Blockchain Supply Chain Market

Blockchain Supply Chain Market Size by Component (Services, Platform), Industry Vertical (Manufacturing, Healthcare, Retail, Oil and Gas, Food and Beverages, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13906
  • Published Date: Dec, 2023
  • Pages: 238
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global blockchain supply chain market was valued at USD 1.47 Billion in 2022, which is anticipated to grow at a CAGR of 48.25% from 2023 to 2032. Two major reasons driving the market's growth are the increasing need for supply chain transparency and the increased security of supply chain transactions. Expanded automation and the elimination of middlemen with blockchain technology in supply chain management could lead to opportunities for market expansion.

Market Introduction:

A system of digital database records, or blocks of verified transactions, is called a blockchain. All data and transactions are synchronised throughout the supply chain network, eliminating the need for a central middleman. A cost-effective method of planning, directing, and carrying out a product flow for raw materials and manufacturing is called supply chain management. Blockchain is utilised in the supply chain to trace origins, cut costs, and build confidence. It is observed that the Blockchain Supply Chain Market is undergoing an advanced and innovative revolution that gives its members access to anything they need on a single platform. The retail and SCM sectors deal with a lot of transactions and information flow on a daily basis. Possible sources of information include sales, fees, certifications, approvals, payments, procurement data, and information on the authentication process. Lower costs, faster delivery, and ongoing quality and product flow monitoring are some of the main issues supply chain companies face. Blockchain technology is being used by a number of supply chain management sector players to enhance business operations' efficiency and transparency, as well as to enhance the final delivery phase as a whole. Integrating blockchain technology with an SCM system prevents data manipulation, which is probably going to be one of the main factors driving the growth of the blockchain supply chain market as a whole. Additionally, this technology makes it possible for transactions to be recorded on distributed ledgers, which benefits numerous agencies by improving efficiency, fraud protection, and transparency. The need for supply chain transparency, enhanced supply chain transaction security, and an increase in e-commerce are the main factors propelling the growth of the blockchain supply chain market. Furthermore, some startups and IT firms have started interesting pilot projects. In July 2019, Nestle said that it would be experimenting with open blockchain technology to trace its products along the supply chain. Although this industry has numerous important drivers, there aren't many obstacles that could stop it from growing. However, a lack of knowledge about the technology and a labour shortage are impeding the expansion of the blockchain supply chain market.

Blockchain Supply Chain Market Size

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Recent Development
  • IBM Corporation and IPwe partnered in April 2021 to develop the technology needed to store data on a blockchain network and represent patents as Non-Fungible Tokens (NFTs). Intellectual property (IP) tokenization can create additional market liquidity and make it possible to sell, share, commercialise, or incentivize patents. IPwe Platform wants to change the patent asset class by promoting involvement and opening up more communication.
  • A new space start-up aid programme was announced in March 2021 by Amazon Web Services and Seraphim Capital. Ten firms will be chosen to participate in the four-week AWS Space Accelerator programme for business support. During the accelerator, start-ups will receive monitoring from technical and space domain subject matter experts that have extensive experience working on AWS.

Market Dynamics:


Increasing use of cutting-edge technologies in corporate plansMarket expansion is aided by the growing use of cutting-edge technologies, particularly machine learning (ML) and artificial intelligence (AI). Blockchain's capabilities are complemented and enhanced by AI and ML, which are being incorporated by enterprises into their operational strategies at an increasing rate. Data analytics in the supply chain can be improved with the help of AI and ML. They make it possible for businesses to obtain prescriptive and predictive insights, which improve demand forecasting, inventory control, and route planning. These technologies work in conjunction with Blockchain to produce a potent synergy by adding AI-driven intelligence to the Blockchain's data. Furthermore, patterns, abnormalities, and even fraud can be found in the supply chain data kept on the Blockchain by AI and ML algorithms. This strengthens the blockchain system's reliability and security. The automation and efficiency increases that are caused by the integration of AI and ML also support the adoption of Blockchain. AI can enhance the intelligence and adaptability of smart contracts, a fundamental component of blockchain technology, facilitating automated decision-making and job execution for supply chain management. The market is expanding as a result of the business processes' quick automation. Supply chain operations are being revolutionised by automation, and blockchain technology is integrating this change easily. Blockchain makes automation easier by enabling self-executing contracts called smart contracts that take action when certain criteria are met. Smart contracts on the Blockchain serve as the foundation for supply chains that are becoming more and more automated by organisations. They can reduce manual intervention and related errors by automating order processing, inventory management, and payment settlements. Additionally, Blockchain improves automated operations' transparency and security. Sensitive data is frequently exchanged during automation, and the immutability of blockchain guarantees that once it is recorded, it cannot be changed or tampered with. This feature gives automated transactions a sense of dependability and trust. The adoption of Blockchain in supply chain management is accelerating as businesses realise the efficiency gains, cost reductions, and accuracy improvements realised through blockchain-enabled automation. This further stimulates market expansion.


Increasing popularity of smart gadgets- The market is being supported by the increasing popularity of smart devices. In the supply chain sector, smart technologies such as RFID tags and Internet of Things sensors are becoming commonplace. Large volumes of real-time data about the flow, state, and status of items are gathered by these devices as they travel through the supply chain. Blockchain technology offers a safe and unhackable platform for sharing and storing this data, which allows it to interact with smart devices in a seamless manner. An unchangeable audit trail can be produced by recording every data point on the blockchain, including temperature measurements for perishable commodities and shipment position updates. The supply chain's traceability and transparency are improved by this connection. Real-time information regarding the state and condition of items is available to stakeholders, which is especially helpful for industries like food and pharmaceuticals where quality control and compliance are crucial. Blockchain technology and smart devices work together to reduce errors and delays in the supply chain by automating activities through smart contracts and improving supply chain visibility. The need for blockchain solutions in supply chain management is increasing along with the use of smart devices, which is propelling the market's growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global blockchain supply chain market, with a 36.75% market revenue share in 2022. It has a strong technological ecosystem that supports the creation of blockchain-based solutions. Businesses in this area are pushing the limits of blockchain integration in supply chain management through active research and development investments. Moreover, the legal structure in the region facilitates the implementation of blockchain technology, offering a favourable atmosphere for enterprises to investigate and integrate blockchain solutions into their supply chains. Major industrial companies from the retail, manufacturing, and logistics sectors are present in the market. The need for blockchain supply chain solutions is being driven by these industries' growing recognition of blockchain's advantages.

North America Region Blockchain Supply Chain Market Share in 2022 - 36.75%

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Component Segment Analysis

The component segment is divided into services and platform. The platform segment dominated the market, with a market share of around 63.75% in 2022. The fundamental technological infrastructure required for supply chain management is provided by blockchain platforms. They provide the core protocols and tools needed to build and run blockchain networks. By permitting the implementation of safe and scalable supply chain solutions, technology providers' ongoing development and improvement of blockchain platforms promotes market expansion.

Industry Vertical Segment Analysis

The industry vertical segment is divided into manufacturing, healthcare, retail, oil and gas, food and beverages, and others. The retail segment dominated the market, with a market share of around 19.37% in 2022. Blockchain improves supply chain transparency in the retail industry, enabling customers to track the provenance of goods and confirm their legitimacy. This is especially important for premium and perishable commodities. Improved inventory control, decreased fraud, and increased customer trust are all advantageous to retailers. The integration of Blockchain technology into retail supply chains guarantees product integrity and enhances inventory and logistics procedures, hence fostering market expansion.

Some of the Key Market Players:
  • Microsoft Corporation
  • Oracle Corporation
  • AWS Inc.
  • Accenture Plc
  • BTL Group
  • SAP SE
  • Huawei
  • IBM Corporation
  • TIBCO Software
  • Auxesis Group

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 1.47 Billion
Market size value in 2032 USD 75.38 Billion
CAGR (2023 to 2032) 48.25%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Component, Industry Vertical

Frequesntly Asked Questions

As per The Brainy Insights, the size of the blockchain supply chain market was valued at USD 1.47 Billion in 2022 & USD 75.38 Billion by 2032.

Global blockchain supply chain market is growing at a CAGR of 48.25% during the forecast period 2023-2032.

North America region emerged as the largest market for the blockchain supply chain.

Increasing use of cutting-edge technologies in corporate plans is a significant driving factor for the growth of the blockchain supply chain market.

Increasing popularity of smart gadgets is a significant opportunity for the growth of the blockchain supply chain market.

Key players are Microsoft Corporation, Oracle Corporation, AWS Inc., Accenture Plc, BTL Group, SAP SE, Huawei, IBM Corporation, TIBCO Software, Auxesis Group, among others.

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This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global blockchain supply chain market based on below mentioned segments:

Global Blockchain Supply Chain by Component:

  • Services
  • Platform

Global Blockchain Supply Chain by Industry Vertical:

  • Manufacturing
  • Healthcare
  • Retail
  • Oil and Gas
  • Food and Beverages
  • Others

Global Blockchain Supply Chain by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


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Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

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Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

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  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

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