The latest publication from Report Ocean, titled “Blockchain Supply Chain Market”: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024 to 2032,” delivers a thorough evaluation of the industry, providing valuable insights into market trends. This report encompasses competitor and regional analyses, along with the latest market developments, serving as a valuable resource for investors, researchers, consultants, marketing strategists, and individuals looking to enter the markets.
Rejuvenated Insights into the Blockchain Supply Chain Market:
Market Overview:
The global blockchain supply chain market, valued at $93.16 Million in 2017, is anticipated to reach $9,852.91 Million by 2025, manifesting a substantial CAGR of 80.2% from 2018 to 2025. This growth is attributed to the escalating demand for supply chain transparency, the surge in e-commerce, and the need for heightened security in supply chain transactions.
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Key Drivers:
- Transparency Necessity: Increasing demand for supply chain transparency fuels market growth.
- E-commerce Proliferation: The thriving e-commerce industry contributes significantly to market expansion.
- Security Enhancement: Rising demand for enhanced security in supply chain transactions propels market growth.
Blockchain Technology Impact: Blockchain technology decentralizes transaction management by eliminating middlemen and introducing secure digital records. It synchronizes transactions and data across the supply chain network, enabling entities to collaboratively share and agree upon key business transactions and information.
Challenges and Opportunities:
- Awareness Challenge: Lack of awareness about blockchain technology poses a hindrance to market growth.
- Skills Scarcity: The scarcity of skilled workforce is expected to impede market growth.
Market Segmentation:
- By Component:
- Platform
- Services
The platform segment dominated the market share in 2017, with services expected to exhibit the highest CAGR during the forecast period.
- By Application:
- Smart Contracts
- Payment & Settlement
- Product Traceability
- Inventory Monitoring
- Compliance Management
- Others
Product traceability was the highest contributor in 2017 and is projected to remain dominant, while smart contracts are expected to exhibit the highest CAGR.
- By Industry Vertical:
- Retail
- Healthcare
- Food & Beverages
- Others
The retail industry dominated in 2017, with the healthcare industry expected to exhibit the highest CAGR.
Geographical Analysis: Asia-Pacific is anticipated to experience substantial growth, with a positive outlook for the blockchain supply chain market in the coming years.
Key Findings:
- Services Segment Growth: The services segment is expected to exhibit significant growth during the forecast period.
- Application Revenue: Product traceability accounted for the highest revenue in 2017, while smart contracts are projected to exhibit the highest CAGR.
- Industry Verticals: Retail generated the highest revenue in 2017, and the healthcare industry is expected to grow with the highest CAGR.
Key Market Players: IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, AWS Inc., Huawei Accenture Plc., Auxesis Group, TIBCO Software, and BTL Group are among the key market players. The study also provides trends, analysis, and future estimations to identify imminent investment opportunities.
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Who Should Buy? Or Key Stakeholders
- Investors
- Environment, Health and Safety Professionals
- Research Organizations
- Electrical & electronics industry
- Marine industry
- Shipping industry
- Manufacturing industry
- Regulatory Authorities
- Others
COVID-19 Impact on the Market:
The pandemic led to significant disruptions in global supply chains and trade flows. Lockdowns, restrictions, and factory closures in various countries affected the production and movement of goods. This initially resulted in reduced demand for dry van containers, as many businesses scaled back operations.
As consumer demand shifted during the pandemic, certain types of cargo saw increased demand. Dry van containers were used to transport essential goods such as medical supplies, personal protective equipment (PPE), pharmaceuticals, and groceries. At the same time, containerized shipments of non-essential items declined.
The pandemic exposed imbalances in the availability of dry van containers. Shipping disruptions, port congestion, and uneven trade flows led to shortages of containers in some regions while causing surpluses in others. This imbalance affected container pricing and availability.
The disruptions in global trade, coupled with increased demand for essential goods, resulted in rising shipping costs. Freight rates soared, affecting the overall cost of containerized shipping and logistics.
The pandemic affected the maintenance and repair schedules for dry van containers. Lockdowns and travel restrictions hindered maintenance activities and inspections, potentially leading to longer-term maintenance challenges.
Companies and industries recognized the need for greater supply chain resilience in the face of future disruptions. This led to discussions and investments in strategies that may involve more robust container logistics, redundancy in supply chains, and digital solutions for better supply chain visibility.
The pandemic accelerated the adoption of digital solutions in logistics and supply chain management, including the use of digital platforms for container booking and tracking. E-commerce also surged, driving demand for containerized shipments of goods ordered online.
Governments implemented various regulations and safety measures in response to the pandemic, impacting shipping practices and container handling. This included health and safety protocols at ports and terminals, affecting container operations.
As COVID-19 vaccines were developed and distributed, dry van containers played a vital role in the transportation of vaccine doses and related supplies, highlighting their importance in global health crises.
The pandemic prompted businesses to reevaluate their supply chain strategies, prioritize risk mitigation, and explore alternatives to ensure resilience against future disruptions. This may influence decisions related to container procurement, storage, and redundancy.
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Note from the Analysts:
“The streaming analytics industry is undergoing a transition driven by technical improvements and an increased need for real-time information. Innovation, scalability, and strategic alliances are transforming the environment and opening up new growth opportunities. As it relates to effective data processing and resource consumption, sustainability is developing as a critical concern, coinciding with a global push toward responsible data management,” opines at Report Ocean analyst.
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