The blockchain in manufacturing market is expected to be worth USD 30.0 million by 2020 and USD 566.2 million by 2025, growing at a CAGR of 80.0% during the forecast period.
Blockchain-as-a-Service (BaaS) solutions for enterprises; simplifying business processes and affording transparency and immutability; increasing demand for real-time data analyses, enhanced visibility, and proactive maintenance; increased emphasis on energy efficiency and cost of production; convergence of operational technology (OT) and information technology (IT); AI, IoT, blockchain and the future of manufacturing industry; and increase in global blockchain-related patent filings are the factors likely to drive the growth of the blockchain in manufacturing market.
As of 2018, key industry players, such as IBM Corporation (US) and Microsoft Corporation (US) have introduced blockchain services and are striving to push their adoption in the market. However, by 2020–2025 many other large players, as well as startups, would also offers products and solutions in this market.
Market Dynamics
Drivers
• Blockchain-as-a-Service (BaaS) solutions for enterprises
• Simplifying business processes and affording transparency and immutability
• Significant increase in venture capital investments and initial coin offerings (ICO)
• Increasing demand for real-time data analyses, enhanced visibility, and proactive maintenance
• Increased emphasis on energy efficiency and cost of production
• Convergence of operational technology (OT) and information technology (IT)
• AI, IoT, blockchain and the future of manufacturing industry
• Increase in global blockchain-related patent filings
Opportunities
• Transforming international trade and supply chain management
• High adoption of blockchain technology for payments, smart contracts, and digital identities
• Advancement in 3D printing technology
• Outcome economy and pull economy
Challenges
• Lack of awareness about blockchain’s potential among manufacturers
• Concern regarding security, privacy, and control
• Inconsistent business semantics and conflicts related to data ownership
Logistics and supply chain management applications are expected to account for the largest market share as well as the highest CAGR during the forecast period.
Energy & Power to account for largest share of blockchain in manufacturing market by 2020
North America is expected to hold largest share of blockchain in manufacturing market from 2020 to 2025
IBM
IBM is a global blockchain technology leader that provides a permissioned and immutable shared ledger. More than 100 of the top leading technology organizations have embraced the IBM blockchain platform. IBM is expediting blockchain adoption by formulating a new framework for securely operating blockchain networks, as well as new services on the IBM Cloud that are designed to meet existing regulatory requirements.
Microsoft
Microsoft has also entered the blockchain technology market, which is in the initial phases of development and is expected to grow at a very fast pace. Microsoft has been expansively working toward the advancements of its blockchain by following a mix of both organic and inorganic strategies. Ethereum and Microsoft collaborated to launch Ethereum BaaS, which would help customers create and work in private, public, and group-based blockchain environments.
Other major companies operating in the blockchain in manufacturing market studied int his report are NVIDIA Corporation (US), XAIN AG (Germany), CargoX (Slovenia), RIDDLE&CODE GMBH (Austria), Chronicled (US), LO3 Energy (US), Electron (UK), Filament (US), Grid Singularity (Germany), Shipchain (US), Oracle Corporation (US), Factom (US), BigchainDB GmbH (Germany), Blockchain Foundry Inc. (Canada), Syncron International AB (Sweden), Electron (UK), ChromaWay AB (Swedan), Everledger Ltd. (UK), Supercomputing Systems AG (Switzerland), Storj Labs Inc. (US), and Cloud Technology Partners, Inc. (US), among others.
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