Blockchain: Manufacturing Market Forecast until 2025

The blockchain in manufacturing market is anticipated to rise at a significant rate from 2020 and 2025. The blockchain in manufacturing market is anticipated to be worth $30.00M by 2020 and $566.20M by 2025, increasing at a compound annual growth rate (CAGR) of 80.00 percent from 2020 and 2025. Key factors driving the rise of the blockchain in manufacturing market contain blockchain-as-a-service solutions for companies; simplifying business processes and affording transparency and immutability; significant growth in venture capital investments and initial coin offerings ; growing demand for real-time data analyses, enhanced visibility, and proactive maintenance; increased emphasis on energy efficiency and cost of production; convergence of operational technology and information technology; AI, IoT, blockchain and the future of manufacturing market; and rise in overall blockchain-related patent filings. Strategies including product launches and advancements, strategic agreements, collaborations, joint ventures (JV), and alliances approved by market actors are fueling the increase of the blockchain in manufacturing market. Nevertheless, uncertain regulatory landscape and absence of common set of standards are selecting the rise of the blockchain in manufacturing market.

Logistics and supply chain management applications to account for the largest part of market share from 2020 to 2025. Logistics and supply chain management applications are anticipated to account for the biggest market share during the outlook period.With blockchain, intermediaries can be taken out of the equation to streamline the flow of supply chain operations; it also allows all transaction data across networks to be synchronized, enabling participants validate each other’s work.

In 2017, IBM and Maersk tested the application of blockchain in logistics. In a proof-of-concept, the 2 firms demonstrated how blockchain can be used to track on-transit containers, and how supply chain stakeholders can benefit from accessing relevant, actionable information.

Blockchain in manufacturing market in the APAC area is forecast to grow at the highest compound annual growth rate (CAGR) from 2020 to 2025. China (CN), India (IN), Australia (AU), and Singapore (SG) are witnessing a significant increase in the number of startups focusing on blockchain.Here, institutions have started joining different conferences to brainstorm and understand the value of blockchain.

For example, the APAC Blockchain Conference was formed by 420 participants from diverse industry verticals and Australian Digital Commerce Association to explore blockchain in depth.

China (CN) is the biggest manufacturing hub in the globe and is actively working on its smart manufacturing strategy to expand its manufacturing market and reform and strengthen the Chinese economy over the next 10 years.The government is working toward implementing the “Made in China 2025” strategy, to seek innovation-driven developments, apply smart technologies, strengthen foundations, pursue green development, and redouble its efforts to transform China’s manufacturing model from quantity centric to being quality centric.

Manufacturing accounts for about a fifth of Singapore’s GDP, and the Government of Singapore is taking aggressive steps toward adopting IoT in manufacturing. Firms in Singapore (SG) are working toward achieving Sector 4.0, integrating autonomous robots, big data and analytics, blockchain, augmented reality, additive manufacturing, IIoT, horizontal and vertical systems integration, simulation, cloud, and cybersecurity. The Government of Singapore is working toward IT infrastructure development to provide a quick, secure, and reliable network to support hundreds of billions of industrial devices. The Indian blockchain market has taken the technology’s adoption to the next level, where the integration of pilots and production-ready applications can be seen. With an rising interest of the government, technology giants, and domestic startups on multiple platforms, the area is anticipated to witness an exponential adoption of the blockchain technology.