Blockchain in Manufacturing Market - Global Opportunity Analysis and Industry Forecast (2019-2025)
Blockchain is a distributed chain of blocks that traces transaction and assets. It is an information which is encrypted, time-stamped, and not removable which is openly shared on a ledger by many thousands of computers at the same time. Incorporation of blockchain technology in manufacturing sector can assist in installing trust in global supply chains, reducing production expenses, and improving efficiency. Manufacturing companies are rapidly transforming their processes into digital versions and are incorporating several associated systems and applications. However, huge investment was also made by these companies in order to enhance their customer experience. In 2018, Tesla, Inc. announced to invest $5 billion in its Chinese factory. Likewise, Samsung Electronics Co., Ltd., in 2018, announced the construction of its $7 billion semiconductor line in China. Thus, rising investment in manufacturing sector is expected to boost the blockchain in manufacturing market significantly in the next few years.
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The blockchain in manufacturing market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025 – by application and end-user. The study includes diverse industry competitors and analyzes the market at regional as well as country level.
Key Findings in the Global Blockchain in Manufacturing Market Study:
Energy and Power Dominated the Global Blockchain in Manufacturing Market in 2018, by End-User
Based on end-user, the global blockchain in manufacturing market is segmented into automotive, healthcare, aerospace and defense, textile and clothing, energy and power, food and beverages, pharmaceuticals, industrial, and others. Energy and power dominated the global blockchain in manufacturing market in 2018, mainly due to the rising global energy demand, which encourages companies operating in the energy and power industry to adopt blockchain solutions.
Logistics and Supply Chain Management Segment to Register Highest Growth
Based on Application, the global blockchain in manufacturing market is segmented into predictive maintenance, asset tracking and management, business process optimization, logistics and supply chain management, quality control and compliance, and counterfeit management. The logistics and supply chain management segment is expected to register highest CAGR during the forecast period.
Asia-Pacific: The Fastest Growing Regional Market
North America commanded the largest share of the global blockchain in manufacturing market in 2018, followed by Asia-Pacific, Europe, Latin America, and Middle East & Africa. This is due to the early adoption of trending technologies, such as IoT, DevOps, big data, and mobility. The manufacturers are keen to integrate blockchain technologies into their processes. However, Asia-Pacific is the fastest growing regional market due to rising investment in manufacturing sector
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Key Players in the Blockchain in Manufacturing Market
The report includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016-2019). For instance, in October 2018, Infineon Technologies collaborated with Xain AG for the implementation of blockchain technology for the automotive sector.
The major players operating in the global blockchain in manufacturing market are Advanced Micro Devices, Inc. (U.S.), Amazon.Com, Inc. (U.S.), Bigchaindb GmbH (Germany), Blockchain Foundry Inc. (Canada), Chronicled, Inc. (U.S.), Factom, Inc. (U.S.), Grid Singularity GmbH (Germany), IBM Corporation (U.S.), Intel Corporation (U.S.), LO3 Energy, Inc. (U.S.), Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Oracle Corporation (U.S.), Riddle&Code GmbH (Austria), ShipChain Inc. (U.S.), Wipro Limited (India), and XAIN AG. (Germany).
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