Absolute Markets Insights (AMI) reports a robust forecast for the Blockchain in Manufacturing Industry during the 2021-2030 period. In its newly released report, AMI anticipates the market will grow at 65.5% owing to growing focus on cost of production and energy efficiency along with convergence of operational technology (OT) and information technology (IT) around the world. AMI reports that the market stood at a valuation of US$ 375.28 Mn in 2020.
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According to Absolute Market Insights report, the solution segment accounted for the largest market share in 2020 in the blockchain in manufacturing market. Blockchain provides technology solutions and helps unlock the full potential of other advanced technologies, such as augmented reality, IoT and 3D printing amongst others. Blockchain solutions can create value for industrial organizations in several different ways. For instance, IBM Corporation provides various blockchain solutions to the manufacturing industry are supply chain transparency, supplier management, manufacturing solutions, and management solutions. The demand for blockchain solutions in the manufacturing sector is constantly expanding, particularly among large-scale operators. According to United Nations Industrial Development Organization (UNIDO), global manufacturing value-added increased by 3.6 percent in 2018, with China, the United States, Japan, Germany, the Republic of Korea, India, Italy, France, the United Kingdom, and many other nations leading the way.
According to AMI, quality control & regulatory compliance and identity management segments are among the fastest-growing segments over the forecast period. The inherent security of blockchain technology, as well as its capacity to track a single version of a piece of data, make it ideal for quality control and regulatory compliance in the manufacturing industry. In addition, the blockchain ledger creates an immutable track of data regarding machinery, processes, materials, and more. Internal inspectors utilize these logs during audits to ensure that the premises are safe and that regulations are being followed.
Blockchain identity management delivers real-time information about a specific person or entity, allowing industries to authenticate or prove their identity. Furthermore, several sectors benefit from blockchain technology because of its transparency, security, and other aspects, which add value to their businesses. As a result, it is poised to transform the existing state of identity management in a very secure way. For instance, LeewayHertz offers blockchain Identity management solution, a decentralized and secure solution that puts users back in control.
Some key players in the global Blockchain in Manufacturing Industry are AWS, Baker Tilly US, LLP, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Factom, Filament, IBM Corporation, Intel Corporation, KPMG International, LeewayHertz, Oracle Corporation, PwC, Sofocle, SyncFab, and Wipro Limited, amongst other market participants.
Global Blockchain in Manufacturing Market:
- By Offering
- Solutions
- Services
- Consulting and Advisory
- Design and Development
- Others
- By Application
- Logistics & Supply Chain Management
- Asset Tracking
- Business Process Optimization
- Counterfeit Detection
- Quality Control & Regulatory Compliance
- Identity Management
- Others
- By Industry
- Healthcare & Pharmaceuticals
- Aerospace and Defence
- Energy and Power
- Oil & Gas
- Automotive
- Food & Beverage
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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