The manufacturing industry has always remained at the forefront when it comes to the adoption of new technologies. This has also been true in case of the blockchain technology, which refers to a centralized ledged maintained for recording the various financial transactions taking place in a facility or a group of manufacturing facilities. As companies increasingly realize the vast benefits of the technology in enabling high-speed and more accurate transactions while also bringing down the cost of operations, the demand for blockchain is likely to massively increase in the manufacturing sector in the next few years.
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This report on the global blockchain in manufacturing market presents a thorough analytical overview of the present and past growth dynamics of the market. The market has also been evaluated for an overview of the future growth prospects of the market over the period between 2018 and 2028. The market has been analyzed for trends, growth opportunities, and regulatory scenarios.
Global Blockchain in Manufacturing Market: Trends and Opportunities
The global market for blockchain in manufacturing is steadily expanding and is likely to exhibit a healthy growth pace over the next few years as well. The rising demand for blockchain technologies in industries such as power and energy and industrial equipment manufacturing will play a key role in the future potential of growth for the market. The market is also likely to benefit from the increased adoption of digital systems in workplaces and the manufacturing sector, which has been resulting in the vast rise in digital data that needs to be effectively managed with the help of specific digital tools.
The vast rise in the global demand for electricity and the increased confluence of renewables with modern grids have been increasing the level of complexity of financial transactions in the energy industry across the globe. To add to this, several countries have rolled-out plans wherein users can also become sellers of renewable power by routing excess power produced by them with the help of technologies such as solar power to the grid. The scenario has necessitated the increased adoption of reliable and more sophisticated finance management technologies. This scenario will continue to remain strong in the next few years as well, driving the global blockchain in manufacturing industry. In conventional manufacturing facilities, the use of blockchain technology will increase as companies realize their use in gaining better insights pertaining to the performance of their equipment and usage across regional markets.
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Global Blockchain in Manufacturing Market: Market Potential
There has been a vast rise in FinTech spending in the manufacturing sector in the past few years over the years. FinTech solutions are a variety of technologies and tools that enable or support banking and financial services. Owing to vast developments over the years, these services have now come to include a vast set of novel products that can also be operated by the consumer through portable mobile computing devices or smartphones. Through licensing or white label services, these solutions are directly provided to consumers. Expenditure on FinTech solutions is directly linked to expenditure on blockchain as a number of FinTech companies are associated with the production of advanced financial management and payment related systems for the manufacturing sector.
Global Blockchain in Manufacturing Market: Geographical and Competitive Dynamics
From a geographical standpoint, the report examines the global blockchain in manufacturing market for regions such as Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Presently, regions such as Europe and North America collectively hold a significant share in the global blockchain in manufacturing market, thanks to the well-established and technologically developed manufacturing sector, presence of manufacturing facilities of several leading automotive companies, and the changing face of the energy sector. The market in Asia Pacific is also a promising contender for the top-spot in the market owing to the thriving manufacturing industry and the promising development of the renewable energy sector.
Some of the leading companies in the global blockchain in manufacturing market are IBM, Infosys, Accenture, Microsoft, and SAP.
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