Los Angeles, CA -- (SBWIRE) -- 09/27/2019 -- Industry experts are of the opinion that blockchain along with other trending technologies such as IoT and AI will be the future of the manufacturing sector. With a number of manufacturing companies expressing their need for reducing production costs and improving energy efficiency, the global blockchain in manufacturing market is predicted to witness robust growth in the coming years. Gradually increasing popularity of blockchain-as-a-service (BaaS) among enterprises, government organizations, and defense units could be another factor positively impacting the global blockchain in manufacturing market.
In August 2019, SIMBA Chain, a US cloud-based, BaaS platform, announced that the US Air Force (USAF) will use its technology on battlefields as well as at home. The USAF will use SIMBA's blockchain technology to secure its supply chain, make its data more tamper-proof, and improve security in additive manufacturing.
Requirement for Real-time Data Analysis and Product Tracking to Augment Demand
High use of blockchain solutions in the energy and power industry because of increased focus on production improvement with reduction in downtime and maintenance is anticipated to create profit-making opportunities in the global blockchain in manufacturing market. Growing need to monitor customer purchase behavior, remove complexities in deployment of solutions, track movement of high-value equipment, and use real-time data analysis could drive the demand in the global blockchain in manufacturing market.
Equipment leasing and manufacturing companies are expected to increase the uptake of IoT and blockchain technologies to adjust to varying requirements in the industrial equipment ecosystem. They could also use the technologies to gain critical insights for comparing usage of their equipment in different parts of the world and evaluating the performance of their equipment.
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Players to Invest in Product Development to Explore New Opportunities in Key Industries
The report offers comprehensive company profiling of top players of the global blockchain in manufacturing market such as Advanced Micro Devices, Inc., XAIN AG, BigchainDB GmbH, Wipro Limited, Blockchain Foundry Inc., ShipChain Inc., Chronicled, Inc., RIDDLE&CODE GmbH, Factom, Inc., Oracle Corporation, Grid Singularity GmbH, NVIDIA Corporation, IBM Corporation, Microsoft Corporation, Intel Corporation, and LO3 Energy, Inc. Players are expected to enter into agreements, long-term contracts, partnerships, and merger and acquisition deals to expand their presence in the global blockchain in manufacturing market. Companies could focus on new product launch and product development to improve their profit margin.
Earlier in 2019, Chronicled, a US technology company leveraging blockchain and IoT to power smart, secure supply chain solutions, raised $16 million in Series A funding to bring blockchain technology to the pharmaceutical industry.
? Predictive Maintenance
? Business Process Optimization
? Logistics and Supply Chain Management
? Counterfeit Management
? Middleware Providers
? Infrastructure and Protocols Providers
? Application and Solution Providers
By End Use
? Energy and Power
The application segment of logistics and supply chain management is foretold to account for a significant share of the global blockchain in manufacturing market. This could be due to the rise in requirement for interconnected and intelligent logistics and supply chain networks and modern data visualization and management capabilities. Among end-use industries, energy and power is forecast to become a more prominent segment of the global blockchain in manufacturing market because of the increasing need for effective solutions to material movement, fuel mix, inspection, maintenance, and other issues in the industry.
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