Published on : Nov 04, 2019
A report titled “Global Blockchain in Supply Chain Market Size, Status and Forecast 2019-2025” has been launched by ResearchMoz.us. The objective of the report is help readers with accurate forecast of the emerging trends and growth opportunities in the global blockchain supply chain market.
Further, it offers detailed information regarding drivers, restraints, opportunities, and challenges prevailing in the global blockchain supply chain market. Geographically the report forecast the market size with respect to five main regions, namely, North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Some of the prominent players operating in the blockchain supply chain market are Microsoft, Oracle, AWS, Huawei, Auxesis Group, TIBCO Software, BTL Group, Blockverify and TransChain. The presence of such giant players have the competitive landscape of the blockchain supply chain market highly competitive. The vendor landscape of the blockchain supply chain market is moderately consolidated with the presence of several giant and emerging players in the market.
Inadequate Regulatory Low FOR Block Chain in Supply Chain Market to Fuel Growth
The blockchain in supply chain market is expected to witness a stellar growth in the coming few years. This is mainly due to enhanced supply chain transparency and robust security offered by the blockchain technology in the supply chain management.
Blockchain is based on peer to peer transmission technology. Unlike, conventional technologies it has three components namely distributed network, shared ledger, and digital transactions.
The technology helps business to plan, control, and execute a product through distribution to end-user in the most streamlined and cost-effective ways. Due to this, players operating in the supply chain market are increasingly adopting the blockchain technology in their business model. Thus offering lucrative growth opportunities to the global blockchian in supply chain market.
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Despite several drivers, growth in the global blockchain in supply chain market is likely to suffer due to uncertainty of regulatory protocols present in the blockchain technology. In addition to this, blockcahin technology is at present at its emerging phase and hence several players in supply chain are unware with the several advantages it can offer in supply chain.
Nevertheless, increasing adoption of the blockcahin in supply chain by several giant players such as Nestle is expected to go well with the growth of the global blockchain in supply chain market.
In July 2019, Nestle announced it will use blockchain technology to track its products in supply chain as a pilot project. Such initiatives taken by the giant and veteran players operating in the global market is expected to boost the global blockchain in supply chain market.
North America to Lead Blockchain in Supply Chain Market During Forecast Period
On the basis of region, North America is expected to drive the blockchain in supply chain industry during the forecast period. This is mainly due to the increasing adoption of advanced technologies in the region. Further, consumer in North America have higher spending power as compared to other region and these players are open for innovations. Thus likely to fuel the growth of the global blockcahin in supply chain market. For instance, Bumble Bee Foods, a seafood company in North America, has adopted blockchain in supply chain technology in order to improve product traceability.
Other than this, Asia Pacific region is expected to witness the fast growth rate during the forecast period. This is die to the increased investments in blockchain-based start-up by both public and private users.