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.
Manufacturing is unarguably one of the biggest promoters of global economies. Nowadays, manufacturing companies are digitally transforming their processes and are including numerous systems and applications. They are also required to address the information exchanged at enterprise boundaries. Blockchain technology has the capability to change the complete identity of traditional manufacturing. Implementation of blockchain technology in manufacturing sector aids in giving trading partners an immediate and minimum cost trust in the identity and stature of the counterparty in any financial or trading relationship. Furthermore, the adoption of blockchain technology could help the manufacturing industry by making the supply chain more secure, by making processes more transparent. It can also be used in B2B scenarios with the creation and implementation of smart contracts.
Factors such as advancement in 3d printing technology, transforming international trade and supply chain management, and high adoption of blockchain technology for payments, smart contracts, and digital identities offer significant growth opportunities for blockchain in manufacturing market players. However, lack of blockchain technical expertise in the manufacturing sector and uncertain regulatory standards and landscape and absence of common set of standards are expected to hinder the growth of this market to some extent. On the other hand, lack of awareness about block chain’s potential among manufacturers and concern regarding security, privacy, and control are the key challenges of this market.
Analysis of Blockchain in Manufacturing Market Segments
The global blockchain in manufacturing market is segmented by application (predictive maintenance, asset tracking and management, business process optimization, logistics and supply chain management, quality control and compliance, counterfeit management, and real-time workforce tracking and management), end-user (automotive, healthcare, aerospace and defense, textile and clothing, energy and power, food and beverages, pharmaceuticals, industrial, and others), and geography.
Based on end-user, in 2018, the energy and power segment accounted for the largest share of the global blockchain in manufacturing market. While, based on application, logistics and supply chain management segment is expected to witness the rapid growth during the forecast period.
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Blockchain in Manufacturing Market Key Players
The major players operating in the global blockchain in manufacturing market are Advanced Micro Devices, Inc., Amazon.Com, Inc., Bigchaindb GmbH, Blockchain Foundry Inc., Chronicled, Inc., Factom, Inc., Grid Singularity GmbH, IBM Corporation, Intel Corporation, LO3 Energy, Inc., Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, Riddle&Code GmbH, ShipChain Inc., Wipro Limited, and Xain AG.
Blockchain in Manufacturing Market Future Outlook
Blockchain technology has the potential to radically transform businesses across various sectors. Several sectors such as healthcare, education, supply chain, retail, and many other end-use industries are undergoing transformation under the blockchain effect. The supply chain forms the base of every manufacturing industry and blockchain can prove to be a catalyst to boost the supply chain system. Introduction of blockchain technology is empowering the entire supply system to become more efficient, thereby increasing the product quality and tracking, and with all this, the manufacturer will be able to meet the demand of the customer on time and also ensure that quality product is delivered to the customer. Moreover, a survey from the World Economic Forum (WEF) in 2015 had predicted that 10% of global GDP will be stored on the blockchain by 2027. In addition, in 2018, 71% of total task hours were done by humans, while 29% were done by machines. However, the number is expected to change to 58% of task hours performed by humans and 42% by machines, according to The WEF by 2022. Thereby, in coming years, blockchain will be the next big thing in the manufacturing industry.
Blockchain in Manufacturing Market Segmentation:
Blockchain in Manufacturing Segmentation by Providers
- Middleware Providers
- Infrastructure & Protocols Providers
- Applications & Solution Providers
Blockchain in Manufacturing Applications
- Predictive Maintenance
- Asset Tracking and Management
- Business Process Optimization
- Logistics and Supply Chain Management
- Quality Control and Compliance
- Counterfeit Management
- Real-Time Workforce Tracking and Management
Blockchain in Manufacturing End-Users
- Aerospace and Defense
- Textile and Clothing
- Energy and Power
- Food and Beverages
Blockchain in Manufacturing Segmentation by Geography
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of the World
- Latin America
- Middle East & Africa
Key Players in the Market
- Advanced Micro Devices, Inc.
- Com, Inc.
- Bigchaindb GmbH
- Blockchain Foundry Inc.
- Chronicled, Inc.
- Factom, Inc.
- Grid Singularity GmbH
- IBM Corporation
- Intel Corporation
- LO3 Energy, Inc.
- Microsoft Corporation
- NVIDIA Corporation
- Oracle Corporation
- Riddle&Code GmbH
- ShipChain Inc.
- Wipro Limited
- XAIN AG
Key questions answered in Blockchain in Manufacturing Market report:
Advancement in 3d printing technology will drive the growth of blockchain in manufacturing market
- Which segment is expected to experience the fastest growth in manufacturing blockchain market?
- Which type of providers are more preferred by the end users?
- What is the most prominent application, rapidly adopting blockchain across developed as well as developing regions?
High adoption of smart contracts and digital identities will flourish the new revenue pockets in developing region
- How will recent or ongoing technological developments in the manufacturing industry influence the blockchain in manufacturing market?
- Who are the major players in the blockchain in manufacturing market and what strategies do they employ?
Transforming international trade and supply chain management is supporting the growth of the block chain in manufacturing market
- Which geographic region is expected to experience the fastest growth rate?
- What part does the established companies play in developing blockchain in manufacturing market in the new regions?
- What are the geographical trends and high growth regions/ countries?
Recent partnerships, acquisitions, and expansions have taken place in the global blockchain in manufacturing market
- What companies have recently merged/acquired and how will these affect the competitive landscape of the blockchain in manufacturing market?
- What companies have created partnerships and how will these partnerships promote a competitive benefit?
- Who are the key players in the global market and what share of the market do they hold?