Blockchain Supply Chain Market Size, Share, Growth Analysis, By Offering(Platform, Services (Technology Advisory and Consulting, Deployment and Integration, Support and Maintenance)), By Providers(Application Providers, Middleware Providers, and Infrastructure Providers), By Application(Asset Tracking, Counterfeit Detection, Payment and Settlement, Smart Contracts), By Organization Size(SMEs, Large enterprises), By Vertical(FMCG, Retail and eCommerce, Healthcare, Manufacturing), By Region - Industry Forecast 2024-2031

Global Blockchain Supply Chain Market size was valued at around USD 1.3 billion in 2022 and is expected to rise from USD 1.9 billion in 2023 to reach a value of USD 39.4 billion by 2031, at a CAGR of 53.2% over 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.