The market share of the Blockchain Market in Supply Chain Industry is expected to increase by USD 3.32 billion from 2021 to 2026 at an accelerated CAGR of 50.13%, according to the recent market study by Technavio.
Learn More about Key Driver & Challenge of the Market-
- Blockchain Market in Supply Chain Industry Driver:
- Growing number of cargo theft:
The growing number of cargo theft is supporting the blockchain market growth in the supply chain industry. However, blockchain technology can help in reducing cargo thefts. This is because once the information is stored, it cannot be changed. This helps in ensuring the safety of cargo and easing the tracking of products during transitions, which will positively impact the growth of the market in focus.
- Blockchain Market in Supply Chain Industry Challenge:
- High initial setup and implementation costs:
Blockchain technology is typically developed and customized to suit the requirements of individual companies. Hence, it is expensive to purchase or develop it in-house. As every transaction is stored in the ledger, the amount of data in the blockchain increases rapidly, depending on the frequency and number of transactions. Thus, blockchain technology needs a highly advanced solution, which increases the cost.
North America will account for 45% of the market’s growth during the forecast period. The adoption of blockchain technology among enterprises for the secure exchange of bill of lading-related information, as well as for settling freight, repair, and lease costs, will drive the blockchain market growth in the supply chain industry in the region during the forecast period. The US and Canada are the key countries for the blockchain market in the supply chain industry in North America.
Segmentation by Application (In-Scope/Out-of-Scope)
The market vendors should focus on grabbing business opportunities from the transportation segment under the application category, as it accounted for the largest market share in the base year. Blockchain technology acts as additional security to core processes in the transportation and logistics industry. Blockchain technology in the supply chain will optimize the entire supply chain, which will drive its market growth.
- Segmentation- The report extensively covers market segmentation by application (transportation, warehousing, and others) and geography (North America, Europe, APAC, South America, and MEA).
- Key Companies- Accenture Plc, Amazon.com Inc., Capgemini SE, Deloitte Touche Tohmatsu Ltd., Infosys Ltd., International Business Machines Corp., Microsoft Corp., Oracle Corp., SAP SE, and Tencent Holdings Ltd., among others.
- Driver- Growing number of cargo thefts
- Challenge– High initial setup and implementation c