Market Size of Blockchain Technology in Aerospace and Defense Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 35.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aerospace & Defense Blockchain Technology Market Analysis
The blockchain technology in the aerospace and defense market is anticipated to register a CAGR of over 35% during the forecast period.
- Due to the presence of large and complex supply chains in the aerospace and defense industry, blockchain technology can help in maintaining a well-connected and transparent supply chain. This is one of the major driving factors for the use of blockchain technology in the aerospace and defense industry.
- In the growing aviation industry, the blockchain platform providers, like Hyperledger Fabric, Accenture PLC, Microsoft, and Loyyal Corporation,along with aviation industry players, like airports and airlines, are investing in developing and incorporating this technology into the aviation industry.
- Currently, defense growth is slowerin comparison tothe aerospace segment, with a lot of investments in R&D for protection against cyber warfare, tracing defense-related shipments, and contractsand creating secure government portals and efficient battlefield messaging services, among otherapplications.
