Blockchain in Supply Chain Traceability Solutions Market to Reach $25.2 Billion, Globally, by 2032 at 30.9% CAGR: Allied Market Research

NEW CASTLE, Delaware, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Blockchain in Supply Chain Traceability Solutions Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), and Industry Vertical (retail & Consumer Goods, Healthcare, Manufacturing, Logistics, Oil & Gas and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the blockchain in supply chain traceability solutions market was valued at $2.2 billion in 2023, and is estimated to reach $25.2 billion by 2032, growing at a CAGR of 30.9% from 2024 to 2032.

The global blockchain in supply chain traceability solutions market is experiencing growth due to rise in requirement for supply chain transparency and surge in demand for increased security of supply chain transactions. However, data security and privacy concerns act as restraints for blockchain in supply chain traceability solutions market. In addition, the surge in adoption of automation is projected to provide ample opportunities for the market's development during the forecast period.  

The solution segment held the highest market share in 2023 

Based on component, the solution segment held the highest market share in 2023. This is attributed to an increase in the adoption of blockchain platforms to streamline the supply chain processes. This dominance reflects the increasing necessity for integrated, end-to-end solutions that address complex business challenges. 

The on-premise segment held the highest market share in 2023 

Based on the deployment mode, the on-premise segment held the highest market share in 2023. On-premise deployments offer the advantage of direct oversight over data management and infrastructure, allowing for customized configurations and integrations that meet specific business needs. 

The retail & consumer goods segment held the highest market share in 2023 

Based on the industry vertical, the retail & consumer goods segment held the highest market share in 2023. Blockchain assures quality, product safety, reliability, and authenticity, along with enabling supply chain partners to know about their product location. These determinants drive market growth for blockchain in the retail industry. 

North America held the highest market share in 2023 

Based on region, North America held the highest market share in terms of revenue in 2023. The growth of internet usage and the continued growth of retail, consumer goods, and e-commerce in countries, such as the U.S. and Canada are expected to drive the growth of blockchain in supply chain traceability solutions market in North America. 

Major Industry Players: - 

• 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 
• TIBCO Software Inc. 

The report provides a detailed analysis of these key players in the global blockchain in supply chain traceability solutions market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

Recent Industry Development: 

• In August 2023, Mitsubishi Motors Europe partnered with supply chain technology company Vinturas to streamline its logistics and create a more transparent, data-driven vehicle supply chain. 
• In March 2022, SAP and Unilever launched a pilot of the GreenToken by SAP solution to further increase traceability and transparency in Unilever’s global palm oil supply chain. The GreenToken solution helped Unilever track, verify and report in near real-time the origins and journey that palm oil takes through its long and complex supply chain. 

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Sourece >> https://www.globenewswire.com/en/news-release/2024/09/18/2948362/0/en/Blockchain-in-Supply-Chain-Traceability-Solutions-Market-to-Reach-25-2-Billion-Globally-by-2032-at-30-9-CAGR-Allied-Market-Research.html