Blockchain Supply Chain Market Size, Share, Growth Analysis, By Component(Platform and Service), By Application(Smart Contracts, Payment & Settlement, Product Traceability, Inventory Monitoring), By Industrial Vertical(Retail, Manufacturing, Food & Beverages, Healthcare), By Region - Industry Forecast 2024-2031

Global Blockchain Supply Chain Market size was valued at USD 0.7 billion in 2022, USD 1.0 billion in 2023 and is projected to grow USD 14.06 billion by 2031, growing at a CAGR of 45.5% in the forecast period (2024-2031).

The blockchain consists of blocks of verified and unchangeable digital transaction records. Every transaction on the network is recorded and made available for all entities or participants to view and validate thanks to the open ledger function of blockchain technology. Blockchain thereby removes the requirement for information to be sent between organizations via mail or any other kind of communication. By centralizing information exchange among businesses, the blockchain ensures supply chain management transparency across the board. Enterprise knowledge of blockchain technology is limited due to its highly technical nature. However, as awareness grows, the blockchain supply chain market is expected to undergo advanced and innovative development.

The retail sector held a prominent market share in the blockchain supply chain market and is anticipated to maintain this position throughout the forecast period as a result of a rise in the use of supply chain process optimization by retail operators. Furthermore, it is anticipated that the retail sector will see a rise in demand for blockchain supply chain services. The healthcare sector, on the other hand, is expected to grow at the fastest rate over the research period. Blockchain technology is being used by healthcare service providers to track and continuously monitor healthcare products from manufacturing to distribution. Additionally, pharmaceutical firms can reduce illicit activities including stock control errors, illicit production of hazardous medicines, and counterfeit drugs by utilizing blockchain supply chain capabilities.