Technology

Changing Trade & Supply Chain Management To Drive Global Blockchain In Manufacturing Market Growth

Global blockchain in manufacturing market expected to reach USD 307 million by 2024, at a CAGR of 76.4% between 2018 and 2024

Manufacturing is undeniably among the largest booster of global economies. At present, the processes are being digitally transformed along with the inclusion of several applications and systems in the manufacturing companies. Also, they are needed to deal with the data transferred at enterprise boundaries. The entire specification of traditional manufacturing can be changed with the abilities of blockchain technology. The blockchain technology implementation in manufacturing domains helps in offering trading associates an instant and minimum cost trust in the stature and identity of the counterparty in any trading or financial relationship. In addition, the espousal of blockchain technology can assist the manufacturing domain by making the procedures more transparent and the supply chain safer. It can also be utilized in B2B situations with the development and execution of smart contracts.

The growth of the global blockchain in manufacturing market is expected to be driven by factors like changing global trade & supply chain management, improvement in 3D printing technology, and elevated implementation of blockchain technology for smart contracts, digital identities, and payments. In addition, blockchain solutions within the manufacturing sector facilitate simple employment of solutions, real-time data scrutiny, observing customer purchase pattern, for example, merging IoT and blockchain can transform product safety; track-and-traceability, warranty management; MRO (Maintenance, Repair & Overhaul), and result in innovative usage-based business models for connected, smart products. In addition, it assists to augment transparency, make out problems within a supply chain, and simplify industrial procedures. All of these aspects are projected to propel the growth of the global blockchain in manufacturing market.

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Furthermore, the rising demand from power and energy and industrial sectors is expected to boost the expansion of the global blockchain in manufacturing market during the forecast period. The rising global energy demand promotes firms functioning in the power and energy industry to implement blockchain solutions that could assist them to improve production with decreased downtime and minimum maintenance. Nevertheless, the dearth of blockchain technical expertise within the manufacturing domain along with the vague regulatory norms is projected to hamper the expansion of the global market to some extent. Apart from this, the lack of alertness regarding the potential of blockchain among manufacturers together with worries relating to privacy, control, and security are a few of the major challenges expected to be faced by the global blockchain in manufacturing market during the coming period.

The blockchain in manufacturing market is marked with the existence of limited recognized and established vendors throughout the industry. Thereby, the manufacturers are incessantly spending in the new technology to set a strong foot in this market. To cite, in May 2019, the cloud computing arm of the e-commerce giant, Amazon Web Services (AWS), had introduced its Managed Blockchain service for broader implementation among enterprise clients. The service is already being utilized by Accenture, Nestle, AT&T, and others.

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