Global Blockchain Supply Chain Market to Grow at Double Digit CAGR through 2024
Rising demand for enhanced
security of supply chain transactions to propel global blockchain supply chain
market through 2024
According
to TechSci Research report, “Global Blockchain Supply Chain Market By Type, By Provider, By Application, By End User
Industry, By Region, Competition, Forecast & Opportunities, 2024”, global blockchain supply chain market is expected to grow
at significant rate on account of increasing implementation of blockchain in
supply chain for enhancing transparency and accuracy in the system and allow
tracking of order at any given time without alteration in information. Blockchain
is an open and distributed ledger that can record transactions in an efficient,
verifiable and permanent way. Increasing need for automating supply chain
activities and eliminate middlemen is anticipated to drive global blockchain
supply chain market through 2024.
Global
blockchain supply chain market can be segmented based on type, provider,
application, end user industry and region. In terms of application, global
blockchain supply chain market can be segmented into payment & settlement,
counterfeit detection, product traceability, smart contracts, risk &
compliance management and others. Of all, smart contracts segment is expected
to grow at the highest rate as it enables companies to automate their process
with reduced costs, time and improved transaction flow. On the basis of
provider, global blockchain supply chain market is categorized into application
& solution provider, middleware provider and infrastructure & protocols
provider. Application & solution provider segment is expected to witness
growth on account of growing implementation of blockchain solutions for
streamlining the supply chain management practices.
Microsoft Corporation, IBM Corporation, SAP
SE, Intel Corp., Oracle Corp., Amazon Inc., NVIDIA Corp., Wipro Ltd., Amazon
Web Services, Huawei, etc. are some of the leading players operating in global blockchain
supply chain market. Companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to increase
their share. For instance, SAP SE launched blockchain-as-a-service (BaaS) to
provide ledger technology in the cloud.
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“North America is the leading region in global blockchain supply chain
market and is anticipated to continue its dominance during forecast period as
well owing to increasing adoption of technology across various verticals, such
as retail, manufacturing, healthcare, etc., and presence of key players in the
region. However, Asia-Pacific blockchain supply chain market is expected to
witness significant growth on account of technological advancements and various
ongoing projects in countries such as China, India, etc.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Blockchain
Supply Chain Market By Type, By Provider, By Application, By End User
Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global blockchain
supply chain market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global blockchain supply
chain market.
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