Blockchain Supply Chain Market Report 2024

This Blockchain Supply Chain market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The blockchain supply chain market size has grown exponentially in recent years. It will grow from $1.28 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 59.7%. The growth during the historic period can be attributed to the increase in counterfeit products, greater adoption of blockchain technology in the automotive industry, growing use of blockchain for inventory management, the expansion of blockchain applications in logistics, and the rising demand for resilient supply chains.

The blockchain supply chain market size is expected to see exponential growth in the next few years. It will grow to $13.33 billion in 2028 at a compound annual growth rate (CAGR) of 59.9%. The anticipated growth during the forecast period can be attributed to a focus on sustainable and ethical sourcing, emphasis on risk management, the need to reduce operational costs, the demand for real-time monitoring of supply chain activities, and improvements in supplier relationship management. Key trends driving this growth include a shift toward decentralized supply chain models, anti-counterfeiting solutions, integration of AI with blockchain technology, the use of digital twins, and innovations in blockchain security.

The rise in cyber-attack incidents is anticipated to drive the growth of the blockchain supply chain market in the future. Cyber-attacks involve deliberate attempts to breach digital systems to steal, modify, or damage data. These attacks often exploit system vulnerabilities, weak security measures, and human errors, with malicious actors aiming for unauthorized access or disruption. Blockchain technology offers a decentralized and tamper-proof ledger that enhances supply chain security by securely recording all transactions. For example, the 2023 Data Breach Report from the Identity Theft Resource Center, a US-based non-profit, revealed that newly discovered cyber vulnerabilities increased by 1,620 percent in the first three quarters of 2023, reaching 86 compared to only 5 for the entire year of 2022. Thus, the rise in cyber-attacks is fueling the growth of the blockchain supply chain market.

Key players in the blockchain supply chain market are focusing on developing advanced technologies such as Hyperledger to improve supply chain transparency, security, and efficiency. Hyperledger is an open-source blockchain framework that supports the creation of enterprise-grade blockchain applications, offering a customizable and modular infrastructure for secure and transparent transactions. For instance, in October 2022, BASF SE, a Germany-based chemical company, introduced Seed 2 Sew, a blockchain platform utilizing Hyperledger technology. This platform enables partners in the cotton value chain to digitally record and approve each step, bridging the historical information gap between farmers and the textile industry. This initiative aims to boost sustainability and lower the carbon footprint associated with cotton garment production.

In March 2024, Accenture plc, an Ireland-based IT consulting and professional services firm, acquired Flo Group for an undisclosed amount. The acquisition is intended to enhance Accenture's Oracle capabilities and expand its supply chain logistics expertise in Europe. This move will strengthen Accenture’s ability to assist clients in building more resilient and agile supply chains with comprehensive visibility. Flo Group, based in the Netherlands, specializes in logistics and supply chain management through blockchain platform development.

Major companies operating in the blockchain supply chain market are Walmart Inc., Amazon.com Inc., Microsoft Corporation, Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Siemens AG, Deloitte Touche Tohmatsu Limited, Accenture plc, International Business Machines Corporation, Oracle Corporation, Honeywell International Inc., SAP SE, Salesforce Inc., Tata Consultancy Services Limited, Hewlett Packard Enterprise Company, Infosys Limited, Nippon Express Co. Ltd., Wipro Limited, TIBCO Software Inc., VeChain, Chronicled Inc., Guardtime, Omnichain Inc., Auxesis Group, SyncFab Co., Provenance.

North America was the largest region in the blockchain supply chain market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain supply chain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the blockchain supply chain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Blockchain supply chain refers to the application of blockchain technology to improve transparency, traceability, and security in supply chain management. It utilizes a decentralized ledger to record every transaction, ensuring that all parties have access to the same immutable data, which helps in reducing fraud and errors. This technology facilitates more efficient tracking of goods from production through to delivery.

The primary components of the blockchain supply chain market are services and platforms. Services in this market include consulting, integration, and support for blockchain implementation and management. Key applications encompass payment and settlement, product traceability, counterfeit detection, smart contracts, risk and compliance management, among others. Various industry sectors such as retail and consumer goods, healthcare and life sciences, manufacturing, logistics, oil and gas, and others utilize these applications.

The blockchain supply chain market research report is one of a series of new reports that provides blockchain supply chain market statistics, including the blockchain supply chain industry global market size, regional shares, competitors with blockchain supply chain market share, detailed blockchain supply chain market segments, market trends, and opportunities, and any further data you may need to thrive in the blockchain supply chain industry. These blockchain supply chain market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The blockchain supply chain market consists of revenues earned by entities by providing services such as blockchain-based inventory management, tracking and tracing of goods. The market value includes the value of related goods sold by the service provider or included within the service offering. The blockchain supply chain market also includes sales of blockchain nodes, hardware security modules (HSMs), and blockchain wallet hardware. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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