diverse pricing plans offered by market players.
• Companies should continue to monitor the players in their market that have started experimenting with blockchain as it develops traction. Blockchain greatly benefits from the network effect; once a critical mass forms in a supply chain, it is simpler for new participants to join and reap the benefits. Companies could observe competitors and other supply chain participants for clues on when to develop a blockchain prototype.
• Forward-thinking companies are planning to invest when blockchain gets to the point where 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, 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 is a significant factor leading to opportunities for the blockchain market in supply chain management.
• Further, 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 illegal activities, such as counterfeit drugs and, unlawful production of harmful medicines, improper stock control.
• Every industry was affected by the exceptional occurrences caused by the coronavirus epidemic. The COVID-19 crisis influenced people, society, businesses, and the global economy. It has been noted that the need for blockchain in supply chains had a negative impact during the pandemic. According to a survey done by Supply Chain Media, the COVID-19 epidemic significantly impacted almost all manufacturers, distributors, and the retail business. On the other hand, the COVID-19 outbreak led to a rise in eCommerce demand. As part of a pandemic, corporate innovation plans were driven by artificial intelligence (AI) and machine learning (ML), which accelerated SMEs' adoption of blockchain supply chain solutions.

Blockchain Supply Chain Industry Segmentation

A digital database with official and immutable transaction records is known as a blockchain. Using blockchain technology, which functions as an open ledger, every transaction on the network is documented and made accessible for all entities or participants in the network to examine and verify. Blockchain does away with the need for information to be sent between businesses via mail or other means of communication.

The Blockchain Supply Chain Market is segmented into application (payment & settlement, product traceability, counterfeit detection, smart contracts, risk & compliance management), industry vertical (retail & consumer goods, healthcare & life sciences, manufacturing, logistics, oil & gas), component (platform, services), and geography (North America, Europe, Asia Pacific, and Latin America and Middle East and Africa. The report offers market forecasts and size in value (USD) for all the above segments.