The blockchain is a record of digital database or blocks of immutable and validated transactions. The blockchain technology acts as an open ledger
PORTLAND, PORTLAND, OR, UNITED STATE, November 20, 2023 /EINPresswire.com/ — Rise in need for supply chain transparency and increase in demand for enhanced security of supply chain transactions have fueled the growth of the global blockchain supply chain market. On the other hand, lack of awareness about this technology and scarcity of skilled workforce restrain the growth to some extent. Nevertheless, propagation of the e-commerce industry is expected to create multiple opportunities in the segment.
Blockchain supply chain market size was valued at $ 93.16 million in 2017, and is projected to reach $ 9,852.91 million by 2025, growing at a CAGR of 80.2% from 2018 to 2025.
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The dominant segment in the overall blockchain supply chain market in 2017 was the platform component, and it is anticipated to maintain its dominance throughout the forecast period. This is attributed to the growing adoption of blockchain platforms for the optimization of supply chain processes. Additionally, the segment is expected to experience substantial growth in the coming years, propelled by the introduction of affordable and diverse pricing plans by market players. The outlook for the blockchain supply chain market appears optimistic, marked by robust growth in the Compound Annual Growth Rate (CAGR).
In 2017, the retail industry held the largest market share in the blockchain supply chain, a trend expected to persist throughout the forecast period. This dominance is driven by the increasing adoption of blockchain technology among retail players to streamline their supply chain processes. Furthermore, this trend is anticipated to fuel the demand for blockchain supply chain services in the retail sector. However, the forecast for the blockchain supply chain market indicates the healthcare industry to exhibit the highest CAGR over the study period. Healthcare service providers are actively implementing blockchain technology to monitor and track healthcare products continuously, from production to delivery. Additionally, blockchain supply chain solutions empower pharmaceutical companies to mitigate illegitimate activities, such as counterfeit drugs, illegal production of harmful medicines, and improper stock control.
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Based on component, the platform segment contributed to more than four-fifth of the total market share in 2017 and would maintain its leadership status till 2025. Its capability of providing improved efficiency along with enhanced security and transparency has worked as the major driving factor behind its growth. At the same time, the services segment would grow at the fastest CAGR of 87.6% during the study period.
Based on industry vertical, the retail segment accounted for nearly one-fourth of the total market share in 2017 and is expected to maintain its dominance throughout the estimated period. Tremendous efforts being taken by retail organizations to enhance customer experience and satisfaction have propelled the growth of the segment. Simultaneously, the healthcare segment is anticipated to showcase the fastest CAGR of 83.2% through 2018–2025.
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Based on geography, the North America region held the largest share in 2017, contributing to nearly three-fifth of the total market. Strong presence of market players and technological developments in the region have driven the growth. The Asia-Pacific region, on the other hand, is projected to grow at the fastest CAGR of 90.4% during the forecast period.
Key Market Players:
➢ Microsoft Corporation
➢ BTL Group
➢ Accenture Plc.
➢ Oracle Corporation
➢ SAP SE
➢ TIBCO Software
➢ IBM Corporation
➢ AWS Inc
➢ Auxesis Group
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