Blockchain for Supply Chain Traceability Market Analysis

 Components (Platforms, Services)

Platform segment is projected to hold blockchain for supply chain traceability market share of more than 64.4% by 2037, owing to the growing demand for greater transparency and accountability in supply chains. This drives companies to embrace blockchain technology and incorporate it into existing systems as an immutable ledger would help improve traceability. It's also further driven by the consumers' expectations of ethical sourcing and reliability. In the supply chain sector, blockchain technology is a paradigm shift that is rapidly proving to be the most efficient way to address the issues while also offering businesses and consumers new, exclusive capabilities. VeChain has been gathering data from every domain since 2019, from driving household brands in the sector to assisting numerous farmers and suppliers in streamlining their supply chains. These developments point toward more extensive adoption of blockchain platforms in supply chain operations, thus repositioning this segment at the forefront of the market during the forecast period.

Deployment Model (Cloud-based, On-premises)

Several growth drivers are propelling the cloud-based segment of the blockchain for supply chain traceability market growth. It is anticipated to grab a remarkable share of 74.2% attributed to the growing demand for managing supply chains in a more scalable, flexible, and cost-effective manner, leading organizations to opt for cloud solutions. The real-time exchange of data among stakeholders through blockchain platforms based in the cloud leads to better collaboration and decision-making. For instance, in May 2024, Microsoft's Azure Blockchain Service provided companies with tools to develop and deploy blockchain applications on their end to make their supply chains more streamlined. Such developments lead to growing demand for cloud-based blockchain technologies, placing the segment in a leadership position for supply chain traceability solutions.

End user (Healthcare & pharmaceuticals, Food & beverage, Logistics & Transportation, Retail, Manufacturing, Automotive)

The retailing segment is increasingly witnessing a dominant position in the blockchain for supply chain traceability market owing to the rising demand to track the provenance of their goods and improve inventory management, and authenticity of products. This provides verifiable information about products' origins to enhance competitive advantage and strengthen brand loyalty for the retailers to meet both regulatory requirements and customer expectations. Hence, the retail sector is projected to be at the forefront of using the transition to blockchain solutions in promoting the accountability of supply chains as concerns with sustainable and ethical sourcing continue gaining precedence.

Our in-depth analysis of the global market includes the following segments: