According to the latest report by IMARC Group, titled "Blockchain in Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global blockchain in manufacturing market reached a value of US$ 717.6 Million in 2021. Blockchain refers to the technology that is generally used as a digital ledger of transactions. It is a distributed ledger technology (DLT) that allows simultaneous validation and access in a convenient manner, spread across multiple locations and entities. It enables users to confirm their transactions without the need for a central authority. It rather utilizes an immutable cryptographic signature called a hash for authentication. Blockchain aids in strengthening trading and supply chain relationships while facilitating ethical practices and reducing financial friction. Numerous factories across the globe are increasingly becoming interconnected, which is providing a boost to the market growth.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Blockchain in Manufacturing Market Trends:
The global market is primarily driven by the rising need for enhancing the manufacturing supply chain in order to lower production costs and minimize the lead time of a complex production process. Moreover, the increasing utilization of blockchain for collaborative planning, forecasting, and replenishment (CPFR) helps in verifying compliance with environmental regulations, thereby contributing to the market. Additionally, continual technological advancements, along with the advent of industry 4.0, represent one of the key factors driving the market across the globe. Furthermore, the widespread integration of the industrial internet of things (IIoT) with blockchain assists in storing and sharing data with partners across the supply chain. Besides this, since it helps manufacturers in preventing fraud and delivering impressive customer experience, this is creating a positive market outlook. Other factors, including rapid digitization and industrialization and the growing investments by key players in extensive research and development (R&D) activities, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 17,047.8 Million by 2027, exhibiting a CAGR of 66.40% during 2022-2027.
- On the basis of the provider, the market has been segregated into middleware, infrastructure and protocols, and applications and solution providers.
- Based on the application, the market has been segmented into logistics and supply chain management, counterfeit management, quality control and compliance, and others.
- On the basis of the end-user, the market has been categorized into automotive, aerospace and defense, pharmaceutical, electronics and semiconductor, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Accenture plc, Advanced Micro Devices Inc., Amazon Web Services Inc. (Amazon.com Inc.), Infosys Limited, Intel Corporation, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE and Wipro Limited.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal