The latest report published by IMARC Group, titled “Blockchain in Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on blockchain in manufacturing market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global blockchain in manufacturing market reached a value of US$ 717.6 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 17,047.8 Million by 2027, exhibiting a CAGR of 66.40% during 2022-2027.
Blockchain refers to the technology that is generally used as a digital ledger of transactions. It is a distributed ledger technology (DLT) that allows simultaneous validation and access in a convenient manner, spread across multiple locations and entities. It enables users to confirm their transactions without the need for a central authority. It rather utilizes an immutable cryptographic signature called a hash for authentication. Blockchain aids in strengthening trading and supply chain relationships while facilitating ethical practices and reducing financial friction. Numerous factories across the globe are increasingly becoming interconnected, which is providing a boost to the market growth.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global market is primarily driven by the rising need for enhancing the manufacturing supply chain in order to lower production costs and minimize the lead time of a complex production process. Moreover, the increasing utilization of blockchain for collaborative planning, forecasting, and replenishment (CPFR) helps in verifying compliance with environmental regulations, thereby contributing to the market. Additionally, continual technological advancements, along with the advent of industry 4.0, represent one of the key factors driving the market across the globe. Furthermore, the widespread integration of the industrial internet of things (IIoT) with blockchain assists in storing and sharing data with partners across the supply chain. Besides this, since it helps manufacturers in preventing fraud and delivering impressive customer experience, this is creating a positive market outlook. Other factors, including rapid digitization and industrialization and the growing investments by key players in extensive research and development (R&D) activities, are also positively influencing the market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Blockchain in Manufacturing Market Segmentation:
Our report has categorized the market based on region, provider, application and end user.
Breakup by Provider:
Breakup by Application:
Breakup by End User:
Breakup by Region:
Key highlights of the report:
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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