Industrial Blockchain Market Development Strategy, Key Vendors, Future Prospects and Regional Forecast by 2033

Recently, blockchain technology has risen to the top of the scientific and business worlds. A wide number of industries, including insurance and gaming, have begun to test and use blockchain technology. By distributing immutable data among businesses, organisations, and governmental bodies, industrial applications have started to boost revenue or operational performance.

Many industrial applications are made possible by the use of blockchain technology and the integration of these technologies in various contexts thanks to improved efficiency and security, improved traceability and transparency, and lower prices. The industrial blockchain market is anticipated to increase as a result of the widespread implementation of blockchain technologies in numerous industrial applications.

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Impact of COVID-19 Pandemic Outbreak on Industrial Blockchain Market

The widespread impact of novel coronavirus pandemic is revealing a significant vulnerability in corporate supply chains. Business process functions across most industries are severely disrupted due to the immense pressure of the pandemic crisis. The Covid-19 pandemic has many potential victims, one of which is privacy.

Amid the coronavirus pandemic the adoption of Blockchain technologies has seen more into healthcare industry applications. Blockchain technologies are used to gather and collate patient data more efficiently, monitor patients' movements to guarantee social distance, and protect their identity at the same time.

Blockchain technology is used to replace the old school usernames and passwords systems by providing personalized, encrypted digital identities that can use to manage everything including online information and personal information, while protecting personal identity and other sensitive information.

It is estimated that the blockchain market has grown with significant growth rate of around 50% CAGR in the past 5 years. However, during the pandemic the industrial blockchain market has grown by nearly 10% - 12% in Q1-Q3 2020 and is projected to show rapid growth in the coming quarters of 2021.

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Industrial Blockchain Market: - Market Dynamics
Convergence of Blockchain and Industry 4.0 Applications

The emergence of fourth Industrial Revolution, also known as Industry 4.0 has introduced new disruptive technologies that are being considered to be incorporated in the factory environment.

One of these technology includes blockchain which helps integrate heterogeneous systems, manage financial transactions and component identifying information. This could help in quantifying and managing quality problems with a higher level of specificity.

Moreover, blockchain technology helps reduce the risk of single point of failure and network attacks using the distributed network nodes. Thus the increasing adoption of blockchain based solutions in various industry 4.0 applications would propel the industrial blockchain market growth in the coming years.

Wide Adoption of Blockchain Technologies in Manufacturing Industries

Blockchain technologies have the potential to drastically change the face of manufacturing industry. Especially, the blockchain technology in mostly adopted for supply chain management and auditing purposes by several start-ups and large companies.

The technology provides enhanced visibility into the value chain processes, as it allows an entire service supply chain to see when and where parts are moving to ensure the repair is made just in time.

Moreover, the role of blockchain technologies in Industry 4.0 and the Internet of Things (IoT) is more critical. Companies are combining blockchain solutions with 3D printing to enable new manufacturing processes. Thus, the rise in adoption of blockchain technologies in manufacturing industries would drive the market growth.

Industrial Blockchain Market: - Key Players
Key players in the industrial blockchain market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced industrial blockchain solution and services to effectively conduct industrial process and improves security measures.

The major players offering industrial blockchain solutions include IBM Corporation, Intel Corporation, Microsoft Corporation, Factom, Wipro Limited, Blockchain Foundry Inc., XAIN AG, among others.

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Industrial Blockchain Market: - Segmentation

By Application
Predictive Maintenance
Asset Tracking and Management
Business Process Optimization
Logistics and Supply Chain Management
Real-Time Workforce Tracking and Management
Quality Control and Compliance
Counterfeit Management

By End-Use Industry
Automotive
Energy & Power
Food & Beverages
Aerospace & Defense
Others
Others

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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