The seismic shift underway is fueled by several factors, with the automotive industry emerging as a key trendsetter. Manufacturers are increasingly turning to Blockchain for improved supply chain transparency, improved product quality and streamlined processes.
London, Feb. 28, 2024 (GLOBE NEWSWIRE) — With an explosive growth projection given by a newly published report from Fairfield Market Research, the global market for blockchain in manufacturing is poised to soar, from US$0.8 billion that recorded in 2022. , to an astounding US$35.5 billion by the end of 2030. The market, the report states, will witness an impressive CAGR of 70.6% between 2023 and 2030, signaling a transformative era for the manufacturing industry in the coming years.
Get sample copy of report at: https://www.fairfieldmarketresearch.com/report/blockchain-in-manufacturing-market/request-sample
REPORT SCOPE
Report properties
Details
Base year
2022
Forecast year
2023 – 2030
Market size in 2022
US$0.8 billion
Estimated market size in 2030
US$35.5 billion
CAGR
70.6%
Growth drivers
Segmentation
By Application (Business Process Optimization, Logistics and Supply Chain Management, Counterfeit Management, Quality Control and Compliance, Miscellaneous)
By end-use industry (automotive, energy and power, industrial, pharmaceuticals, miscellaneous)
Regional coverage
North America (USA, Canada)
Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
Latin America (Brazil, Mexico, Rest of Latin America)
Middle East and Africa (GCC, South Africa, Rest of Middle East and Africa)
As the manufacturing sector experiences strong growth globally, the adoption of advanced technologies such as automation, IoT and AI becomes paramount. The digital transformation in manufacturing is driving demand for blockchain solutions, with the need for supply chain optimization, customization and sustainability driving companies to explore innovative technologies to stay competitive.
Story continues
The automotive industry is emerging as a major catalyst for the blockchain boom in manufacturing, securing the largest market share. The industry’s complex and interconnected supply chains benefit significantly from blockchain’s transparency, traceability and quality control features. As the automotive landscape evolves, blockchain technology becomes indispensable for navigating complexities and ensuring efficiency.
However, striking the right balance between compliance and innovation remains a critical challenge. “Regulatory compliance is a significant obstacle for blockchain in the manufacturing market. Navigating complex and evolving regulatory frameworks across diverse regions and industries requires manufacturers and blockchain technology providers to meet different data protection, privacy and quality standards,” explains the company’s analyst. .
Key Research Insights
North America claims dominance in the blockchain manufacturing market, securing the largest market share.
Asia Pacific is poised to become a powerhouse in the manufacturing blockchain market.
IoT integration improves supply chain visibility, quality control and traceability, optimizes operations and reduces the risk of counterfeit goods.
Insights into Segmentation Analysis
Business process optimization takes center stage
In the rapidly evolving landscape of blockchain in manufacturing, Business Process Optimization is emerging as the undisputed leader, claiming the largest market share.
Manufacturers worldwide are turning to blockchain to address critical industry pain points, streamline processes, reduce operational costs, eliminate intermediaries and improve supply chain transparency. These optimizations lead to improved efficiency, faster transaction processing and reduced errors, making it the preferred application for industry players.
As manufacturers strive for competitiveness and resilience, the adoption of blockchain for optimizing operations is becoming more and more common, solidifying its dominant market share in the sector. The future sees a continued boom in blockchain applications, with quality control (QC) and compliance projected to experience the highest CAGR through 2030.
Blockchain’s role in ensuring product quality, safety and compliance with regulatory standards places QC and compliance as a crucial category in the manufacturing sector.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/blockchain-in-manufacturing-market
Car takes the driver’s seat
The automotive sector is emerging as a powerhouse securing the largest market share in blockchain in manufacturing. With complex and interconnected supply chains, the industry benefits significantly from blockchain’s transparency and traceability features.
Blockchain allows car manufacturers to monitor the origin of parts and materials, improve supply chain efficiency, reduce counterfeiting and improve the quality control process.
Strict regulatory requirements and consumer demands for safety and authenticity are driving the adoption of blockchain in the automotive sector, strengthening its dominance.
As the industry navigates evolving challenges, blockchain is proving instrumental in meeting regulatory standards and satisfying consumer expectations.
Adoption Rises in Pharma
In the pharmaceutical sector, blockchain adoption is poised to register the fastest growth rate. The critical need for traceability, security and compliance is fueling the industry’s embrace of blockchain technology.
Blockchain ensures the integrity of pharmaceutical supply chains, prevention of counterfeit drugs and improves transparency at every step of the manufacturing process.
Regulatory agencies are increasingly advocating for blockchain adoption in the pharmaceutical sector to meet stringent quality and safety standards.
As pharmaceutical manufacturers prioritize these aspects while striving for operational excellence, the adoption of blockchain for quality control, compliance and supply chain management continues to gain momentum, making it a key driver in the sector’s digital transformation.
Key Report Highlights
Supply chain transparency, IoT integration and decentralized manufacturing will be the key trends shaping the future of blockchain in the manufacturing world.
Supply chain transparency using blockchain provides end-to-end visibility, reducing the risk of fraud, error and ensuring authenticity, which is why manufacturers have increasingly adopted a shift to blockchain technology.
Decentralized manufacturing uses distributed ledger technology, which enables peer-to-peer collaboration and reduces the need for intermediaries.
Smart contracts control production, quality assurance and payments, increasing efficiency and transparency. This approach promotes trust and innovation within manufacturing networks while reducing costs and administrative overhead.
Insights into regional analysis
As the manufacturing landscape undergoes a transformative shift, North America stands as a beacon of innovation, while Asia Pacific prepares to set the pace for rapid blockchain adoption.
North America’s mature manufacturing sector, coupled with robust regulatory support and a thriving technology ecosystem, is driving the widespread adoption of blockchain technology. The well-established integration of blockchain in North America sets a precedent for global trends.
On the other hand, fueled by a rapidly growing manufacturing sector, government initiatives supporting Industry 4.0, and a strong focus on supply chain optimization and regulatory compliance, Asia Pacific is expected to see a significant surge in blockchain adoption and market growth.
North America remains the powerhouse of Blockchain manufacturing
In the dynamic landscape of blockchain in manufacturing, North America is emerging as the undisputed frontrunner, securing the largest market share for several compelling reasons.
A host of manufacturing companies in the region are early adopters of blockchain technology, harnessing its potential to optimize operations, improve supply chain transparency and ensure impeccable product quality.
One major contributor to North America’s dominance is its robust regulatory environment, particularly beneficial in sectors such as pharmaceuticals and food production. Here, traceability is paramount, and blockchain adoption is actively encouraged to meet compliance standards.
The presence of established blockchain solution providers, technology hubs and research institutions is driving innovation, propelling the region forward in the global blockchain manufacturing market.
Additionally, North America’s unwavering focus on cybersecurity and data protection aligns seamlessly with the security features inherent in blockchain technology.
The continent’s diverse manufacturing landscape, spanning from automotive to aerospace, provides fertile ground for a host of blockchain applications, reinforcing North America’s central role in driving the blockchain revolution in manufacturing.
Asia Pacific is developing a hotbed for rapid growth
While North America takes the lead, Asia Pacific is gearing up for an unprecedented boom in the blockchain manufacturing arena. Driven by a rapidly growing manufacturing sector, especially in economic powerhouses such as China and India, Asia Pacific is poised to experience the fastest growth rate in blockchain adoption.
Government initiatives promoting Industry 4.0 technologies and smart manufacturing are acting as catalysts, driving the region to the forefront of the blockchain revolution.
Asia Pacific’s stronghold in electronics, automotive and pharmaceutical industries reinforces the need for blockchain solutions. These industries require strict regulatory compliance and verification measures, prompting a rapid embrace of blockchain technology to meet these requirements.
The collaborative efforts between governments and industries further contribute to the accelerated growth of blockchain in manufacturing across the region.
Key Companies in Global Blockchain in Manufacturing Market
Microsoft
IBM
JUICE
Oracle
Huawei
Amazon Web Services
Wipro
Intel
Competent thoughts
Blockchain App Factory
R3
Chronicled
Fact
Skuchain
SyncFab
Global Blockchain in Manufacturing Industry Analysis, Size, Share, Growth, Trends and Forecast 2023-2030 – (By Application Coverage, by End-Use Industry Coverage, by Geographical Coverage and by Company): https://www.fairfieldmarketresearch.com/report/blockchain-in -manufacturing market
About UsFairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally, helping businesses navigate business cycles, with quick responses and multifaceted approaches. The company values an eye for an insightful take on global affairs, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published and updated to ensure that the ever-changing needs of customers are met with absolute speed.
ContactFairfield Market Research London, UKUK +44 (0)20 30025888 USA (Toll Free) +1 (844) 3829746 Web: https://www.fairfieldmarketresearch.com/Email: [email protected] | Twitter
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