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The logistics industry is getting increasingly complex, with supply chains involving an increasing number of facilities and third-party vendors for goods processing, fulfilment, and shipment. Because management changes frequently between stages, there is a high chance of miscommunication and error, which is one of the reasons why supply chain inefficiencies cost businesses millions of dollars each year. According to the World Economic Forum, widespread blockchain use could increase global trade by $1 trillion over the next ten years by removing trade barriers and simplifying time-consuming processes. If businesses take advantage of blockchain's capabilities, logistics will be one of the big winners in this fast-changing market.
Blockchain in Logistics Market Report Scope and Research Methodology
The study vividly depicts a Blockchain in Logistics Market structure, including current market trends and predictions to find prospective investment opportunities. It includes a variety of market-influencing aspects such as historical data, recent technical advancements, the competitive landscape, and government policy. The Blockchain in Logistics Market research informs clients on significant drivers, restraints, challenges, and opportunities. The market has been segmented into three major parts for ease of comprehension, and these major segments of the Blockchain in Logistics Markets have been further divided into several sub-segments. The research also includes a segment-by-segment analysis of the variables impacting market growth, as well as a competitive analysis of prominent market competitors based on their expansion strategies, product, investments, price, and presence in the Blockchain in Logistics sector.
The data acquired for the Blockchain in Logistics Market study utilising these methodologies was pooled to draw reliable and error-free inferences. Interviews with subject-matter experts, Blockchain in Logistics industry participants, high-level executives of key market companies, industry consultants, and other experts were conducted as part of the primary research. The PESTLE analysis in the market study supports the development of company strategies. The Blockchain in Logistics Market's strengths and weaknesses were determined using a SWOT analysis.
Blockchain in Logistics Market Overview:
The research looks at market growth drivers and obstacles, as well as corporate strategies, procedures, and a complete financial strategy. Customer expectations are met by customization and thorough information about Blockchain in Logistics Market industry possibilities. The Blockchain in Logistics market research looks at the industry's competitive landscape and key players. This Blockchain in Logistics Market study aids in structure planning in light of modern industrial conditions.
Blockchain in Logistics Market size was valued at US$ 8.48 Billion in 2022 and the total Blockchain in Logistics Market revenue is expected to grow at 58% through 2023 to 2029, reaching nearly US$ 208.63 Billion.
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Blockchain in Logistics Market Dynamics:
Many projects are now in the works to use blockchain technology to improve supply chain transparency and trace provenance. These programmes gather data on how items are made, where they come from, and how they are handled, which is then stored in a blockchain-based system. As a result, the data is permanent and easily shared, giving supply chain players greater track-and-trace capabilities than ever before. Companies can use this data, for example, to provide proof of legitimacy for pharmaceutical shipments and proof of authenticity for luxury goods. Consumers gain from these programmes because they can learn more about the items they are purchasing, such as if a piece was ethically acquired, is an original, and has been stored properly.
Blockchain in Logistics Market Segmentation:
According to current industry estimates, 10% of all goods invoices contain incorrect data, resulting in disputes and other logistics process inefficiencies. Accenture predicts that increasing invoice accuracy and minimising overpayments may save at least 5% of yearly goods spend in the oil and energy industries alone. Blockchain has the potential to increase efficiency across the entire logistics and settlement process, including trade financing, and to aid in the resolution of logistical issues. When digitised documents and real-time shipment data are incorporated in blockchain-based systems, this information can be used to establish smart contracts. When specific conditions are met, these contracts have the potential to automate corporate processes.
Ship Chain was among the first startups to investigate smart contract applications in the logistics industry. ShipChain is a startup that has developed a blockchain-based system for tracking and tracing a product from the time it leaves the producer to the time it arrives at the customer's door. The system will include an open API architecture that will allow it to integrate with existing freight management software and will handle all modes of freight. Once the conditions are completed, all critical supply chain information is saved in an immutable blockchain-based database capable of executing smart contracts (for example, when the driver submits confirmation of successful delivery).
Blockchain in Logistics Market Regional Insights:
The Blockchain in Logistics the market is divided into five regions: Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America. The paper estimates revenue growth in USD terms at the regional and country levels from 2021 through 2029. The study includes a regional analysis with the Blockchain in Logistics market size of each area. The countries section of the study looks at a number of market components that are projected to influence present and future Blockchain in Logistics market trends, as well as changes in market rules at the country level. Consumption, production location and amount, import/export analysis, pricing analysis, raw material prices, and upstream and downstream value chain analysis are some of the major components utilised to forecast each country's Blockchain in Logistics Market conditions.
Blockchain in Logistics Market Key Players:
IBM (India)
AWS (USA)
Microsoft (USA)
SAP (Germany)
Intel (USA)
Oracle (USA)
Bitfury (Netherlands)
Cegeka (Belgium)
Earthport (UK)
Guardtime (Estonia)
Digital Asset Holdings (USA)
Chain
Huawei. (China)
Key Questions answered in the Blockchain in Logistics Market Report are:
Key Offerings:
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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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