Overview and Scope
Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.
Sizing and Forecast
The blockchain in manufacturing market size has grown exponentially in recent years. It will grow from $145.88 billion in 2023 to $252.53 billion in 2024 at a compound annual growth rate (CAGR) of 73.1%. The growth in the historic period can be attributed to need for enhanced supply chain visibility, increased concerns about counterfeiting, growing complexity of manufacturing processes, adoption of smart contracts in manufacturing, demand for improved data security in manufacturing.
The blockchain in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $1999.84 billion in 2028 at a compound annual growth rate (CAGR) of 67.8%. The growth in the forecast period can be attributed to integration of blockchain in industry 4.0 initiatives, growing emphasis on traceability and transparency,increased adoption of decentralized manufacturing networks, rise in regulatory compliance requirements, expansion of blockchain applications beyond supply chain. Major trends in the forecast period include development of consortiums and industry alliances, use of blockchain for quality assurance and compliance, integration of internet of things (iot) with blockchain, adoption of tokenization in manufacturing transactions, focus on sustainability and ethical sourcing through blockchain.
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Segmentation & Regional Insights
The blockchain in manufacturing market covered in this report is segmented –
1) By Applications: Logistics and Supply Chain Management, Counterfeit Management, Quality Control and Compliance, Other Applications
2) By Component: Platform, Services
3) By End-Use: Energy And Power, Industrial, Automotive, Pharmaceuticals, Aerospace And Defense, Food And Beverages, Textile And Clothing, Other End-Users
Asia-Pacific was the largest region in the blockchain in manufacturing market in 2023. The regions covered in the blockchain in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increased demand for the blockchain from end-use industries across the globe is driving the growth of the blockchain market. In the industrial sector, blockchain can enable an altogether new manufacturing business model by increasing visibility across all elements of the process, from suppliers, strategic sourcing, procurement, and supplier quality through shop floor operations, which include machine-level monitoring and servicing. For instance, according to Wood Makenzie’s Blockchain in Energy research report published in 2021, 59% of blockchain energy initiatives are creating peer-to-peer energy platforms. A peer-to-peer energy market is a community of people who trade and buy extra energy from one another. Therefore, increased demand for the blockchain from various sectors is expected to propel the growth of blockchain in the manufacturing market going forward.
Key Industry Players
Major companies operating in the blockchain in manufacturing market report are Advanced Micro Devices Inc., Amazon Web Services Inc., Blockchain Foundry Inc., CargoX Inc., Chronicled Inc., Xayn AG, Factom Inc., International Business Machines Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Riddle&Code GmbH, Wipro Limited, Everledger Ltd., Accenture PLC, BigchainDB GmbH, ChromaWay AB, LO3 Energy Inc., SAP SE, Siemens AG, Baidu Inc., Huawei Technologies Co. Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Ltd., Tata Consultancy Services Limited, Capgemini SE, Infosys Limited, Chainway Information Technology Co. Ltd., The Bitfury Group, Sphera Solutions Inc., Provenance Ltd.
The blockchain in manufacturing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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