London, Feb. 28, 2024 (GLOBE NEWSWIRE) -- With a explosive growth projection given by a newly published report of Fairfield Market Research, the global market for blockchain in manufacturing is all set to skyrocket, leaping from US$0.8 Bn recorded in 2022, to an astounding US$35.5 Bn by the end of 2030. The market, as the report suggests, will witness an impressive CAGR of 70.6% between 2023 and 2030, signaling a transformative era for the manufacturing industry in the years to come.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$0.8 Bn | |
| Estimated Market Size in 2030 | US$35.5 Bn | |
| CAGR | 70.6% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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As the manufacturing sector experiences robust growth worldwide, the adoption of advanced technologies like automation, IoT, and AI becomes paramount. The digital transformation in manufacturing is driving demand for blockchain solutions, with the need for supply chain optimisation, customisation, and sustainability pushing companies to explore innovative technologies to stay competitive.
The automotive industry emerges as a key catalyst for the blockchain boom in manufacturing, securing the largest market share. The industry's intricate and interconnected supply chains benefit significantly from blockchain's transparency, traceability, and quality control features. As the automotive landscape evolves, blockchain technology becomes indispensable in navigating complexities and ensuring efficiency.
However, striking the right balance between compliance and innovation remains a critical challenge. “Regulatory compliance poses a significant hurdle for the blockchain in manufacturing market. Navigating complex and evolving regulatory frameworks across diverse regions, and industries requires manufacturers and blockchain technology providers to adhere to varying data protection, privacy, and quality standards,” explains the company’s analyst.
Key Research Insights
- North America asserts dominance in the blockchain in manufacturing market, securing the largest market share.
- Asia Pacific is poised to become a powerhouse in the market for blockchain in manufacturing.
- IoT integration enhances supply chain visibility, quality control, and traceability, optimizing operations and reducing the risk of counterfeit goods.
Insights into Segmentation Analysis
Business Process Optimisation Takes Centre Stage
- In the rapidly evolving landscape of blockchain in manufacturing, Business Process Optimisation emerges as the undisputed leader, claiming the largest market share.
- Manufacturers worldwide are turning to blockchain to address critical pain points in the industry, streamlining processes, cutting operational costs, eliminating intermediaries, and enhancing supply chain transparency. These optimisations 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 becomes increasingly prevalent, solidifying its dominant market share in the sector. The future sees a continued surge 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 adherence to regulatory standards positions QC and compliance as a pivotal category in the manufacturing sector.
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Automotive Takes the Driver's Seat
- The automotive sector emerges 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 enables automotive manufacturers to monitor the origins of parts and materials, improve supply chain efficiency, reduce counterfeiting, and enhance the quality control process.
- Stringent regulatory requirements and consumer demands for safety and authenticity further propel blockchain adoption in the automotive sector, solidifying its dominance.
- As the industry navigates evolving challenges, blockchain proves instrumental in meeting regulatory standards and satisfying consumer expectations.
Adoption Soars in Pharma
- In the pharmaceutical sector, blockchain adoption is poised to register the fastest rate of growth. The critical need for traceability, security, and compliance fuels the industry's embrace of blockchain technology.
- Blockchain ensures the integrity of pharmaceutical supply chains, preventing counterfeit drugs and enhancing 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 prioritise these aspects while striving for operational excellence, the adoption of blockchain for quality control, compliance, and supply chain management continues to soar, making it a key driver in the sector's digital transformation.
Key Report Highlights
- Supply chain transparency, IoT integration, and decentralised manufacturing will be the key trends shaping the future of blockchain in the world of manufacturing.
- Supply chain transparency utilizing blockchain provides end-to-end visibility, reducing the risk of fraud, errors, and ensuring authenticity, which is why manufacturers have been increasingly adopting a shift towards blockchain technology.
- Decentralised manufacturing leverages distributed ledger technology, enabling peer-to-peer collaboration, and reducing the need for intermediaries.
- Smart contracts govern production, quality assurance, and payments, increasing efficiency and transparency. This approach fosters 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 gears up to set the pace for rapid blockchain adoption.
North America’s mature manufacturing sector, coupled with robust regulatory support and a thriving tech ecosystem, propels 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, fuelled by a rapidly expanding manufacturing sector, government initiatives supporting Industry 4.0, and a strong focus on supply chain optimisation and regulatory compliance, Asia Pacific is expected to witness a substantial surge in blockchain adoption and market growth.
North America Continues to be the Powerhouse of Blockchain Manufacturing
- In the dynamic landscape of blockchain in manufacturing, North America emerges as the unrivaled frontrunner, securing the largest market share for several compelling reasons.
- A multitude of manufacturing companies in the region are early adopters of blockchain technology, leveraging its potential to optimise operations, enhance supply chain transparency, and ensure impeccable product quality.
- One key contributor to North America's dominance is its robust regulatory environment, particularly beneficial in sectors like 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 fuels innovation, propelling the region ahead in the global blockchain manufacturing market.
- Moreover, 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 myriad of blockchain applications, solidifying North America's central role in steering the blockchain revolution in manufacturing.
Asia Pacific Develops a Hotbed for Rapid Growth
- While North America takes the lead, Asia Pacific gears up for an unprecedented surge in the blockchain manufacturing arena. Driven by a rapidly expanding manufacturing sector, particularly in economic powerhouses like China, and India, Asia Pacific is poised to experience the fastest pace of growth in blockchain adoption.
- Government initiatives promoting Industry 4.0 technologies and smart manufacturing act as catalysts, propelling the region into the forefront of the blockchain revolution.
- Asia Pacific's stronghold in electronics, automotive, and pharmaceutical industries intensifies the need for blockchain solutions. These industries demand stringent regulatory adherence and authentication 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
- SAP
- Oracle
- Huawei
- Amazon Webs Services
- Wipro
- Intel
- Adept Minds
- Blockchain App Factory
- R3
- Chronicled
- Factom
- 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 Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/blockchain-in-manufacturing-market
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