Blockchain in manufacturing: A $566M market by 2025
According to the new report – “Blockchain in Manufacturing Market – Global Forecast to 2025” – the market is expected to be worth $30.0 million by 2020 and to grow to $566.2 million by 2025, representing a CAGR of 80% during that period. The report looks at the market by application (business process optimization, logistics and supply chain management, and counterfeit management), end use (automotive, energy & power, industrial, and pharmaceuticals), and region.
The key factors driving the growth of this market, says the firm, include the following:
- 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
- and increase in global blockchain-related patent filings.
Expected to account for the largest market share as well as the highest CAGR during the forecast period are logistics and supply chain management applications. Blockchain enables the removal of intermediaries in the supply chain, streamlining the flow of operations and allowing all transaction data across networks to be synchronized, enabling participants to validate each other’s work.
The energy and power sector is expected to account for the largest share of the overall blockchain in manufacturing market during the forecast period. Increasing global energy demand, says the report, encourages companies operating in the the industry to adopt blockchain solutions that can help them enhance production with minimum maintenance and reduced downtime.
North America is expected to hold the largest share of the global blockchain in manufacturing market, with the U.S. and Canada expected to see a significant adoption of blockchain in manufacturing services. Not only do the region’s sustainable and well-established economies allow it to strongly invest in R&D activities, says the report, due to the early adoption of trending technologies – such as IoT, big data, DevOps, and mobility – manufacturers are keen to integrate blockchain technologies into their processes.
Among the blockchain solution providers listed in the report are Storj Labs (Atlanta, GA), Cloud Technology Partners (Boston, MA); NVIDIA Corporation (Santa Clara, CA), Chronicled (San Francisco, CA), LO3 Energy (Brooklyn, NY), Filament (Reno, NV), Shipchain (Los Angeles, CA), Microsoft Corporation (Redmond, WA), Advanced Micro Devices (Santa Clara, CA), International Business Machines Corporation (Armonk, NY), Intel Corporation (Santa Clara, CA), Oracle Corporation (Redwood Shores, CA), Factom (Austin, TX), Amazon.com (Seattle, WA), and Blockchain Foundry (Toronto, Ontario, Canada).
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