Market Trends of Blockchain in Manufacturing Industry
This section covers the major market trends shaping the Blockchain in Manufacturing Market according to our research experts:
Automotive Vertical is to Witness the Significant Growth
- A blockchain-based system can enable greater transparency in accurate information between different parties involved in the manufacturing the supply of the product. Multiple parties controlling various steps in the supply chain include a heavy flow of paperwork, faster processing of export/import, and banking documentation that can pace up the processes.
- Inbound logistics and smart manufacturing with blockchain can increase the efficiency of the automotive supply chain. Individual component tracking in the inbound supply chain is still a complex process. The coordination among third-party logistics, multi-tier suppliers, and transportation organizations through the manufacturing plant is essential for the effective functioning of the overall value chain. Adopting blockchain ensures the availability of accurate and real-time information amongst different parties.
- In vehicle manufacturing, blockchain can effectively prevent counterfeit issues, as every vehicle part can have a unique identity number. This will further help in issuing a less complicated recall.
- Blockchain solutions can address this problem by generating a unique ID for every different part, together with an immutable timestamp from when the part is manufactured. These tags will connect to the blockchain and can be set into the position to add another level of authenticity protection.
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North America is Expected to Dominate the Market
- Due to the region's rapid adoption of blockchain technology in the manufacturing sector, North America is anticipated to have the largest share.
- However, the region has a strong foothold on blockchain vendors, contributing positively to the market's growth. Some include IBM Corporation, Microsoft Corporation, Amazon Web Services (AWS), and Oracle Corporation.
- The market's growth potential is further attributed to the early adoption of technological advancements and infrastructure, such as IoT, big data, DevOps, and mobility. Such high penetration levels of advanced technologies signify the preparedness of the manufacturers in the region to integrate blockchain technologies into their processes.
- Moreover, revenue growth in the North American market is mainly attributed to the growing adoption of blockchain technology in the manufacturing sector in the region. The region has steady and well-established economies, allowing it to invest significantly in developing new technologies in the manufacturing industry.
- Furthermore, the startup culture that is growing at a fast pace in North America, compared to other regions, coupled with increasing digitalization in manufacturing, is aiding the growth of the market in the area.
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