According to the report, the global blockchain in manufacturing market was valued at USD 5 million in 2017 and is expected to reach USD 307 million by 2024, at a CAGR of 76.4% between 2018 and 2024.
New York, NY, Jan. 02, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Blockchain in Manufacturing Market by Application (Supply Chain Tracking, Process Transformation, Asset Sharing, Track and Trace, Warranty Management, and Others) and by End-Use (Automotive, Consumer Electronics, Healthcare, Aerospace & Defense, Textile, Energy & Power, Food & Beverages, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024’’. According to the report, the global blockchain in manufacturing market was valued at USD 5 million in 2017 and is expected to reach USD 307 million by 2024, at a CAGR of 76.4% between 2018 and 2024.
Blockchain technology is a digitalized public ledger. Initially, it was only used for cryptocurrency transactions. The blockchain is now used in various sectors of the manufacturing industry, such as consumer electronics, automotive, aerospace, and defense, textile, energy, and power, food and beverages, etc. Various processes, such as transactions, transportation, and stock management, are noted and organized sequentially without maintaining any records or files.
Browse through 53 Tables & 27 Figures spread over 130 Pages and in-depth TOC on “Global Blockchain in Manufacturing Market: By Type, Size, Share, Applications, Trends, Analysis and Forecast, 2017—2024”.
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The adoption of blockchain for financial reconciliation and payments processes in the aerospace and defense sector is anticipated to fuel the blockchain in manufacturing market over the forecast timespan. Blockchain plays a key role in assisting the aerospace and defense sector to combat fraud, create a traceable supply chain, and improve machine maintenance. In 2018, it was estimated that about 86% of the aerospace and defense companies will integrate blockchain technology into their systems by 2021. This, in turn, is likely to propel the blockchain in manufacturing market in the future. The spending on blockchain technology has increased in the past few years. Organizations from various sectors are using this technology to streamline their business processes. It is estimated that the overall spending on the technology will double in 2018 to about USD 2.1 billion as compared to 2017. The U.S. is anticipated to lead the blockchain investments and contribute about 40% of the overall spending.
The blockchain in manufacturing market is divided on the basis of application and end-use. By application, this market includes supply chain tracking, process transformation, asset sharing, track and trace, warranty management, and others. Supply chain tracking is likely to grow significantly in the future, owing to the key benefits of this technology. On the basis of end-use, this market includes automotive, consumer electronics, healthcare, aerospace and defense, textile, energy and power, food and beverages, and others.
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The regional segmentation of the global blockchain in manufacturing market includes North America, Europe, Asia Pacific, the Middle East, and Africa, and Latin America. North America is likely to grow considerably over the forecast timeframe. The U.S. is contributing toward the blockchain in manufacturing market growth, owing to the presence of major market players, such as IBM, Intel, Oracle, etc. Automotive manufacturers, such as Ford, BMW, General Motors, and Renault, have collaborated to form blockchain alliance named “Mobility Open Blockchain Initiative (MOBI)”. MOBI’s hardware is provided by IBM and Accenture. Furthermore, investments in the U.S. were more in the first half of 2018 as compared to the overall investments made in the year 2017. This, in turn, is likely to propel the blockchain in manufacturing market globally over the estimated time period.
The Asia Pacific is likely to contribute a major share to the blockchain in manufacturing market in the future, owing to a major contribution from China. In 2014, it was estimated that the manufacturing sector contributed about 42.6% to the overall GDP. Tesla and Samsung are planning to invest in Chinese factories. In 2018, Tesla announced to invest USD 5 billion in its Chinese factory. Likewise, Samsung, in 2018, announced the construction of its USD 7 billion semiconductor line in China. Furthermore, the increasing foreign direct investments in the Indian manufacturing sector are expected to propel this regional market’s growth. From 2000 to 2018, the country’s manufacturing sector witnessed FDI worth USD 76.82 billion. It is expected that these investments will increase in the years ahead, owing to the “Make in India” initiative taken by the government. The initiative focuses on encouraging companies to manufacture their products in India.
Browse the full “Blockchain in Manufacturing Market by Application (Supply Chain Tracking, Process Transformation, Asset Sharing, Track and Trace, Warranty Management, and Others) and by End-Use (Automotive, Consumer Electronics, Healthcare, Aerospace & Defense, Textile, Energy & Power, Food & Beverages, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024” Report at https://www.zionmarketresearch.com/report/blockchain-manufacturing-market
Europe’s automotive manufacturers are focusing on optimum utilization of blockchain technology to transform various business processes. In 2018, the German automotive manufacturer, Daimler AG, announced its own blockchain-based digital currency named “MobiCoin” to reward its drivers for smooth and safe driving. Furthermore, in 2018, BMW announced its partnership with blockchain provider “VeChain” to improve its supply chain activities. Thus, these aforementioned factors are likely to fuel the European blockchain in manufacturing market in the years ahead.
Latin America is likely to witness substantial expansion in the blockchain in manufacturing market in the years ahead. Brazil and Argentina are anticipated to be the prime contributors in this region. Manufacturing companies in Brazil are opting for technology that offers contracting solutions. Blockchain technology offers smart contracting services for the value chain process, which helps original equipment manufacturers to utilize upgraded information.
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Major players of the blockchain in manufacturing market include Microsoft Corporation, IBM Corporation, Intel Corporation, Oracle Corporation, Amazon, Inc., NVIDIA Corporation, Advanced Micro Devices, Inc., Wipro Limited, Xain AG, and Factom, among others.
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This report segments the global blockchain in manufacturing market into:
Blockchain in Manufacturing Market: Application Analysis
- Supply Chain Tracking
- Process Transformation
- Asset Sharing
- Track and Trace
- Warranty Management
Blockchain in Manufacturing Market: End-Use Analysis
- Consumer Electronics
- Aerospace and Defense
- Energy and Power
- Food and Beverages
Blockchain in Manufacturing Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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