About Blockchain in Manufacturing
The Factory of the Future ranges across an entire organization of machine parts items and worth chain members including machinery suppliers and logistics organizations. Now more than ever before producers face the challenge of safely sharing information inside and outside manufacturing plant dividers. Manufacturing Global examines the influence of blockchain technology in the industry the manufacturer can then choose the most appropriate option from the available technology solutions. Manufacturers are developing blockchain implementations that have the potential to help them streamline operations gain greater visibility into supply chains and track assets with unprecedented precision. Blockchain can possibly alter how maker configuration engineers make and scale their items. Furthermore, because of its power to foster trust among competitors who must nonetheless cooperate within common ecosystems, it’s rewriting how firms interact. Blockchain is becoming a legitimate disruptor in a myriad of industries. The technology has become so promising that none other than tech giant IBM is investing more than USD 200 million in research. Furthermore, 90% of European and US banks are researching blockchain options. The innovation can alter government finance protection and individual character security among many different fields is booming the demand for the Blockchain in Manufacturing.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Blockchain in Manufacturing market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Microsoft Corporation (United States), Advanced Micro Devices Inc. (United States), International Business Machines Corporation (United States), Intel Corporation (United States), Oracle Corporation (United States), Factom (United States), BigchainDB GmbH (Germany), Blockchain Foundry Inc. (Canada), Wipro Ltd. (India) Amazon.com Inc. (United States) and Syncron International AB (Sweden) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are NVIDIA Corporation (United States), XAIN AG (Germany), CargoX (Slovenia), RIDDLE&CODE GMBH (Austria), Chronicled (United States) and LO3 Energy (United States).
Segmentation Overview
AMA Research has segmented the market of Global Blockchain in Manufacturing market by , Application (Logistics and Supply Chain Management, Counterfeit Management, Quality Control and Compliance and Other Applications) and Region.
On the basis of geography, the market of Blockchain in Manufacturing 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). If we see Market by Functionality, the sub-segment i.e. Enhancing track and trace will boost the Blockchain in Manufacturing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Automotive will boost the Blockchain in Manufacturing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Utilization of the Internet of Things (IoT) technology in blockchain manufacturing
Market Growth Drivers:
As factories around the world become increasingly interconnected, the influence of blockchain is becoming more prevalent and Advancement in 3D printing technology
Challenges:
Lack of awareness about blockchain’s potential among manufacturers
Restraints:
Uncertain regulatory landscape and absence of a common set of standards
Opportunities:
Transforming international trade and supply chain management and High adoption of blockchain technology for payments, smart contracts, and digital identities
Market Leaders and their expansionary development strategies
June 2022: Shell, Accenture, and American Express Global Business Travel collaborated to launch Avelia, one of the first digital book-and-claim services for sustainable aviation fuel (SAF) backed by blockchain for business travel. The program's pilot phase intends to show the validity of the book-and-claim concept by securing the distribution of SAF's environmental qualities to businesses and airlines after the fuel has been supplied into the fuel network using blockchain technology.
In December 2020 IBM United States Based Company launched blockchain for high-end textiles for transparency of the supply chain. The high-end textile industry is anything but mass manufacturing. IBM Research has developed a solution for the textile industry using the IBM Blockchain Transparent Supply (BTS) platform. It allows users to track the entire spectrum of fabric manufacturing, from the receipt of raw material through cleaning, spinning, weaving, quality assurance, distribution, and sales.
Analyst View
This distinct development of supply chain leads to enlarged transaction costs, latency issues, cascading of indecencies, loss of products, counterfeiting and delayed action-reaction process the blockchain technology leveraged by the service ensures that all medicines, buyers, sellers, logistics partners, and manufacturers are registered to one network, with ‘outsiders’ being unable to manipulate the supply chain at any point without detection. Manufacturing has consistently been viewed as an industry that is stubborn. In any case, with innovation, for example, blockchain, AI, and AI assuming a more powerful job, the Factory of the Future is set to look altogether different. As blockchain innovation develops, it will, through trust, permit makers to clear a few obstacles that have hindered the full-scale sending of other cutting edge advances and creative plans of action. Subsequently, more effective industrial facility activities that require information sharing and joint effort among complex organizations of organizations and machines will be made and set as another standard across the business.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Blockchain in Manufacturing Developer, Blockchain in Manufacturing Provider, Government Regulatory and Research Organizations and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.