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Blockchain in Supply Chain Market Overview, Dynamics, Key Players, Opportunities and Forecast to 2023

Market Synopsis 

According to the recent comprehensive research by Market Research Future Reports (MRFR), the Blockchain in Supply Chain Market is predicted to value from USD 81.40 million in 2017 to USD 3,485.25 million, prospering at a CAGR of 87.0% while the assessment tenure from 2018 to 2023. The growing need for developed security of supply chain transactions is the primary factor driving the global blockchain in supply chain market 2020. The blockchain offers connectivity which acts as an important factor of market expansion. Moreover, it also offers reduced expenses, provenance tracking, which magnifies the demand. In addition, blockchain also allows access to massive databases from various places with the least amount of exposure of data. Additionally, it is also used to plan, regulate and perform a product flow for basic material and preparing through a dispensation to the consumers in the most cost-effective way. 

However, the instability in monitoring standards may cause a hindrance in the market enlargement.

The pandemic, COVID-19 has resulted in a significant change in the market. A definite valuation of elements boosting and restricting the market in COVID-19 environment has been scrutinized. We will provide COVID-19 impact analysis with the report. 

Market Segmentation 

The worldwide blockchain in supply chain market can be divided on the grounds of provider, application, vertical, and region.

On the grounds of the provider, the worldwide blockchain in supply chain market can be divided into middleware providers, infrastructure, protocol providers, and application & solution providers.

On the grounds of application, the worldwide blockchain in supply chain market can be divided into risk & compliance management, payment & settlement, smart contracts, counterfeit detection, product traceability, and others.

On the grounds of vertical, the worldwide blockchain in supply chain market can be divided into manufacturing, logistics, healthcare and life sciences, oil and gas, retail and consumer goods, and others.

On the grounds of the region, the worldwide blockchain in supply chain market can be divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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Regional Description 

In-depth scrutiny of regions, which consist of North America, Europe, Asia-Pacific, and the Rest of the World (RoW) has been carried out. The global blockchain in supply chain market is expected to be reigned by North America during the assessment period. North America is technically evolved and is one of the fastest adopters of innovative technologies. Besides, the infrastructure of North America is completely developed, which enhances the market growth. Moreover, the presence of established players in the region plays a very crucial role in market expansion. Furthermore, the latest technologies like IoT and AI are gaining fame which is likely to increase market growth. Among all nations, the US is estimated to play the most pivotal role in dilating the market. 

On the other hand, the Asia-Pacific is foreseen to boost at the swiftest pace during the assessment period. Countries like South Korea, China, and Japan are likely to play the most pivotal role in the enlarging the region. However, the narrow technical knowledge and the lack of awareness in the APAC region can impede the market growth during the review period. 

The outbreak of COVID-19 is likely to change the market landscape of many regions. Several markets have been affected because of observation of nationwide lockdown in various countries.

Key Players 

The established players of the market are IBM Corporation (US), Ripple (US), Chain, Inc.(US), Abra, Inc (US)., Coinbase (US), Microsoft Corporation (US),  Earthport PLC (UK), Bitfury Group ( The Netherlands), Blockchain Tech Ltd (UK).,  Digital Asset Holdings (US), and Deloitte, Inc. (the UK).

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