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Blockchain in Manufacturing Market was Valued at US$ 375.28 Mn in 2020 Owing to Growing Demand for Real-Time Data Analyses and Proactive Maintenance

Published On 08 Sep 2021 06:40 AM


Absolute Markets Insights (AMI) reports a robust forecast for the blockchain in manufacturing market during the 2021-2029 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.

Solution Segment Held the Largest Market Share in 2020

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.

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Quality Control & Regulatory Compliance and Identity Management Segments are estimated to Witness Substantial Growth over the forecast period (2021 – 2029)

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.

Automotive Segment Accounted for the Highest Market Share in 2020

According to AMI, the automotive segment held the highest market share in 2020 due to increased vehicle production, industry adoption of advanced technologies, and increased demand for productive vehicle manufacturing. Vehicles are rapidly changing to become much more than just a mode of transportation. Cars in the twenty-first century are moving data centers with integrated sensors and computers that collect data about the vehicle. Blockchain aids in enhancing collaboration among organizations, consumers, and even cars by providing more secure, traceable transactions and better access to and openness of information.

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Rapid Penetration of Blockchain across Industries to Influence Asia Pacific Region’s growth over the Forecast Period

AMI reports that due to increasing government investments in logistics infrastructure production and deployment of warehouse management systems, as well as broadly rising demand and development in cold chain infrastructure, Asia-Pacific is expected to be the fastest-growing region in the global blockchain in manufacturing market. Furthermore, some of the key companies have also contributed to market growth in this region through investment towards development. For Instance, in November 2019, KPMG Huazhen LLP launched KPMG Origins, a blockchain-based "track and trace" platform to help industries like agriculture, resources, manufacturing, and financial services. It enables these trading partners to share unique product information across their supply chains, particularly with end customers, while minimizing operational complexities.

Some key players in the global blockchain in manufacturing market 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.

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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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Press Release Provided By: Absolute Markets Insights