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New York, NY, January 2, 2019 (GLOBE NEWSWIRE) – Zion Market Research has published a new report titled "Blockchain in the manufacturing market by application (Supply Chain Tracking, Process Transformation, Asset Sharing, Track and Trace, Warranty Management and more) and for final use (automotive, consumer electronics, healthcare, aerospace and defense, textile, energy and Power, Food and Beverage and others): Global Industrial Perspective, Comprehensive Analysis and Forecasting, 2017-2024 & # 39; & # 39;. According to the report, the global blockchain in the manufacturing market it was valued at USD 5 million in 2017 and is expected to reach USD 307 million by 2024, with a CAGR of 76.4% between 2018 and 2024.
Blockchain technology is a digitized public ledger. Initially, it was used only for cryptocurrency transactions. The blockchain is now used in various sectors of the manufacturing industry, such as consumer electronics, automotive, aerospace and defense, textiles, energy and energy, food and beverages, etc. Various processes, such as transactions, transport and inventory management, are annotated and organized sequentially without keeping records or files.
Browse 53 Tables and 27 Figures distributed on 130 Pages and TOC summary on "Global Blockchain in the manufacturing market: by type, size, sharing, applications, trends, analysis and forecasts, 2017-2024".
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It is expected that the adoption of the blockchain for the processes of financial reconciliation and payments in the aerospace and defense sectors will fuel the blockchain in the manufacturing market in the forecast period. Blockchain plays a key role in assisting the aerospace and defense industries to combat fraud, create a traceable supply chain and improve machine maintenance. In 2018, it has been estimated that approximately 86% of aerospace and defense companies will integrate blockchain technology into their systems by 2021. This, in turn, will likely move blockchain into the manufacturing market in the future. Spending on blockchain technology has increased in recent years. Organizations in various industries use this technology to simplify business processes. It is estimated that total technology spending will double in 2018 at around $ 2.1 billion compared to 2017. The US should drive blockchain investments and contribute about 40% of total spending.
The blockchain in the manufacturing market is divided according to the application and the final use. For application, this market includes supply chain monitoring, process transformation, resource sharing, traceability and warranty management, and others. Supply chain tracking is expected to grow significantly in the future, thanks to the key advantages of this technology. On the basis of end-use, this market includes the automotive industry, consumer electronics, health care, aerospace and defense, textiles, and the energy and energy, nutrition and beverages and others.
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The regional segmentation of the global blockchain in the manufacturing market includes North America, Europe, Asia Pacific, Middle East, Africa and Latin America. North America is expected to grow considerably over the foreseeable time frame. The United States is contributing to the blockchain in the growth of the manufacturing market, thanks to the presence of important market players, such as IBM, Intel, Oracle, etc. Auto manufacturers such as Ford, BMW, General Motors and Renault have worked together to form a blockchain alliance called the "Mobility Open Blockchain Initiative (MOBI)". The MOBI hardware is provided by IBM and Accenture. In addition, investments in the United States were more in the first half of 2018 than the total investments made in 2017. This, in turn, is likely to push the blockchain into the global manufacturing market over the estimated time period.
It is likely that Asia-Pacific will largely contribute to the blockchain of the manufacturing market in the future, thanks to the important contribution of China. In 2014, it was estimated that the manufacturing sector contributed approximately 42.6% to the total GDP. Tesla and Samsung are planning to invest in Chinese factories. In 2018, Tesla announced to invest $ 5 billion in its Chinese factory. Likewise, Samsung, in 2018, announced the construction of its $ 7 billion semiconductor line in China. Furthermore, increasing foreign direct investment in the Indian manufacturing sector should stimulate the growth of this regional market. From 2000 to 2018, the country's manufacturing sector witnessed foreign direct investment of $ 76.82 billion. These investments are expected to increase in the coming years, thanks to the "Make in India" initiative taken by the government. The initiative focuses on encouraging companies to produce their products in India.
Browse the full "Blockchain in the manufacturing market by application (Supply Chain Tracking, Process Transformation, Asset Sharing, Track and Trace, Warranty Management and more) and for final use (automotive, consumer electronics, healthcare, aerospace and defense, textile, energy and power, Food and drink and others): Global industrial perspective, complete analysis and forecasting, 2017-2024 " Report a https://www.zionmarketresearch.com/report/blockchain-manufacturing-market
European car manufacturers are focusing on the optimal use of blockchain technology to transform various business processes. In 2018, German automaker Daimler AG announced its blockchain-based digital currency called "MobiCoin" to reward its drivers for smooth and safe driving. In addition, in 2018, BMW announced its partnership with the "VeChain" blockchain provider to improve supply chain activities. Therefore, these factors mentioned above could fuel the European blockchain in the manufacturing market in the coming years.
In the coming years, Latin America will probably witness a substantial expansion of the blockchain in the manufacturing market. It is expected that Brazil and Argentina will be the first contributors in this region. Manufacturing companies in Brazil opt for technology that offers contractual solutions. Blockchain technology offers intelligent bargaining services for the value chain process, which helps original equipment manufacturers to use up-to-date information.
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The main actors of the blockchain in the manufacturing market include Microsoft Corporation, IBM Corporation, Intel Corporation, Oracle Corporation, Amazon, Inc., NVIDIA Corporation, Advanced Micro Devices, Inc., Wipro Limited, Xain AG and Factom, among others.
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This report segments the global blockchain into the manufacturing market in:
Blockchain in the manufacturing market: Application analysis
- Supply Chain Tracking
- Process transformation
- Asset Sharing
- Track and trace
- Warranty management
- Others
Blockchain in the manufacturing market: Analysis for the final use
- Automotive sector
- Consumer electronics
- Health care
- Aerospace and Defense
- Textile
- Energy and Power
- Food and beverages
- Others
Blockchain in the manufacturing market: Regional analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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