The increasing adoption of product traceability for enhanced transparency in manufacturing processes and the urge for optimized security will make blockchain in the supply chain market surpass $14.88 billion by 2028, according to a report by Research Dive.
The study noted that the compound annual growth rate (CAGR) would be 57.4% during the forecast period between 2021 and 2028.
The deployment of blockchain technology in e-commerce websites has spurred growth. It is expected to revamp the supply chain market in the coming years by rendering product traceability, quality control, and transparency in manufacturing processes.
The pandemic has made e-commerce websites increase, and this has been made a reality by technologies like machine learning (ML) and artificial intelligence (AI).
Per the report:
“By application, the product traceability sub-segment of the blockchain in supply chain market is anticipated to be the fastest-growing and reach $3.38 billion by 2028.”
The study noted that significant opportunities are availed by the need for automated, efficient, and transparent supply chains, and blockchain technology is expected to fill this void.
The Asia-Pacific area is anticipated to be the fastest-growing region by amassing revenue worth $4.063 billion. The study acknowledged:
“Increasing technological advancements and growing adoption of blockchain technology by leading organizations of this region to make supply chains more robust have been the main factors behind the growth of blockchain in supply chain market in the Asia-Pacific region.”
According to the report, some of the prominent market players of the blockchain in the supply chain market include Oracle, Microsoft, Huawei, TIBCO Software, AWS, Huawei, and IBM.
Nevertheless, the research pointed out that the lack of awareness about blockchain technology might be a stumbling block in the speculated growth.
Meanwhile, the global blockchain technology market is anticipated to reach $19.9 billion by 2026 from the current $3.4 billion value, according to market research publisher Global Industry Analysts Inc.
This article was originally published on blockchain.news