What is Blockchain Technology in Transportation and Logistics Market?
Blockchain Technology with help of the Internet of Things (IoT) is being used for capacity monitoring in transportation and logistics. By using IoT sensors in trucks and other shipping vehicles, shippers and transportation companies can detect the amount of space taken and determine price accordingly. The blockchain enables to block theft, ransomware, corruption, premium fees, and problems with the tracking. As per a secondary source, the implementation of the blockchain technology allows companies to save USD 50 billion a year at first, and over USD 500 billion a year after blockchain networks reach the mass market. Blockchain ensures trustworthy data across the transportation and logistics ecosystem. The increasing number of cargo thefts has driven the market demand.
The market study is being classified by Type (Software and Service) and major geographies with country level break-up. According to AMA, the Global Blockchain Technology in Transportation and Logistics market is expected to see growth rate of 55.02%
Accenture Plc (Ireland), Capgemini (France), Infosys Ltd. (India), IBM Corporation (United States), Microsoft Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Tata Consultancy Services Ltd. (India), Tencent Holdings Ltd. (China) and Wipro Ltd. (India) are some of the key players profiled in the study.
Global blockchain technology in transportation and logistics market consists of few established players accounting for the major market shares. These key players are competing through innovations in solutions and services to gain popularity in the market. The entry of private-labels in the market and the increasing competition has induced the vendors in this market to launch different products and services to maintain sustainability through unique and clear propositions.
Analyst at AMA have segmented the market study of Global Blockchain Technology in Transportation and Logistics market by Type, Application and Region.
On the basis of geography, the market of Blockchain Technology in Transportation and Logistics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Number Of Cargo Thefts
- Faster and Leaner Logistics in Global Trade
- Combining Blockchain and IoT
- High Cost of Implementation
- Uncertain Regulatory And Compliance Environment
- Need For Improving Transparency And Traceability In Supply Chains
- Rising Implementation of Blockchain in Airports
- Increasing Venture Capital Funding And Investments In Blockchain Technology
- Lack of Skilled Professionals
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Blockchain Technology in Transportation and Logistics Manufacturer, Technology Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry
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