Blockchain in manufacturing market will grow significantly and reach 500 million dollars by 2025
ReportLinker, which is a technology research company, recently wrote a report that shows that blockchain technology manufacturing market will grow significantly and will be worth 500 million dollars by 2025.
In the report, the blockchain usage has been divided by application, end use, and territory. Then the blockchain in the manufacturing market is divided based on end use into energy and power, industrial, automotive, pharmaceuticals, aerospace & defense, food and beverages, textile and clothing, and other sectors.
The blockchain in the manufacturing market is anticipated to be worth 30 million dollars by 2020 and 566 million dollars by 2025, increasing at a compound annual growth rate of 80 percent from 2020 and 2025.
The report says:
Key factors driving the rise of the blockchain in the manufacturing market contain blockchain-as-a-service solutions for companies; simplifying business processes and affording transparency and immutability; significant growth in venture capital investments and initial coin offerings ; growing demand for real-time data analyses, enhanced visibility, and proactive maintenance; increased emphasis on energy efficiency and cost of production; convergence of operational technology and information technology ; AI, IoT, blockchain and the future of manufacturing market; and rise in overall blockchain-related patent filings.
Also, the report suggests that uncertain regulatory landscape and absence of the common set of standards are holding back the rise of the blockchain in the manufacturing market.
According to the report by MAPI Foundation, which conducts research and makes policy recommendations regarding the conditions of the American manufacturing sector, the manufacturing output was 4.7 percent lower in January 2018 than in December 2017.
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