Global Blockchain in Manufacturing Market

Global Blockchain In Manufacturing Market Size, Share, Growth Analysis, By Application(Business Process Optimization, Logistics), By End users(Automotive, Energy & Power), By Provider(Middleware Providers, Infrastructure) - Industry Forecast 2024-2031

Report ID: SQSG45D2027 | Region: Global | Published Date: February, 2024
Pages: 245 | Tables: 94 | Figures: 76

Global Blockchain In Manufacturing Market Dynamics

Blockchain In Manufacturing Market Driver

  • Increasing demand for real-time and proactive maintenance

The adoption of blockchain solutions that can improve productivity while requiring little upkeep and little downtime is driving market growth. Companies are embracing blockchain and IoT because these technologies allow for real-time data analysis, the ability to track the movement of expensive equipment, and other benefits.

Blockchain In Manufacturing Market Restraint

  • Lack of Awareness

Lack of awareness about blockchain potential among manufacturers is as a major resistant for the growth of the market. Many customers are not aware about blockchain usages in manufacturing, which will hinder the market growth during forecast period. Also, the absence of a single set of standards and an unclear regulatory environment are major barriers to the market growth during forecast period.

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Blockchain In Manufacturing Market size was valued at USD 542.56 million in 2019 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).

Global Blockchain in Manufacturing Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. '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'

Increasing demand for real-time and proactive maintenance

The used of Electronics and Semiconductor Vertical is creating new trend for the blockchain. To cut the lead time and lower the production cost, it is necessary to improve the supply chain’s material integrity, demand for parts, and complex manufacturing processes. Blockchain might be used in a variety of ways at each level of the manufacturing process for semiconductors and devices to speed up operations and address security concerns.

North America dominated the global market and held largest market share. Implementation of blockchain technology in the manufacturing sector in the region is boosting the revenue share. The North American region has a strong and stable economy, which enables it to make significant investments in the creation of cutting-edge manufacturing technologies, which will fuel the region's growth in the coming years.

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