Blockchain In Supply Chain Traceability Solutions Market Research, 2032
The global blockchain in supply chain traceability solutions market size was valued at $2.2 billion in 2023, and is projected to reach $25.2 billion by 2032, growing at a CAGR of 30.9% from 2024 to 2032. In the supply chain industry, track and trace refers to the ability to identify the past and present locations of all product inventory, as well as the history of the product. Blockchain technology can be used to build applications on which multiple channels can transact directly via a peer-to-peer network, without the need for a central authority to verify transactions. With blockchain, supply chain companies can document production updates to a single shared ledger, which provides complete data visibility and a single source of truth.
Key Takeaways
The blockchain in supply chain traceability solutions market study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period.
More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major blockchain in supply chain traceability solutions industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
Key market dynamics
The global blockchain in supply chain traceability solutions market growth is growing due to rise in requirement for supply chain transparency and surge in demand for increased security of supply chain transactions are some of the main factors anticipated to propel the growth of the market. However, data security and privacy concerns act as restraints for blockchain in supply chain traceability solutions market size. In addition, the surge in adoption of automation is projected to provide ample opportunities for the blockchain in supply chain traceability solutions market forecast development.
Digitalization in Supply Chain Management
Digitalization in supply chain management revolutionizes the way businesses operate by leveraging advanced technologies such as the Internet of Things (IoT) , artificial intelligence (AI) , blockchain, and big data analytics. This transformation enables real-time visibility and transparency across the entire supply chain, from raw material sourcing to final product delivery. With digital tools, companies can optimize inventory levels, predict demand more accurately, and streamline logistics, reducing costs and improving efficiency. Enhanced data sharing and communication among stakeholders foster better collaboration and decision-making. Furthermore, digitalization enhances risk management by providing early warning systems for potential disruptions and ensuring compliance with regulatory requirements. Overall, digitalization empowers supply chains to be more agile, responsive, and resilient, driving competitive advantage and customer satisfaction.
FIGURE 1: Digitalization in Supply Chain Management (%)
Market Segmentation
The blockchain in supply chain traceability solutions market share are segmented into component, deployment mode, industry vertical, and region. On the basis of component, the market is divided into solution, and service. As per deployment mode, the market is segregated into on-premise and cloud. On the basis of industry vertical, the market is divided into, retail & consumer goods, healthcare, manufacturing, logistics, oil & gas, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Regional/Country Market Outlook
The global blockchain in supply chain traceability solutions industry is experiencing substantial growth, with North America playing a pivotal role in this expansion. North America leads the market, propelled by robust technological infrastructure, significant investments in smart technologies, and stringent safety regulations that encourage the integration of advanced safety solutions. Europe follows closely, with countries like Germany and the UK at the forefront, leveraging MR for workforce training and hazard prevention in sectors such as manufacturing and construction. In the Asia-Pacific region, rapid industrialization and increasing awareness of workplace safety are driving the adoption of blockchain technology solutions, particularly in China and Japan, where government initiatives support technological advancements.
In June 2024, INOVAIT and the Government of Canada raised a $10.7 million investment in contributions to seven commercialization-focused R&D projects under the second iteration of INOVAIT's Focus Fund program.
In June 2024, the South Korean government invested 20 billion Won (£11.4 million) in developing local blockchain expertise to reinforce its position in the blockchain industry. The project is focused on refining and expanding blockchain services for both public and private uses.
In April 2024, the Chinese government launched a blockchain project titled “Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative.” China’s Belt and Road Initiative (BRI) is a global infrastructure development strategy aiming to connect continents through trade routes.
Industry Trends:
In March 2024, the National Research Council of Canada (NRC) announced that it has built an Ethereum blockchain explorer. Blockchains provide the ultimate in transparency and trust, making this technology an exciting prospect for organizations that strive to conduct transparent business.
In June 2023, the Canadian House of Commons’ Standing Committee on Industry and Technology published a comprehensive report on blockchain technology, including a series of recommendations to the Government of Canada to support and foster the blockchain and cryptocurrency industry.
Competitive Landscape
The major players operating in the blockchain in supply chain traceability solutions market analysis include Accenture plc, Amazon Web Services Inc. (Amazon.com Inc.) , Auxesis Group, Guardtime, Huawei Technologies Co. Ltd., International Business Machines Corporation, Microsoft Corporation, OpenXcell, Oracle Corporation, PixelPlex, SAP SE and TIBCO Software Inc.
Recent Key Strategies and Developments
In July 2023, SABIC launched a pilot project with Circularise, a blockchain software provider, to evaluate the use of their technology in tracing the carbon footprint of specific material streams from end to end.
In August 2022, OrionOne Inc. partnered with VeChain, to accelerate blockchain adoption among logistics companies. The direct integration of OrionOne's best-in-class logistics platform and VeChain's blockchain platform 'VeChain ToolChain' allows OrionOne to offer companies a seamless and rapid onboarding ramp to begin utilizing blockchain in their business, all without burdensome investments in network infrastructure or management of cryptocurrencies.
In April 2021, Stahl collaborated with KRAHN Chemie, to scale up blockchain readiness across its network and beyond. The blockchain technology enables the creation of immutable digital records that ensure traceability, authenticity, and data security across the chain of custody.
Key Sources Referred
United States International Trade Commission
Harvard Business Review
World Economic Forum
European Journal of Engineering and Technology Research
Key Benefits For Stakeholders
This report provides a quantitative analysis of the blockchain in supply chain traceability solutions market segments, current trends, estimations, and dynamics of the market analysis to identify the prevailing market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the blockchain in supply chain traceability solutions market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global blockchain in supply chain traceability solutions market Statistics.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global blockchain in supply chain traceability solutions market trends, key players, market segments, application areas, and market growth strategies.
Blockchain in Supply Chain Traceability Solutions Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 25.2 Billion |
 Growth Rate | CAGR of 30.9% |
 Forecast period | 2024 - 2032 |
 Report Pages | 350 |
 By Component |
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 By Deployment Mode |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | International Business Machines Corporation, TIBCO Software Inc., PixelPlex, Auxesis Group, SAP SE, Amazon Web Services Inc., Microsoft Corporation, Oracle Corporation, OpenXcell, Huawei Technologies Co. Ltd., Accenture plc, Guardtime |
Blockchain’s ability to provide an immutable and transparent ledger is driving its adoption in supply chain traceability.
Retail & consumer goods are the leading industry verticals of Blockchain in the Supply Chain Traceability Solutions Market.
North America is the largest regional market for Blockchain in Supply Chain Traceability Solutions in 2023.
$25.2 billion is the estimated industry size of Blockchain in Supply Chain Traceability Solutions by 2032.
Accenture plc, Amazon Web Services Inc. (Amazon.com Inc.), Auxesis Group, Guardtime, Huawei Technologies Co. Ltd., International Business Machines Corporation, Microsoft Corporation, OpenXcell, Oracle Corporation, PixelPlex, SAP SE and TIBCO Software Inc. are the top companies to hold the market share in Blockchain in Supply Chain Traceability Solutions.
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