LONDON--(BUSINESS WIRE)--The global blockchain market in supply chain is expected to post a CAGR of over 78%, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis, during the period 2019-2023.
A key factor driving the market is growing security concerns with respect to cargo theft and mishandling. Cargo theft and mishandling is a growing concern in the international market as it negatively affects businesses and consumers. The advent of globalization and global seaborne trade has encouraged businesses to extend their reach and offer their products across the world. This has increased the chances of cargo being stolen at any point between the dispatch location post manufacturing and its destination point (delivery to the customer). For instance, in 2016, about 220 cases of piracy and armed robbery were reported globally. Therefore, the need to resolve the growing security and safety concerns has been increasing the requirement for logistics management systems with improved digital connectivity. This would augment the use of blockchain technology in supply chain management. The technology helps different stakeholders in the supply chain to reduce cargo thefts, as information stored via blockchain technology cannot be manipulated. Furthermore, shippers can track and trace the entire shipping chain. These factors will drive the growth of the market in focus during the forecast period.
This market research report on the global blockchain market in supply chain 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the advent of blockchain as a service to be one of the key emerging trends in the global blockchain market in supply chain:
Global blockchain market in supply chain: Advent of blockchain as a service
Blockchain-as-a-service is defined as a service in which vendors set up the blockchain-connected nodes on the enterprise's behalf and manage it at the back-end. The growing evolution of the blockchain-as-a-service is encouraging vendors such as SAP, IBM, Oracle, Microsoft, and Amazon through its subsidiary Amazon Web Services (AWS), to invest in the technology through new product launches. In June 2018, Amazon launched the solution, allowing enterprises to test blockchain technology without the risk or capital costs of deploying it in-house. This will further reduce or eliminate the need for enterprises to build in-house blockchain technology. In April 2018, Amazon introduced a blockchain technology framework for Ethereum and Hyperledger Fabric. This technology will provide a fast and easy way for enterprises to create and deploy secure blockchain networks. Such developments in the field of the blockchain-as-a-service will strengthen the global blockchain market in the supply chain during the forecast period. Moreover, enterprises that are lacking technical expertise and in-house technological infrastructure can opt for services from blockchain-as-a-service providers. This will increase the adoption of blockchain-as-a-service in the supply chain management, thereby bolstering the market growth during the forecast period.
“The demand for black market goods has increased due to the global economic crisis, which is triggering cargo thefts. This rising security threat from pirates and mishandling of containers pose challenges to different stakeholders in the supply chain, giving rise to the use of blockchain technology in the supply chain management,” says a senior analyst at Technavio for research on IT professional services.
Global blockchain market in supply chain: Segmentation analysis
This market research report segments the Global blockchain market in supply chain by application (transportation, warehousing, others) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share close to 56%, followed by EMEA, and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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