Market Leader - Blockchain Supply Chain Market
The blockchain supply chain market is growing at a significant growth rate, owing to the increasing need for supply chain transparency and rising demand for enhanced security of supply chain transactions. The global blockchain supply chain market is expected to grow from USD 145.0 million in 2018 to USD 3,314.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 87.0% during the forecast period.
Major vendors in the blockchain supply chain market include IBM (US), Microsoft (US), Oracle (US), SAP SE (Germany), AWS (US), Huawei (China), Bitfury (Netherlands), Auxesis Group (India), TIBCO Software (US), BTL Group (Canada), Applied Blockchain (UK), Guardtime (Estonia), Nodalblock (Spain), Peer Ledger (Canada), Blockverify (UK), TransChain (France), RecordsKeeper (Spain), Datex Corporation (US), Ownest (France), Omnichain (US), Traceparency (France), Digital Treasury Corporation (China), Chainvine (UK), VeChain (China), Algorythmix (India), and OpenXcell (US).
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These players have adopted multiple business strategies to extend their global presence and expand their market shares. Partnerships, agreements, and collaborations have been the key strategies adopted by these industry players to achieve their business goals and sustain in the competitive market. Apart from these strategies, new product launches and product upgradations, business expansions, and venture funding are some of the other significant strategies embraced by these market players to grow in the blockchain supply chain market.
SAP has entered in the blockchain supply chain market by offering new products and offerings to its existing customers. For instance, in May 2017, SAP launched a new blockchain in supply chain product. The blockchain technology embedded in the SAP Cloud Platform helps businesses in establishing trust and transparency while simultaneously facilitating the validation and execution of transactions.
IBM operates in many countries, and primarily caters to the regions of the Americas, Europe, Middle East, and Africa (MEA), and Asia Pacific (APAC). Microsoft has adopted inorganic growth strategies, and has partnered with various companies to strengthen its regional presence and customer base. In January 2017, IBM partnered with Maersk to establish a joint venture to provide more efficient and secure methods for conducting global trade using the blockchain technology. The new joint venture company aims at offering a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem. It would address the need to provide more transparency and simplicity in the movement of goods across borders and trading zones
Related Reports:
Blockchain Supply Chain Market by Application (Payment & Settlement, Counterfeit Detection, Smart Contracts, Risk & Compliance Management, and Product Traceability), Provider, Vertical, and Region - Global Forecast to 2023
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