Although probably best known for being the underlying framework behind cryptocurrency, NFTs, and VR metaverses, blockchain technology has seen increased adoption across a variety of industries in recent years. One sector, in particular, is finding the decentralized digital distributed ledger model of blockchain especially useful, that being supply chain management.
A recent report titled “Global Blockchain Market in Supply Chain Industry 2023-2027”, released by ResearchAndMarkets.com, analyzes the current state of blockchain in the supply chain industry and makes some exciting projections.
According to the report, the value of the blockchain market in the supply chain sector is forecast to grow by $4936.05 million during the 2023-2027 period, with a compound annual growth rate (CAGR) of 52.21% over these five years.
The State of the Market
The 120-page document offers a thorough analysis of the market’s size, current trends, and growth drivers as well as a discussion of the challenges that still need to be solved. Around 25 vendors are analyzed by the report, which takes a global view and covers the market in North America, Europe, APAC, South America, Africa, and the Middle East.
Supply chain blockchains are used by a variety of companies, with Amazon, Accenture, Deloitte, Huawei, IBM, Tencent, and Microsoft being among the businesses covered in the report.
Blockchain brings the advantages of automation, transparency, and security to overcome current supply chain challenges such as cargo thefts, complex and demanding delivery schedules, and the fast growth of the e-commerce sector.
With the growth of blockchain-as-a-service as an option for companies, more businesses are turning to third parties to manage blockchain solutions to meet their supply chain and logistics needs. This, as well as new opportunities offered by quantum computing and blockchain analytics, appears to be driving the demand for blockchain services in this market.
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