Global Blockchain in Supply Chain Market Size, Share & Trends Analysis Report, Forecast Period, 2024-2031

The Blockchain in Supply Chain market is experiencing robust expansion, with market size projected to increase from (4.07 Billion) 2023 to (192.93 Billion) 2031, demonstrating a consistent year-over-year growth rate of 90.2%. Blockchain in Supply Chain Market Size, Share, Competitive Landscape and Trend Analysis Report, by Types (Public, Private, Hybrid and Consortium), by applications (Asset Tracking, Payment and Settlement, Counterfeit Detection, Smart Contracts, Risk and Compliance Management, Others) , by Offering (Platform, Services), by Provider (Application Providers, Middleware Providers, Infrastructure Providers) , by Enterprise Size (Large Enterprises, Small & Medium Enterprises) , byEnd Use (Retail & E-commerce, Healthcare, Manufacturing, Transportation & Logistics, Oil & Gas, Others) And regions ({regionNms}) : Industry Forecast and Opportunity Analysis for 2023 - 2031

The application of blockchain technology in the supply chain market enhances supply chain management by tracking products from source to delivery, promoting greater transparency and traceability, streamlining processes, and reducing costs. The decentralised, immutable nature of blockchain ensures that data is kept intact and secure—hence resulting in interoperability and easily facilitating shifts of goods at different points along the entire supply chain network. Blockchain also tracks products in real-time and hence enables quick identification of issues and possible problems. It also helps in combating counterfeits and fraud through the authenticity of products conducted online.

Blockchain in Supply Chain Report Highlights

Report Metrics	Details
Forecast period	2019-2031
Base Year Of Estimation	2023
Growth Rate	CAGR of 90.2%
Forecast Value (2031)	USD 192.93 Billion
By Product Type	Public, Private, Hybrid and Consortium
Key Market Players	Accenture Amazon Web Services Inc. Bitfury Group Limited Digital Treasury Corporation Guardtime IBM Corporation Microsoft Omnichain Solutions SAP SE TIBCO Software
By Region

Blockchain in Supply Chain Market Trends

The blockchain in the supply chain market is indeed expanding remarkably, attributing to its improvement on transparency, security, and efficiency. Business practices in which blockchain is being heavily utilized involve tracking inventory and managing vendors while reducing fraudulent activities. From among many industries that have adopted this particular change driven by blockchain technology, just to name a few, are retail, healthcare, and manufacturing, with their activities such as tracking goods in transit to automating payments through smart contracts. The good thing about the decentralisation of technology is that it provides easy access to data by all stakeholders and, therefore, reduces conflicts and builds trust throughout the supply chain. Recently, trends are emphasizing investment in blockchain platforms and partnerships between technologists and leading supply chain firms. The trending new innovations include tokenization and real-time shipment tracking, and regulators are trying to develop frameworks for regulating their transactions through blockchain. Apart from that, the additional integration of IoT and AI with blockchain will increase its potential by enabling predictive analytics and automation of decision-making.

Blockchain in Supply Chain Market Leading Players

The key players profiled in the report are Accenture, Amazon Web Services Inc., Bitfury Group Limited, Digital Treasury Corporation, Guardtime, IBM Corporation, Microsoft, Omnichain Solutions, SAP SE, TIBCO Software

Growth Accelerators

As the need for transparency and traceability is rising in global supply chains, the blockchain in the marketplace upon which supply chain-dependent industries build will be touted as being good for businesses interested in visibility into the movement of goods in relation to products brought into regulatory compliance. Industries such as pharmaceuticals, food, and luxury goods will have most of their priority areas met by blockchain in terms of the increased prominence of counterfeits and quality control concerns in those sectors. The technology empowers businesses through an immutable record and process automation, which reduces the error, fraud, and lagging times in rendering a supply chain even more effective and more reliable. It is also driven by the growing needs for increased operational efficiency and cost-reduction measures. Secure, real-time data sharing among parties in the supply chain minimizes intermediaries and manual paperwork, work enabled by blockchain technology. Transactions are automated and enforced through smart contract retrievals, taking a significant part of the administrative costs and time relative to them.

Blockchain in Supply Chain Market Segmentation analysis

The Global Blockchain in Supply Chain is segmented by Type, Application, and Region.
By Type, the market is divided into Distributed Public, Private, Hybrid and Consortium . The Application segment categorizes the market based on its usage such as Asset Tracking, Payment and Settlement, Counterfeit Detection, Smart Contracts, Risk and Compliance Management, Others. Geographically, the market is assessed across key Regions like {regionNms} and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

The blockchain market for the supply chain is fiercely competitive and fuelled by the increasing need for market transparency, traceability, and efficiency in logistics and movement in global trade. The industry has major vendors in technology like IBM, Microsoft, Oracle, and SAP, with scalable blockchains for the respective supply chain solutions. They leverage their established infrastructure and partnerships to create capabilities for such integration. Other challengers emerging in this domain include startups like VeChain, Everledger, and Provenance, which are turning out to be major players at the niche and innovative end of the industry.

Challenges In Blockchain in Supply Chain Market

The key problems concerning the usage of blockchain technology in supply chains appear to be scalability and integration problems. As most existing supply chain systems are not designed to integrate with blockchain technology, this brings high costs of implementation and technical complexities. Furthermore, the scalability of the blockchain networks is a critical limitation that makes it difficult to process a large number of transactions in real-time, specifically in international cases. These delays would defeat the possible advantages of such a technology. Consequently, another serious challenge is the lack of standardization and regulatory frameworks. Blockchain works across borders; however, legal and compliance regimes vary widely at the country or region level, thus preventing a consistent implementation. Concerns about privacy and data safety in the shared realm also act as a barrier to full acceptance of using this technology by some companies. Change resistance and poor understanding of blockchain by some stakeholders have worsened the situation, thus limiting the participation of many supply chains.

Risks & Prospects in Blockchain in Supply Chain Market

Blockchain technology transforms the supply chain industry in terms of transparency, traceability, and efficiency. One such major opportunity is the potential for real-time tracking of goods through intricate supply chains. The implementation of blockchain creates immutable transaction records, thereby preventing fraud and counterfeiting and securing regulatory compliance. Hence, it provides heavy advantages to certain industries like food and beverage, pharmaceuticals, and luxury, as blockchain protects the authenticity and safety of the product concerning an increasing demand by consumers for ethical sourcing and transparency. The other opportunity lies in fine-tuning logistics with an operational cost reduction. Automated smart contracts will be able to handle payments, customs clearances, or inventories without intermediaries at speeds impossible for people to match. This is very valuable under global trade, where cross-border supply chains face their worst inefficiencies and delays.

Key Target Audience

The major target audience for blockchain in the supply chain market is different types of enterprises and organizations in multiple sectors such as manufacturing, retail, logistics, pharmaceuticals, and food & beverages. All these stakeholders will gain benefits when it comes to enhancing transparency, improving traceability, and streamlining operations: Manufacturers are able to track raw materials and components within a facility throughout the whole cycle of production; however, retailers gain access to real-time visibility into product movements that ensures accurate inventory and decreases fraud. This makes it central to the pharmaceutical companies that are able to validate their drugs against counterfeit security threats and consequently improve patient safety.,, Another important group includes all the logistics and transport providers, who manage deliveries through better routes and decreased paperwork, thus triggering timely movements. Regulatory bodies and quality assurance entities also get records that cannot be amended with respect to compliance and audits. There are also consumers who face this indirectly; as a result, they can trust the authenticity and ethicality of products from which brand trust and loyalty come.

Merger and acquisition

Recent M&A trends in the blockchain supply chain market have indeed highlighted a major paradigm shift by allowing organizations to apply blockchain technology in their business processes. This is intended to increase efficiency and transparency in their operations. One example of the latter is Republic Core's acquisition of the INX Digital Company for $50 million, which illustrates that blockchain is becoming an important player in how transactions are done in financial services this second quarter of 2023, with ten such deals done. Besides, many companies have begun to realise that blockchain can enable them to run efficient supply chains with no intermediaries and with greater integrity of data. For example, GammaRey and GoLogiq are merging to target wealth management among younger investors while claiming that blockchain will synergize service delivery across vertical industries. Overall, the prognosis for future M&A activity in the blockchain domain looks pretty good, as forecasts provide for healthy growth and integration of blockchain throughout the majority of supply chain processes, leading to more transparency and cost-saving efficiencies. >

Analyst Comment

"The blockchain in the supply chain market is booming and will see a further surge in the upcoming years due to the rising need for transparency and efficiency across all global supply chains. Some of the key drivers include improving traceability, countering fraud, reducing counterfeiting, and enhancing overall visibility of the supply chain. It makes product tracking, inventory tracking, and logistics operations compatible, safe, and transparent. Future market performance is expected to witness robust growth as major players in the industry focus on developing creative blockchain-based solutions for end-use industries like food and beverage, pharmaceuticals, logistics, etc."