According to a new report published by AkVis Intelligence, titled, “Blockchain In the Supply Chain Market by Component and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2024–2032,” Block Chain in Supply Chain Market Size Was Valued at USD 0.90 Billion in 2023 and is Projected to Reach USD 44.3 Billion by 2032, Growing at a CAGR of 54.01 % From 2024-2032. Blockchain technology offers a transformative solution for ensuring adherence to quality standards throughout supply chains. By leveraging blockchain's ability to record data at every production step, companies gain comprehensive visibility and verification of product origins and compliance with standards. This technology, coupled with smart contracts for encoding business rules, enhances transparency from production to final use. It enables precise asset tracking, documenting every movement and modification, thereby enhancing supply chain reliability and efficiency.
The blockchain revolutionizes the licensing process for services, products, and software by ensuring meticulous tracking and authorization of all transactions and usage. This rigorous approach minimizes fraud risks and ensures strict adherence to regulations. These advancements not only streamline supply chain operations but also bolster consumer trust through verifiable proof of product authenticity and quality. Consequently, businesses can safeguard their brand reputation and cultivate stronger customer relationships based on transparency and reliability.
According to the global Blockchain In the Supply Chain market analysis, the market is segmented into Components, Applications, Industry Verticals, and regions. By Component, the market is categorized into Platforms and services. By Application, the market is categorized into Payment & Settlement, Product Traceability, Counterfeit Detection, Smart Contracts, Risk & Compliance Management, and Others. By Industry Verticals, the market is categorized into Retail & Consumer Goods, Healthcare & Life Sciences, Manufacturing, Logistics, Oil & Gas, and others. By geography, it includes North America, Europe, Asia-Pacific, and LAMEA markets. Further, the report also covers the strategies adopted by key market players to sustain a competitive environment and increase their market share.
Blockchain technology revolutionizes supply chain management by ensuring transparency, efficiency, and sustainability. Utilizing a decentralized ledger, blockchain securely documents every transaction, providing enhanced visibility and traceability throughout the product lifecycle. This capability is crucial in sectors like food and pharmaceuticals, ensuring compliance with safety standards and mitigating fraud risks. Blockchain also facilitates automated supply chain financing and payment processes through smart contracts, reducing administrative costs and improving transaction speed and security.
Smart contracts, integral to blockchain technology, automatically execute agreements based on predefined conditions without intermediaries. Stored immutably on the blockchain, smart contracts enhance efficiency by streamlining transaction procedures and minimizing the risk of errors or fraud. They leverage blockchain's inherent security features, such as cryptographic hashing, to ensure contract integrity and build trust among stakeholders. This transparency fosters honesty and confidence in complex agreements, offering clear, reliable information that traditional contracts often lack.
Global Blockchain In the Supply Chain Market, Segmentation
Block Chain in Supply Chain Market Segmented Based on Component, Application, Industry Verticals, and Region.
Component:
The component segment is further classified into Platform, and Services. Among these, the platforms sub-segment accounted for the highest market share in 2023. Blockchain platforms in the supply chain sector revolutionize traditional logistics by providing a decentralized framework that ensures secure, transparent, and immutable records. These platforms leverage smart contracts and consensus mechanisms to streamline operations, reduce costs, and enhance trust among participants. By enabling real-time tracking and validation of goods from origin to delivery, blockchain enhances visibility and accountability, mitigating risks such as fraud and inefficiencies. This technology not only eliminates the need for intermediaries but also fosters collaboration through a trusted, decentralized environment tailored to meet diverse industry needs.
Industry Verticals:
The Industry Verticals segment is further classified into Retail & Consumer Goods, Healthcare & Life Sciences, Manufacturing, Logistics, Oil & Gas, and Others. Among these, the retail sub-segment is anticipated to show the fastest growth by 2032. Blockchain technology is revolutionizing the retail industry by enhancing transparency and traceability in supply chains. Through blockchain, retailers can provide customers with immediate access to product origins, validating authenticity and ensuring trust. It also improves inventory management by maintaining an immutable record of transactions, minimizing discrepancies and operational costs. By leveraging blockchain's transparency, retailers mitigate fraud risks and prevent counterfeit products from entering supply chains. This not only streamlines logistics but also boosts consumer confidence, empowering informed purchasing decisions. Ultimately, blockchain drives market growth by elevating operational efficiency and meeting the ethical expectations of today's conscientious consumers.
Region:
The Blockchain In the Supply Chain market in North America is projected to show the fastest growth by 2032. North America stands at the forefront of global technology adoption and infrastructure development, offering significant growth opportunities for blockchain technology providers across sectors such as manufacturing, healthcare, retail, consumer goods, and logistics. The region leads particularly in blockchain integration within retail, driven by major companies and ongoing technological advancements. Heightened concerns about data security within the retail sector continue to fuel market expansion. Notably, U.S. government agencies like the Army and IRS face numerous daily breach incidents, underscoring substantial investments in data security measures including robust firewalls, top cybersecurity talent recruitment, and other preventive actions. Key players such as IBM, Microsoft, Oracle, AWS, and Digital Asset Holdings play pivotal roles in shaping North America's blockchain landscape and enhancing its competitive edge.
Some of The Leading/Active Market Players Are-
- IBM (US)
- Microsoft (US)
- SAP (Germany)
- AWS (US)
- Oracle (US)
- Huawei (China)
- Guardtime (Estonia)
- TIBCO Software (US)
- Bitfury (The Netherlands)
- Interbit (Canada) and Other Active Players
Key Industry Developments
- In April 2024, IBM's adoption of blockchain technology within supply chain management represented a significant departure in the landscape of global supply chains. This strategic move capitalized on the inherent capabilities of blockchain—decentralization, transparency, security, and immutability—to confront prevalent challenges in supply chain operations.
- In December 2023, Deloitte and Nexxiot allied to provide blockchain infrastructure for digitizing the logistics supply chain. They announced a partnership aimed at elevating the logistics industry through KYX. This project aimed to revolutionize global trade compliance and enhance operational efficiency in the logistics supply chain.
Key Findings of the Study
- In Industry Verticals, the Retail segment held the largest share of 49.13% 2023 of the total Blockchain In the Supply Chain market.
- The North American region is expected to continue to lead the market followed by APAC during the forecast period.
- Blockchain in Supply Chain Market Size Was Valued at USD 0.90 Billion in 2023 and is Projected to Reach USD 44.3 Billion by 2032, Growing at a CAGR of 54.01 % From 2024-2032.
T. Kumbhar
Author Information
T. Kumbhar is a Senior Market Research Consultant at IMR, specializing in Agro-Chemicals, Food Tech, Consumer Goods, and more. With four years of experience, he delivers market insights, competitive analysis, and data-driven business strategies.
