Blockchain technology in manufacturing not only allows clients to track and trace incoming parts throughout the supply chain, but it also offers immutable quality control documents and manufacturing processes for data. The database of blockchain in manufacturing uniquely identifies each product and automatically records every transaction, change, or quality control in the blockchain. The features of blockchain in the manufacturing industry are that it eliminates the function of an intermediary and improves the security and data management of the entire process, making it market-reliable.
The companies involved in the manufacturing of blockchain in manufacturing now focus on maximizing more technological advancement for the blockchain in manufacturing, which will provide results that are more accurate. This development will help the blockchain in manufacturing to penetrate more in the market. The blockchain in manufacturing find the applications in diverse sectors such as automotive, energy & power, industrial, pharmaceuticals, and others.
The global blockchain in manufacturing market is segmented on the basis of application, end-use, and region. In terms of application, the market is categorized into business process optimization, logistics & supply chain management, and counterfeit management. On the basis of end-use, the market is divided into automotive, energy & power, industrial, pharmaceuticals, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Top Impacting Factors
The major factors influencing the growth of the blockchain in manufacturing market size include automation and semiconductors and electronics, as well as an increase in the use of blockchain in manufacturing in the automotive industry, which reduces manufacturing costs while also providing security and other benefits.
Technological advancement- The manufacturing industry is also on the verge of technological advancement. This raises the level of automation from basic machinery or electromechanical to mechatronics. This advancement in the manufacturing industry has reduced the subject's boundaries and increased the impact of information technology and electronics.
Furthermore, with the emergence of the Internet of Things in the industrial field, combined with Industry 4.0, this has affected the acceptance of the manufacturing industry in the market. Therefore, rise in technological advancement in the manufacturing industry increase the demand for blockchain in the market. However, the blockchain in manufacturing lacks in scalability and consume huge amount of energy, which may restraint the market growth of blockchain in manufacturing.
Rise in Adoption of Advance Technology in Blockchain in Manufacturing Industry
The emergence of the industrial internet of things, coupled with industry 4.0, has affected the acceptance rate of the manufacturing industry that is already on the threshold of technological progress. From basic machinery or electromechanical to mechatronics, the increase in the level of automation is lucrative for the industry.
For instances, in 2019, according to the data of Microsoft manufacturing trends report, the industrial internet of things may have a significant impact on the manufacturing industry and the global economy; it is estimated that by 2030, the global GDP will reach $15 trillion. Furthermore, IoT spending was expected to exceed $1 trillion in 2020.Thus, the rise in technological advancement in the industry help to penetrate blockchain in manufacturing more in the market.
Key Benefits of the Report
- This study presents the analytical depiction of the blockchain in manufacturing market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the blockchain in manufacturing market share.
- The current market is quantitatively analyzed to highlight the Blockchain in manufacturing market growth scenario.
- Porter’s Five Forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed blockchain in manufacturing market analysis based on competitive intensity and the competition that will take shape in coming years.
COVID-19 Scenario Analysis
The outbreak of the COVID-19 pandemic has severely affected the business of almost all industries. While the COVID-19 pandemic crisis unfolds, regulatory bodies all across the globe compel to impose strict lockdown and travel bans.
Moreover, this has drastically affected the growth of the blockchain in manufacturing market.
Due to the COVID-19 pandemic, the supply chain systems were disrupted as a number of fundamental equipment and materials are profoundly dependent on imports from other countries. Furthermore, the strict instruction of the governing bodies to follow social distancing norms forced the industries to work with minimal workforce, which led to the decrease in the production rate of the industries. Thus, all these factors negatively impact the growth of the blockchain in manufacturing market.
However, after the COVID-19 pandemic, the diversified and innovative applications of blockchain in manufacturing such as automotive, energy & power, industrial, pharmaceuticals and others will foster the growth of the blockchain in manufacturing market.
Questions Answered in the Blockchain in Manufacturing Market Research Report
- Who are the leading market players active in the blockchain in manufacturing market?
- How current blockchain in manufacturing market trends would influence the industry in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the future projections that would help in taking further strategic steps?
Blockchain in Manufacturing Market Report Highlights
Key Market Players
Amazon.com,, Advanced Micro Devices, Nvidia Corporation, Wipro Limited, Factom, Intel Corporation, Microsoft Corporation, Xain AG, Oracle, IBM Corporation