Blockchain in Manufacturing Market 2020 Industry Trends, Share, Size, Demand, Growth Opportunities, Industry Revenue, Future and Business Analysis by Forecast – 2024
Blockchain in Manufacturing Market is expected to grow at a CAGR of approximately 78% during the forecast period of (2020 – 2024). And report provides complete market overview, list of top manufactures, scope of the report, key market trends of Blockchain in Manufacturing market and main aspect about report- why should you buy this research report? so don’t miss it.
Blockchain in Manufacturing Market Overview:
The blockchain in the manufacturing market is expected to register a CAGR of approximately 78% over the forecast period. In the manufacturing industry, blockchain capabilities make it all set to disrupt the adoption in the near future. It has the potential to reduce cost substantially, decrease lead times so that manufacturers can focus on other core competent areas to enhance profitability. Whether it is suppliers, procurement, strategic sourcing, shop floor operations or anything pertaining to manufacturing blockchain triggers a completely new way of doing the manufacturing business. Right from sourcing, procurement and dealer quality to operations such as machine-level monitoring, blockchain can pave the way for a new business model and has the potential to emerge as a disruptive solution to these functions in manufacturing..
– Further, blockchain solutions in manufacturing industry enable real-time data analysis, easy deployment of solutions, monitoring customer purchase behavior, for instance, combining blockchain and IoT can revolutionize product safety, warranty management, track-and-traceability, Maintenance, Repair & Overhaul (MRO), and lead to new usage-based business models for smart, connected products. It also helps to increase transparency, recognize issues within a supply chain, and streamline industrial processes. These solutions are the major factors driving the adoption of technology in the manufacturing industry.
– For instance, a manufacturer can use the blockchain technology to trace the supplier of the faulty parts more efficiently, containing the issue and reducing time and labor costs. According to study findings of Capgemini, typical product recalls cost USD 8 Million, and many could be averted with improved track-and-traceability enabled by blockchain, for instance,
food recalls alone in the US in 2018, cost nearly USD 3.5 billion. With the convergence of IIoT and cloud services, major manufacturers are increasingly relying on digital platforms. Hence, digital marketplaces, tracking critical supply chain parameters, tracking components quality, preventing counterfeit products, and tracking asset maintenance are the five areas blockchain will see the highest adoption.
– However, the absence of systematic legislation and regulatory bodies governing the blockchain technology is expected to hinder the adoption of the technology in the sector. This restraint may be majorly due to the threat of loss of confidential and vital information regarding major operational processes of the enterprise.
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List of Top Key-players/Leading Manufacturers of Blockchain in Manufacturing Market:
Scope of the Blockchain in Manufacturing Market Report:
Blockchain technology is a digitalized public ledger, which was initially used only for cryptocurrency transactions. The blockchain is now used in various sectors of the manufacturing industry, such as automotive, aerospace & defense, pharmaceutical, consumer electronics, textile, food & beverages, etc. Multiple processes, such as transactions, transportation, and stock management, are noted and organized sequentially without maintaining any records or files.
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Key Trends of Blockchain in Manufacturing Market:
Logistics and Supply Chain Management Expected to Account for the Largest Market Share
– The logistics and supply chain forms an integral part of the manufacturing industry. Hence a highly efficient system will ensure that the manufacturing processes run seamlessly. The manufacturing businesses can leverage the blockchain technology by combining IoT and blockchain technology to streamline their supply chains, increase authenticity, transparency, compliance to product and contractual requirements while reducing counterfeiting. 456- For instance, in 2017, two companies, IBM and Maersk, tested the application of blockchain in logistics. The experiment depicted how blockchain can be used to track on-transit containers. With blockchain, the supply chain stakeholders benefit from accessing relevant, actionable information. Traceability and transparency are some of the most important foundations of logistics. Further, blockchain can optimize business transactions and trading relationships with robustly secure, global business networks.456- The technology can help businesses improve supplier order accuracy, quality of the product, trace the origin, and track the journey of products across the supply chain. The results are a greater collaboration, streamlined inventory management, improved asset utilization, and more.456- Studies put that around 70% to 80% of supply chain managers worry about supply chain disruptions, particularly high in manufacturing, having an outsize reliance on materials. For instance, in between 2014 and 2017, supply chain waste and abuse fraud risk spiked from 25.2% to 35%. By introducing blockchain, intermediaries can be eliminated to streamline supply chain operations. Synchronization of transaction data across networks is also possible, which enable the participants to validate each other’s work.
North America is Expected to Dominate the Market
– The manufacturing sector is a significant contributor to the global GDP and is particularly true in North America. The region is expected to hold the largest market share of the blockchain in the manufacturing market. The countries significantly adopting the blockchain in manufacturing services are the US and Canada, owing to the presence of major market players, such as IBM, Intel, Oracle, etc. Manufacturers were responsible for USD 2.33 trillion to the US economy in Q1 of 2018, the equivalent of 11.7% of the nation’s economic output and with 12.75 million jobs sustained by the US manufacturing sector, it has significant potential for growth.456- Also, the region has sustainable and well-established economies, which allow them to have robust investments in R&D activities, thereby contributing to the development of new technologies. For instance, automotive manufacturers, such as Ford, BMW, General Motors, and Renault, collaborated to form a blockchain alliance named Mobility Open Blockchain Initiative (MOBI). IBM and Accenture provide MOBI’s hardware.456- Furthermore, the growth potential can also be attributed to the early adoption of technological advancements, such as IoT, big data, DevOps, and mobility. Hence, manufacturers are keen to integrate blockchain technologies into their processes. Moreover, the startup culture in North America is growing at a faster pace as compared to other regions. The advent of SMEs and increasing digitalization in manufacturing have also aided the growth of the North American market.
Reasons to Purchase Blockchain in Manufacturing Market Report:
- The report analyses how the stringent emission control norms will drive the global Blockchain in Manufacturing market.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Blockchain in Manufacturing market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Overview of TOC, what it contains? –
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.2 Distribution Channel
6 COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Most Adopted Strategy
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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