The latest report published by IMARC Group, titled “Blockchain in Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027″, offers a comprehensive analysis of the industry, which comprises insights on blockchain in manufacturing market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. 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.
Blockchain represents a decentralized and unchangeable digital ledger utilized to record transactions, track assets, and establish trust between two or more business entities. It generates a fixed record of transactions with end-to-end encryption that prevents fraud and unauthorized activity. In addition to this, blockchain can address privacy concerns more efficiently when compared to traditional computer systems by anonymizing data. Presently, it finds wide-ranging applications across the manufacturing sector to gain greater visibility into the supply chain, streamline operations, track assets with unprecedented precision, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The introduction of industry 4.0 trends is primarily driving the blockchain in manufacturing market. Besides this, the rising adoption of blockchain solutions in manufacturing processes to reduce the lead time, lower production costs, enable transparent operations, etc., is further catalyzing the market growth. Moreover, various suppliers are integrating Internet of Things (IoT) sensors with blockchain to create a tamper-proof record of shipping conditions on cargo containers, which is acting as another significant growth-inducing factor. Apart from this, the growing demand for this technology to store and analyze data of equipment and products is also positively influencing the global market. Furthermore, the leading manufacturers are extensively investing in this decentralized technology to produce smart home solutions, such as smart meters. This, in turn, is anticipated to fuel the blockchain in manufacturing market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some 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
- Wipro Limited
Blockchain in Manufacturing Market Segmentation:
Our report has categorized the market based on region, 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, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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