The global blockchain supply chain market size is projected to grow from USD 253 million in 2020 to USD 3,272 million by 2026, at a Compound Annual Growth Rate (CAGR) of 53.2% during the forecast period. An Increasing need for supply chain transparency and rising demand for enhanced security of supply chain transactions are major growth factors for the market. Increased automation and elimination of middlemen with blockchain in supply chain management would create opportunities for the market growth during the forecast period.
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By offering, Platform segment to hold the largest market size during the forecast period
The blockchain platform enables customers to set up private, public, and consortium-based blockchain environments as well as enable people, products, applications, and services to interoperate across the blockchain network. Blockchain supply chain platforms also help enterprises in avoiding risks through fraud and risk management applications and optimize their daily operations, leading to reduced operational costs. Another important advantage is the relative simplicity of managing read/write access permissions over blockchain. The access to blockchain is restricted so that the data is not tampered with. This results in a platform that keeps full track of each and every item in real-time, including additional information as per the given requirement, making blockchain-based supply chain management platforms highly efficient and reliable. The growing emphasis on compliance as well as government regulations are also expected to fuel the adoption of blockchain solutions, especially in highly regulated regions, such as North America and Europe.
In provider, application providers to grow at a higher CAGR during the forecast period
Application providers are third-party entities that distribute and manage blockchain solutions for customers across application areas. Blockchain solutions are outsourced to meet the technological needs of businesses. Blockchain offers a historical record of all transactions since the beginning of the technology and serves as a single source for extracting information and is integrated to maintain the privacy of data. Market vendors provide different blockchain solutions, such as digital identity management, payments, exchanges, documentation, Governance, Risk, and Compliance (GRC) management, and smart contracts. These vendors provide blockchain technologies that are expected to deliver high business value to companies by reducing the duplication of transactional data and providing periodic reconciliation and authentication for commercial and regulatory needs. The introduction of technologically-advanced solutions has witnessed a certain level of adoption in government agencies, thereby fuelling the overall market growth.
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IBM (US), Microsoft (US), SAP (Germany), AWS (US), Oracle (US), Huawei (China), Guardtime (Estonia), TIBCO Software (US), Bitfury (The Netherlands), Interbit (Canada), Auxesis Group (India), VeChain (China), Chainvine (UK), Digital Treasury Corporation (China), Datex Corporation (US), OpenXcell (US), Algorythmix (India), BlockVerify (UK), and Applied Blockchain (UK).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the SCM market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
SAP SE was founded in 1972 and is headquartered in Walldorf, Germany. It is a provider of business application and analytics software across several lines of business, which includes asset management, commerce, finance, human resources, manufacturing, marketing, sales, supply chain, sourcing and procurement, and manufacturing. In the field of blockchain supply chain, SAP offers SAP Leonardo blockchain, SAP Cloud Platform Blockchain Service, and other services, such as SAP Digital Business Services. SAP Leonardo blockchain helps end clients build user applications based on specific business requirements, whereas the SAP Cloud Platform Blockchain Service enables developers to test and build smart applications and smart contracts based on business requirements.
Oracle is one of the leading providers of a wide array of technologies. The company operates in three business areas: cloud and license, hardware, and services. It has a broad portfolio of SCM applications that enable organizations to improve outcomes for operational efficiency while ensuring cost savings. It offers various blockchain supply chain solutions to support various supply chain functions. Its strong network of channel partners and distributors has strengthened its reach across the globe. In terms of growth strategies, Oracle has strongly focused on enhancing its product portfolio in the form of product innovations in the supply chain market. The company has introduced various products and upgrades in the market to strengthen its portfolio. Oracle’s major strengths include technology innovations and R&D capabilities. It further offers an extensive set of blockchain supply chain solutions targeting various aspects of the supply chain process through its Oracle SCM Cloud.
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