Blockchain Technology in Manufacturing Market 2022-2028

Title:Global Blockchain Technology in Manufacturing Market Size, Share & Trends Analysis Report, By Application (Predictive Maintenance, Asset Tracking and Management, Business Process Optimization, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, and Quality Control and Compliance), By End-Use (Energy & Power, Industrial, Automotive, Pharmaceuticals, and Others) Forecast Period (2022-2028).

The global blockchain technology in manufacturing market is anticipated to grow at a substantial CAGR of 68.0% during the forecast period. Increased demand for efficiency, product safety, and sustainable production in the manufacturing sector is fueling the demand for blockchain technology in manufacturing sector. Further, the growth of e-commerce and the growing integration of emerging technologies such as IoT, blockchain, and 5G for effective supply chain management in the manufacturing sector are anticipated to drive the global blockchain technology in the manufacturing market during the forecast period. However, lack of awareness about the potential of blockchain technology among manufacturers, and concerns regarding security and privacy are major constraints to the growth of the global blockchain technology in manufacturing sector.

The global blockchain technology in manufacturing market is segmented based on the application and end-use. Based on the application, the market is segmented into predictive maintenance, asset tracking and management, business process optimization, logistics and supply chain management, real-time workforce tracking and management, and quality control and compliance. Based on the end-use, the market is segmented into energy & power, industrial, automotive, pharmaceuticals, and Others. Among all applications, logistics and supply chain management applications are anticipated to hold a potential share during the forecast period. Blockchain supports supply chain management by providing users with reliable data management and minimizing fraudulent activities. A blockchain-enabled supply chain offers an intelligent, interconnected network that binds together multiple tiers of suppliers, manufacturers, service providers, distributors, and customers access to an efficient and transparent supply chain of products. For instance, in July 2022, Trackgood, a blockchain service provider company, entered into a partnership with the food and beverage marketplace ShelfNow. ShelfNow will integrate Trackgood data into its marketplace. The partnership will enable trade buyers using the ShelfNow platform to see the Trackgood transparency data in real-time and be able to filter their searches through products and producers that share their commitment to supply chain transparency.

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North American region is anticipated to hold the dominant share in the market. The penetration of e-commerce and the rising adoption of advanced technologies such as blockchain and AI are some key factors driving the growth of blockchain technology in manufacturing in the region. For instance, in January 2022, Teck Resources and DLT Labs announced to use blockchain technology to trace responsibly-produced germanium from the mine to the customer, the first such use of blockchain to trace this critical mineral. Teck is North America's largest producer of germanium, a critical mineral and one of the integral elements required for digital devices and communications. It is an essential component in fiber optic cables and high-speed computer chips and circuitry. Beyond its use in communications technology, germanium is also important for low-carbon technologies such as solar cells and light-emitting diodes (LEDs). Blockchain technology will be used to embed data including information on responsible environmental, social and governance practices along the supply chain.

The major companies serving the global blockchain technology in manufacturing market include IBM Corp., Microsoft Corp., Intel Corp., NVIDIA Corp., and Oracle Corp. The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2021, Blockchain Foundry Inc., a North American blockchain development firm, announced that it partnered with the Syscoin Foundation and deployed the Syscoin NEVM upgrade (version 4.3.0). Syscoin's new network-enhanced virtual machine introduces a computation engine to the protocol which is capable of creating and executing smart contracts. Smart contracts enable developers the ability to program decentralized applications, decentralized finance applications, non-fungible tokens, and so on.

Research Methodology

The market study of the global blockchain technology in manufacturing market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.

• Whitepapers, research papers, and news blogs.

• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

• Global Blockchain Technology in Manufacturing Market Research and Analysis by Application
• Global Blockchain Technology in Manufacturing Market Research and Analysis by End-Use

The Report Covers:

• Comprehensive research methodology of the global blockchain technology in manufacturing market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global blockchain technology in manufacturing market.
• Insights about market determinants that are stimulating the global blockchain technology in manufacturing market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.