The global blockchain in manufacturing market reached a value of US$ 717.6 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 17,047.8 Million by 2027, exhibiting a CAGR of 66.40% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Blockchain is a decentralized, unchangeable ledger used to record transactions, track assets, and establish trust between two or more business entities. It provides immediate, shared, and transparent information that can be accessed by permissioned network members. It generates an unchangeable record of transactions with end-to-end encryption that prevents fraud and unauthorized activity. It can address privacy concerns efficiently as compared to traditional computer systems by anonymizing data. Presently, there is a rise in the demand for blockchain solutions in the manufacturing sector to streamline operations, gain greater visibility into the supply chain, and track assets with unprecedented precision. Blockchain in Manufacturing Market Trends:
- The advent of industry 4.0, along with rapid technological advancements in the manufacturing industry, represents one of the key factors driving the market. Moreover, key market players are extensively investing in blockchain technology to produce smart home solutions, such as smart meters. This, along with the rising employment of blockchain solutions in manufacturing processes to reduce the lead time and lower production costs, is propelling the growth of the market. In addition, suppliers are integrating internet of things (IoT) sensors with blockchain to create a tamper-proof record of shipping conditions on cargo containers. This, coupled with the increasing application of blockchain technology to store and analyze data of manufacturing equipment and products, is positively influencing the market. Besides this, blockchain technology in the manufacturing sector helps trading partners make processes more transparent with the implementation of smart contracts. Additionally, the rising utilization of blockchain technology for payments and digital identities of individuals in the manufacturing sector is projected to strengthen the growth of the market in the coming years.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global blockchain in manufacturing market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on provider, application and end user.
Breakup by Provider:
- Middleware Providers
- Infrastructure and Protocols Providers
- Applications and Solution Providers
- Breakup by Application: Logistics and Supply Chain Management
- Counterfeit Management
- Quality Control and Compliance
Breakup by End User:
- Aerospace and Defense
- Electronics and Semiconductor
- Breakup by Region: North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, Advanced Micro Devices Inc., Amazon Web Services Inc. (Amazon.com Inc.), Infosys Limited, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE and Wipro Limited. Key Questions Answered in This Report:
- How has the global blockchain in manufacturing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global blockchain in manufacturing market?
- What are the key regional markets?
- What is the breakup of the market based on the provider?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global blockchain in manufacturing market and who are the key players?
- What is the degree of competition in the industry?