Global Blockchain Technology in Agriculture Market Size, Trends, and Analysis- Forecasts To 2026 By Product (Application And Solution Provider, Middleware Provider, Infrastructure and Protocol Provider), By Application (Product Traceability, Tracking, & Visibility, Payment And Settlement, Smart Contracts, Governance, Risk, and Compliance Management), By Organization Size (Large Enterprises, Small and Medium-Sized (SMEs) Enterprises), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Blockchain technology stores the historical transactional data and records of the business. The technology avoids long processing time and used for making easy & fast transaction. The technology will grow at a high CAGR between 2021-2026, due to increasing online trading and tracking systems in the supply chain industry. The evolution of digital technologies in the food & agriculture sectors, the growing number of food-related frauds, customer transparency, and wide acceptance among small and large organizations are some of the key driving factors supporting market growth. The technology offers various benefits which include high security, automation capability, easy data retrieval, transparency, increase customer loyalty, and widely accepted technology among end-use vendors among others. Increasing funding in agri-based technologies, and smart-agriculture are also boosting the market growth.
Based on the product analysis, the market is categorized into a middleware provider, application and solution provider, infrastructure, and protocol provider. The application and solution provider segment will register a high growth rate and will continue the trend between 2021-2026. Increasing agri-based start-ups in the developed and developing regions are positively impacting market growth. Start-ups offer customized and flexible products to the vendors and end-users.
According to research conducted, the application segment is divided into payments & settlements, tracking & visibility, smart contracts, and governance, risk and compliance management among others. Among the application segment, the product tracking and visibility segment occupy the major share. The increasing demand for transparency in the supply chain along with a growing number of food fraud incidents are the major factors supporting segmentation growth.
Based on the organization size, the large organization segment holds the major chunk of share and will register the fastest growth between the forecast period. The large enterprises are involved in updating existing technologies and investing in research and development for new technologies. According to the research conducted by NASSCOM, Asia Pacific region has more than 450 agri-tech startups in 2019 and it will increase in the near future.
According to the regional analysis, the North American region occupies the major share in the global market. The favorable government policies, rapid adoption of smart agricultural devices and solutions, and increasing investments in the agri-block chain technology are driving the regional growth. The Asia Pacific region will grow exponentially in the blockchain technology market. The growing number of Agri start-ups, growing popularity of blockchain technology in the developing economies are supporting the APAC growth.
Key players operating in the market include are Microsoft, Provenance, IBM, Agri 10X, Agridigital, SAP SE, Genuino, RIPE.IO, Farm2kitchen Foods Pvt. Ltd, Vechain, Cargochain, Chainvine, Eharvesthub Inc., Agrichain, Viveat, Skuchain, Modum.Io Ag, Bext360, TE-FOOD International Gmbh, Fce Group Ag, Te-Food International Gmbh, Arc-Net, and Coin 22 among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Blockchain Technology in Agriculture Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Blockchain Technology in Agriculture Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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