Fairfield Market Research
Blockchain in Manufacturing Market

Blockchain in Manufacturing Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit

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Ability of Blockchain to Get Integrated in Various Processes in the Manufacturing Sector to Favor Market Growth

Technological advancements in data processing, cyber-physical systems and cloud computing are pushing the manufacturing industry to go for digitization in the respective domains. From contract enforcement to supply chain management, blockchain in manufacturing is revolutionizing the sector by facilitating process enhancement and cost cutting. With its ability to get incorporated in any process, adoption of blockchain in manufacturing is significantly rising, on the back of its reliability and innate security features. Blockchain in manufacturing can significantly transform various processes in the manufacturing sector such as enforcing and drafting contracts, monitoring of supply chain, inventory management, counterfeit detection, asset monitoring and tracking and quality control. Moreover, its use in transforming basic functions of the manufacturing business and transparency provided by the technology at every step from procurement of raw material to distribution of finished goods to customers is expected to drive the growth of blockchain in manufacturing market.

Supply Chain Management – A Lucrative Application of Blockchain in Manufacturing

Supply chain management (SCM) optimization has gained considerable attention with the deployment of blockchain in technology. Its use in SCM process enhancement has significantly contributed towards growth of blockchain in manufacturing in recent years. Optimization of supply chain management process has facilitated recording of price, locality, date, quality and other relevant aspects to manage supply chain efficiently. With its application in the manufacturing sector, increased traceability of material in supply chain, reduction of losses due to grey market and counterfeit products and enhanced visibility on outsourced contracts are few of the benefits that can result into responsible manufacturing, making SCM management a lucrative application area for blockchain in manufacturing.

Blockchain in Manufacturing for SMEs Likely to Grow Strong

Although technology has proliferated across every industry vertical, a general trend should be thought of individually. For instance, multinational companies can easily integrate technology in their legacy systems to improve production rates and enhance customer responsiveness, SMEs often lack IT infrastructures. Moreover, small and medium scale enterprises are short of cross industry networks and cost-effective automation tools to keep up with rapidly changing business environments. Considering this perspective, it becomes vital for SMEs to initiate vertical integration or internal collaboration and horizontal integration to realize gains from Industry 4.0 applications. Need for centralized IT infrastructure and costly automation tools, blockchain becomes a promising solution that can enable cost efficient, fast, traceable and secure transactions across decentralized infrastructures, in turn reflecting a high potential for digitization of SMEs. To conclude, blockchain in manufacturing, especially for SMEs is likely to hold a strong position across the globe.

Blockchain in Manufacturing Market to Witness Noteworthy Growth in Asia Pacific Region

Asia Pacific region is considered as one of the manufacturing pillars and the manufacturing sector has been undergoing rapid technological transformation in this region. According to UNIDO (United Nations Industrial Development Organization), China has been promoting industrialization leading to growth in its manufacturing sector. Likewise, in Japan, growth of industrial production is expected to grow significantly, establishing its dominance in the manufacturing sector. According to IMF (International Monitory Fund), manufacturing sector in Japan has achieved commendable productivity gains due to increased adoption of technology. Similarly, India has also reflected high growth in its manufacturing sector due to favorable government initiatives such as “Made in India”, in a bid to give global recognition to the manufacturing hub. This is likely to fuel demand for technology in Asian countries, offering an opportunistic marketplace for blockchain in manufacturing.

According to World Economic Forum, 10% of global GDP is likely to get stored in blockchain by end of 2027, with 42% tasks performed by machines by 2022. That said, blockchain in manufacturing is expected to showcase optimistic growth in the coming years and key players can focus on enhancing their footprint, especially in emerging economies of Asia Pacific.

Blockchain in manufacturing market is consolidated with a limited presence of recognized and established players. Some of the key players in the blockchain in manufacturing market are IBM Corporation, Intel Corporation, Microsoft Corporation, Wipro Limited, Amazon Web Services Inc., XAIN AG, Advanced Micro Devices and Cloud Technology Partners Inc.

Key Elements Included In The Study: Global Blockchain in Manufacturing Market

  • Blockchain in Manufacturing Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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