What is Blockchain In Automotive Market?
The global blockchain in the automotive market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Transforming the automotive industry propelled by introduction & future adoption of connected car infrastructure and the growing demand for fluent & transparent transactions in the automotive supply chain industry are expected to be some of the major factors aiding the growth of the market. However, the market is expected to witness some decline in growth during the next few years but it is again expected to rise at a healthy pace after the COVID-19 pandemic is over.
Highlights from Blockchain In Automotive Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Accenture (Ireland), BigchainDB GmbH (Germany), CarBlock Corp. (United States), carVertical (United States), Consensys (United States), Context Labs (United States), HCL Technologies (India), Helbiz (United States), IBM (United States), Microsoft (United States) and NXM Labs, Inc. (United States) |
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. The recent global industry economic crisis due to the outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Blockchain In Automotive market throughout the forecasted period.
Accenture (Ireland), BigchainDB GmbH (Germany), CarBlock Corp. (United States), carVertical (United States), Consensys (United States), Context Labs (United States), HCL Technologies (India), Helbiz (United States), IBM (United States), Microsoft (United States) and NXM Labs, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are CUBE INTELLIGENCE LTD (United Kingdom), Foamspace Corp (United States), Gem (United States), RSK Labs (Argentina), ShiftMobility Inc. (United States), Tech Mahindra Limited (India) and Xain (Germany). Blockchain In Automotive Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Supply Chain, Financing, Mobility Solutions, Smart Contracts and Others |
Type | Public Bockchain, Consortium Blockchain and Private Blockchain |
End Users | OEMs,Aftermarket |
End Use | B2B,B2C |
Mobility | Personal Mobility,Shared Mobility,Commercial Mobility |
Provider | Middleware Provider,Application & Solution Provider,Infrastructure & Protocols Provider |
On the basis of geography, the market of Blockchain In Automotive has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Adoption of Personal Mobility Across the Blockchain in the Automotive Industry and Implementation of IoT in the Blockchain Technology
Market Growth Drivers:
Transforming Automotive Industry Propelled by the Introduction & Future Adoption of Connected Cars and Growing Demand for Fluent & Transparent Transactions in the Automotive Supply Chain
Challenges:
Lack of Skilled Professionals and Security & Privacy Concerns Due to Fluctuations in the Virtual Currency
Restraints:
Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Different Companies Across Different Parts of the World Due to the COVID-19 Pandemic
Opportunities:
Rising Capitalization in the Virtual Currency Industry
Key Target Audience
Platform provider, Service provider, Government associations, Research organizations, Enterprise software vendors and Others
Market Leaders & Development Strategies
In January 2018, Context Labs (CXL) announced to the acquisition of IoT ImpactLABS. This acquisition further accelerates CXL’s blockchain-based Immutably™ platform in its movement upstream in the supply chain, enabling the "Supply Chain of Everything." The acquisition will accelerate integration with IoT-connected devices, sensors, and systems.
In May 2018, HCL Technologies announced that it has joined the Blockchain in the Transportation Alliance (BiTA), an organization dedicated to determining best practices and standards for Blockchain in the transportation industry.
Stringent Worldwide Government Regulations Regarding Shutting Down of Operations Leading to Reduced Transactions & Delayed Development of Blockchain Technology in the Automotive Industry
Analyst Comment
The vendors are actively transforming with the industrial revolution based on the demand from automotive industry & developing new solutions to cater to the market's demands. For instance, in June 2018, Sprint and NXM LABS announced that they have combinely launched first 5G-Ready Connected Car platform which features IoT Blockchain Security.