According to the new market research report “Blockchain Supply Chain Market published by MarketsandMarkets, the Blockchain Supply Chain Market size will grow from USD 253 million in 2020 to USD 3,272 million by 2026. The increasing popularity of blockchain technology in retail and SCM, the growing need for supply chain transparency, and the rising demand for enhanced security of transactions are major fuels for growth.
The blockchain platform lets customers set up private, public, and consortium-based blockchain environments and enables people, products, applications, and services to interoperate across the blockchain network. It also helps enterprises avoid risks through fraud and risk management applications, ultimately reducing operational costs. A growing emphasis on compliance and government regulations are expected to fuel the adoption of blockchain solutions, especially in highly regulated regions, including North America and Europe.
North America, a technologically advanced region with a high number of early adopters and the presence of major market players, is expected to achieve the highest market share in terms of revenues during the period. The increased adoption of IoT, ML and AI-based technologies for digitizing supply chain operations, increasing digitization, and increasing demand for cloud-based blockchain supply chain services among enterprises, especially SMEs, are expected to fuel the growth of blockchain supply chain in the region.