Global Blockchain in Manufacturing Market to Top With USD 307 Million By 2024: Zion Market Research
Sarasota, FL -- (SBWIRE) -- 02/06/2019 -- 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.
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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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By region, Europe is anticipated to hold a major share of the blockchain in manufacturing market in the upcoming years. This can be attributed to the region's thriving automotive industry and the presence of top automotive manufacturers, such as Volkswagen, Mercedes, Renault, and BMW. The Middle East and Africa is anticipated to witness significant growth in the blockchain in manufacturing market, due to the adoption of new technologies in the energy and power sector in UAE and Saudi Arabia.
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
Track and Trace
Blockchain in Manufacturing Market: End-Use Analysis
Aerospace and Defense
Energy and Power
Food and Beverages
Blockchain in Manufacturing Market: Regional Analysis
The Middle East and Africa
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