Blockchain in Logistics Market Future Scope, Market Trends, Key Players and Forecast To 2027

pranit savgave

Oct 19, 2022 • 3 min read

Blockchain in Logistics Market

Blockchain in Logistics Market Overview:

A research team conducted extensive primary and secondary research for the Blockchain in Logistics market analysis of the global industry. Secondary research was conducted to supplement the available information, segment the market, calculate the overall market size, and forecast market size and growth rate.

The logistics sector is becoming more complicated, with supply chains comprising an increasing number of sites and third parties for goods processing, fulfilment, and shipment. Because management frequently changes between stages, there is a high risk of miscommunication and error, which is one of the reasons why supply chain inefficiencies cost firms millions of dollars each year. According to the World Economic Forum, widespread blockchain implementation could boost global trade by $1 trillion over the next 10 years by removing trade barriers and shortening cumbersome processes. If organisations take advantage of blockchain's possibilities, logistics is destined to be one of the great winners in this fast-changing market.

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Blockchain in Logistics Market Dynamics:

One of the key priorities for COVID-19 is product/service tracking and traceability, which has a $962 billion economic potential. According to APQC and Supply Chain Management Review, blockchain software solutions were used the most in logistics (58%), procurement (31%), and supply chain planning (29%) by 2020. The biggest benefit of distributed ledger technology, according to 77% of study respondents, is improved real-time tracking of product movement (QC and Supply Chain Management Review). 69% of firms use blockchain-based technologies to maintain supply chain visibility, which helps them reduce counterfeit items and increase product integrity. Blockchain is used by 62% of businesses to create trust between parties, store sensitive information, and ensure data and process integrity.

Blockchain in Logistics Market Segmentation:

The B2B (Business-to-Business) sector now dominates the Blockchain in Logistics market and is expected to continue so through 2027. As the number of B2B parcel drops per recipient and special delivery requirements rise, the Blockchain in Logistics market is likely to expand. The expansion of e-commerce and online food stores is driving the B2C sector; in 2020-2027, B2C Blockchain in Logistics is expected to grow by 26% Y-O-Y. Government regulations, gasoline prices, and transportation are the most significant hurdles to the B2C segment's growth, as well as major challenges for industry leaders.

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Blockchain in Logistics Market Key players:

AWS (USA)
Microsoft (USA)
SAP (Germany)
Intel (USA)
Oracle (USA)
Bitfury (Netherlands)
Cegeka (Belgium)
Earthport (UK)
Guardtime (Estonia)

COVID-19 Impact on Blockchain in Logistics market:

The COVID-19 outbreak has had a significant impact on the Blockchain in Logistics market. Due to the global economic downturn and a labour shortage, the development of Blockchain in Logistics production facilities has been put on hold. The COVID-19 pandemic has caused a significant and sustained decline in production utilisation. Additionally, staff visits to their facilities have been hindered by travel restrictions and facility closures, which will restrain the growth of the Blockchain in Logistics market in 2020. However, given the high demand for Blockchain in Logistics, the market effects of COVID-19 are anticipated to be transient. By the beginning of 2021, the industry is anticipated to fully recover.

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