The global blockchain supply chain market is set to grow at a CAGR of 60% by 2027. Emerging economies such as India are likely to witness increased adoption in coming years, according to Absolute Markets Insights. This growth is driven by the manufacturing as well as the logistics industry, which is in turn spurred by the emergence of the retail and e-commerce sector.
Increasing adoption from the logistics industry would aid the global blockchain supply chain market that is expected to surpass US$6.5 billion by 2027, growing at a CAGR of 60%.
In the present scenario, developed economies continue to account for majority of the market revenue. However, market penetration in emerging countries like India would grow at a significant pace during the next six years. India is becoming a focal point of the manufacturing sector owing to the reforms in foreign direct investment and ease in entry procedures for various sectors.
India has a geographical advantage as a manufacturing and distribution location owing to the peninsular shape of the country. This makes transportation through seaways easier and helps in connecting with other regions in the world. The country has since become an important center for manufacturing and distribution owing to the conducive government initiatives for transportation and logistics sector.
The inclusion of blockchain in the supply chain operations helps in the mitigation of operational challenges. Also, rising investments from companies across the world is helping to bring blockchain technology for the supply chain as an industry standard.
Global blockchain supply chain market solutions has proven vital for companies owing to the benefits provided by security and traceability features of blockchain technology.