The "Blockchain Supply Chain Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Blockchain Supply Chain Market is expected to grow at a CAGR of 81.7% over the forecast period 2021 to 2026.
A growing requirement for supply chain transparency and surging demand for heightened security of supply chain transactions are significant growth factors for the market. Increased automation and removal of intermediaries with blockchain in supply chain management would generate possibilities for market growth.
Amazon Web Services Inc.
Huawei Technologies Co., Ltd.
TIBCO Software Inc.
Bitfury Group Limited.
Digital Treasury Corporation
Key Market Trends
Retail & Consumer Goods to Dominate the Market
The retail industry controlled the blockchain supply chain market share and is supposed to remain dominant due to a surge in adoption by retail players to streamline their supply chain processes. Moreover, blockchain assures quality, product safety, reliability, and authenticity, along with enabling supply chain partners to know about their product location. These determinants drive market growth for blockchain in the retail industry.
Counterfeit sneakers make up about 40% of the estimated USD 600 billion global fake fashion industry. The traditional methods manufacturers have used to assure authenticities, such as seals and certificates, can themselves be counterfeited. But retailers are beginning to implement blockchain technology to solve the counterfeiting problem.
An increase in demand for transparent transactions and smart contracts is the key factor driving the market growth for blockchain in the retail industry. Smart Contracts can help in automating payment process for online as well as offline transactions. It can save time and cost for companies by removing the merchant (middleman), who charges extra for authenticating the transaction.
The retail industry, owing to the rise in adoption by retail players to streamline their supply chain processes, is anticipated to dominated the blockchain supply chain market. For instance, in a survey by Eyefortransport Ltd. (left), the most significant share of spending was directed towards understanding the technology with 38.2% of retailers, brands & manufacturers, and 55.3% of logistics service providers stating that they spent money on blockchain in the supply chain area.
North America to Drive the Market
North America is recognized as the most advanced region in terms of technology appropriation and infrastructure. The broad behavior of principal industry players of blockchain technology solutions in this region is the primary driving determinant. Organizations across industry verticals, such as manufacturing, healthcare, retail and consumer goods, and logistics, provide essential growth opportunities for vendors.
North America commanded the global market and is anticipated to remain aggressive during the blockchain in the retail market forecast period due to the presence of major market players and on-going developments in blockchain technology. The growth in data security concerns amongst retailers is also the principal factor that is supposed to feed the market growth in this area in the coming years.
For instance, the U.S. government agencies ranging from the Army to the IRS see more than 70 breach incidents a day, according to the Government Accountability Office. Retailers in the region spend millions of dollars a year on data security, establishing extensive firewalls, hiring world-class cybersecurity experts, and taking other steps.
Moreover, an NRF (National Retail Federation, USA) survey shows that by the end of 2019, 80% of retailers expect to have adopted point-to-point encryption, which protects card data while it is being transmitted. And 89% will have adopted tokenization, which protects information stored in databases. According to BakerHostetler, In 2019, phishing accounted for 38 percent of U.S. companies' data security incidents.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Augmented Demand for Improved Security of Supply Chain Transactions
5.1.2 Growing Requirement for Supply Chain Transparency
5.2 Market Restraints
5.2.1 Absence of Awareness of the Blockchain Technology
5.3 Assessment of Impact of COVID-19 on the Industry
6 MARKET SEGMENTATION
6.1 By Application
6.1.1 Payment & Settlement
6.1.2 Product Traceability
6.1.3 Counterfeit Detection
6.1.4 Smart Contracts
6.1.5 Risk & Compliance Management
6.1.6 Other Applications
6.2 By Industry Vertical
6.2.1 Retail & Consumer Goods
6.2.2 Healthcare & Life Sciences
6.2.4 Logistics, Oil & Gas
6.2.5 Other Industry Verticals
6.3 By Component
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/8rf6hr
View source version on businesswire.com: https://www.businesswire.com/news/home/20210208005382/en/
Laura Wood, Senior Press Manager
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