USD 542.56 million
Blockchain In Manufacturing Market Size, Share, Growth Analysis, By Application(Predictive Maintenance, Logistics & Supply Chain, Counterfeit Management, Business Process Optimization, Others), End users(Automotive, Textile, Aerospace, Pharmaceuticals, Energy & Others), and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2092 |
Region:
Global |
Published Date: June, 2024
Pages:
245
|Tables:
94
|Figures:
76
Blockchain In Manufacturing Market Insights
Global Blockchain in Manufacturing Market size was valued at USD 542.56 Million in 2022 and is poised to grow from USD 931.79 Million in 2023 to USD 70058.5 Million by 2031, growing at a CAGR of 71.6% in the forecast period (2024-2031).
The manufacturing industry is undergoing a digital revolution, and this trend is projected to bolster the demand for blockchain in manufacturing over the coming years. From supply chain management to process optimization, almost all aspects of manufacturing can benefit from the adoption of Blockchain technology. Growing use of smart technologies and smart manufacturing practices are also expected to help market growth in the future. Deployment of Blockchain helps improve traceability and transparency in the manufacturing industry which is crucial to maintain regulatory compliance and ensure quality standards are met. Moreover, the high adoption of automation and other Industry 4.0 trends will also create new opportunities for blockchain in manufacturing companies going forward. On the other hand, complexity in integration, data privacy concerns, and high costs of deployment are all expected to impede blockchain in manufacturing demand outlook in the long run.
US Blockchain In Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Logistics and Supply Chain Management
Fastest Growth
Business Process Optimization
Growth Rate
71.6% CAGR
Global Blockchain in Manufacturing Market ($ Bn)
Country Share for North America Region (%)
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Blockchain In Manufacturing Market Segmental Analysis
Global Blockchain in Manufacturing Market is segmented based on the Application, End User, and Region. Based on Application, the market is segmented into Predictive Maintenance (Vibration Monitors, Thermography, Ferrography), Logistics and Supply Chain Management (Ledger System, Smart Contracts), Counterfeit Management (Barcodes, Qrcodes, Radio Frequency Identification Tags), Business Process Optimization (Ledger Technology) And Others. Based on the End User, the market is segmented into Automotive (Streamlining Transactions, Car And Vehicle Tracking, Autonomous Driving), Textile And Clothing (Enhanced Traceability In Transactions, Real-time Tracking Of Goods), Aerospace And Defense (Aircraft Maintenance, Finance, Biometric Identity Verification), Pharmaceuticals (Transparency And Traceability, Data Integrity, Counterfeit Drug Mitigation), Energy & Power (Secure Platform For p2p Trading), and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Analysis by Application
Use of blockchain technology to improve the transparency and efficiency of logistics and supply chain management is projected to help this segment hold a dominant share. Rising demand for traceability in supply chains to promote transparency and security of data are forecasted to help this segment bolster market growth over the coming years. Integration of Blockchain technology with other smart technologies will also create new business scope in this segment going forward.
Use of Blockchain in manufacturing to optimize business operations is estimated to rise at an impressive pace across the forecast period. Blockchain technology can help optimize manufacturing operations by improving efficiency, reducing operations costs, and automating different aspects of manufacturing. The rising emphasis of manufacturing facilities on maximizing their business potential will help this segment boost market growth at a notable pace in the future.
Analysis by End User
From automated cars to predictive maintenance in automotive manufacturing, the scope of applications for Blockchain technology in the automotive industry is endless. The automotive segment holds a prominent chunk of the global blockchain in manufacturing market share. High adoption of advanced manufacturing practices and technologies and rising emphasis on improving productivity in the automotive industry help this segment maintain its high market share.
On the other hand, the demand for blockchain in manufacturing in the pharmaceutical industry is slated to rise at a rapid CAGR over the coming years. Keeping track of raw materials used in pharmaceutical manufacturing is growing more and more important, which is slated to promote the use of Blockchain technology. Resolving the issue of counterfeit drugs is a major concern for pharmaceutical manufacturers and this could be resolved by the use of Blockchain technology in pharmaceutical manufacturing in the future.
Global Blockchain in Manufacturing Market By End User
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Blockchain In Manufacturing Market Regional Insights
North America has been quick to adopt novel manufacturing technologies owing to a developed technological infrastructure making it the top market for blockchain in manufacturing companies. The presence of key Blockchain tech providers and high awareness regarding the benefits of Blockchain technology among manufacturers are also helping this region’s dominance. The United States is slated to be at the forefront of blockchain in manufacturing market growth in this region followed by Canada. The growing popularity of smart contracts will also help market growth in this region.
Meanwhile, the demand for blockchain manufacturing is estimated to increase at a rapid pace in the Asia Pacific region over the coming years. High investments in the development of blockchain technology, the presence of a robust manufacturing industry, and supportive government initiatives for Blockchain R&D and adoption are expected to bolster market development in the future. China and Japan are estimated to be the leading markets for blockchain in manufacturing companies in this region.
Global Blockchain in Manufacturing Market By Region
- Largest
- Fastest
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Blockchain In Manufacturing Market Dynamics
Blockchain In Manufacturing Market Driver
Demand for Better Quality Control
- Use of Blockchain technology in the manufacturing supply chain helps keep a transparent track of the product from raw material to finished goods. This helps blockchain in manufacturing companies maintain proper quality control right from the start to the end of the manufacturing process.
Improved Security and Regulatory Compliance
- Blockchain is a decentralized technology, which ensures better data protection as compared to traditional approaches. Blockchain can also help automate different tasks and provide transparency in operations that aids in improving regulatory compliance as well.
Restraints
Scalability Issues
- Platforms based on a public Blockchain have limited scalability and are usually not suitable for handling large volumes of transactions. Opting for private or hybrid Blockchain networks is quite expensive, thereby making the scalability of public Blockchain a key restraint in market growth.
Integration Complexity
- Blockchain is a highly advanced technology and integrating it with legacy manufacturing infrastructure and systems will be a key challenge that slows down blockchain in manufacturing market development going forward.
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Blockchain In Manufacturing Market Competitive Landscape
Blockchain in manufacturing providers are estimated to target the digitization of the manufacturing industry to maximize their business scope. Sustainability is another key trend that will help companies maximize their business potential. Innovation will be a priority for all blockchain in manufacturing market players. The use of smart contracts to maintain compliance and promote automation of business transactions is also expected to create new opportunities for blockchain in manufacturing companies in the future. Partnerships are estimated to be highly important strategies for any blockchain in a manufacturing company looking to make a mark in this market landscape in the future.
Blockchain In Manufacturing Market Top Player's Company Profiles
- Microsoft Corporation
- IBM
- Intel Corporation
- Amazon Web Services
- Oracle Corporation
- SAP SE
- Blockchain Foundry Inc.
- Factom
- Chain Inc.
- Wipro Limited
- Accenture
- Bitfury Group
- Chronicled
- Filament
- Guardtime
- LO3 Energy
- RIDDLE&CODE
- Syncronology
- Virtual Operations
- XAIN AG
Blockchain In Manufacturing Market Recent Developments
- In October 2022, Immutable Partners with NFT.NYC, these partnership will support NFT engagement at NFT.NYC events worldwide.
- In September 2022, Polygon Partners With Blockchain Founders Fund to Empower Web3 Entrepreneurs.
- In July 2021, Tech Mahindra, Information Technology company in India launched a blockchain-based system to trace the supply of vaccines all over the world.
Blockchain In Manufacturing Key Market Trends
- Smart Contracts: Smart contract adoption will be a major trend for blockchain in manufacturing companies to capitalize on in the future. The use of smart contracts to ensure automated fulfillment and maintain compliance without needing to invest a lot of resources will surely offer some major opportunities for blockchain in manufacturing market players in the long run.
Blockchain In Manufacturing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, increasing penetration of automation in the manufacturing industry and rising awareness regarding the benefits of Blockchain technology are projected to be key factors driving market growth. However, the limited scalability of public Blockchain platforms and issues in integration with legacy infrastructure are slated to be key restraints for blockchain in manufacturing business in the future. Strong technological infrastructure and high demand for transparency are helping North America hold a dominant stance in the global blockchain in manufacturing market. The automotive industry is estimated to spearhead blockchain in manufacturing demand outlook on a global level. Use of smart contracts will provide a plethora of opportunities for all blockchain in manufacturing companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in Manufacturing | USD 542.56 Million |
| Market size value in 2031 | USD 70058.5 Million |
| Growth Rate | 71.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain In Manufacturing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain In Manufacturing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain In Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain In Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain In Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain In Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Blockchain In Manufacturing Market Report Snapshots
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