Blockchain in Manufacturing Market 2024-2033: Growth Trends & Competitive Landscape

The blockchain in manufacturing market size has grown exponentially in recent years. It will grow from $145.88 billion in 2023 to $252.53 billion in 2024 at a compound annual growth rate (CAGR) of 73.1%. The growth in the historic period can be attributed to need for enhanced supply chain visibility, increased concerns about counterfeiting, growing complexity of manufacturing processes, adoption of smart contracts in manufacturing, demand for improved data security in manufacturing.

The blockchain in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $1999.84 billion in 2028 at a compound annual growth rate (CAGR) of 67.8%. The growth in the forecast period can be attributed to integration of blockchain in industry 4.0 initiatives, growing emphasis on traceability and transparency,increased adoption of decentralized manufacturing networks, rise in regulatory compliance requirements, expansion of blockchain applications beyond supply chain. Major trends in the forecast period include development of consortiums and industry alliances, use of blockchain for quality assurance and compliance, integration of internet of things (iot) with blockchain, adoption of tokenization in manufacturing transactions, focus on sustainability and ethical sourcing through blockchain.

Market Overview -
Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=5554&type=smp

Growing Demand For Blockchain In Various Industries Fuels Blockchain Manufacturing Market Growth
Increased demand for the blockchain from end-use industries across the globe is driving the growth of the blockchain market. In the industrial sector, blockchain can enable an altogether new manufacturing business model by increasing visibility across all elements of the process, from suppliers, strategic sourcing, procurement, and supplier quality through shop floor operations, which include machine-level monitoring and servicing. For instance, according to Wood Makenzie's Blockchain in Energy research report published in 2021, 59% of blockchain energy initiatives are creating peer-to-peer energy platforms. A peer-to-peer energy market is a community of people who trade and buy extra energy from one another. Therefore, increased demand for the blockchain from various sectors is expected to propel the growth of blockchain in the manufacturing market going forward.

Competitive Landscape -
Major companies operating in the blockchain in manufacturing market report are Advanced Micro Devices Inc., Amazon Web Services Inc., Blockchain Foundry Inc., CargoX Inc., Chronicled Inc., Xayn AG, Factom Inc., International Business Machines Corporation, Intel Corporation, Microsoft Corporation, Nvidia Corporation, Oracle Corporation, Riddle&Code GmbH, Wipro Limited, Everledger Ltd., Accentur*e PLC, BigchainDB GmbH, ChromaWay AB, LO3 Energy Inc., SAP SE, Siemens AG, Baidu Inc., Huawei Technologies Co. Ltd., Deloitte Touche Tohmatsu Limited, HCL Technologies Ltd., Tata Consultancy Services Limited, Capgemini SE, Infosys Limited, Chainway Information Technology Co. Ltd., The Bitfury Group, Sphera Solutions Inc., Provenance Ltd.

Technological Advancements Drive Efficiency In Blockchain For Manufacturing
Technological advancements are shaping the blockchain in the manufacturing market. Technologies such as artificial intelligence and IoT helps in the automation of the manufacturing processes that saving time and cost in the process. For instance, in July 2021, Tech Mahindra, an India-based Information technology company launched a blockchain-based system to track vaccine supply. Vaccine manufacturers can utilize the system to monitor vendor payments, inventory, and smart contracts via Internet-of-Things (IoT) connection.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/blockchain-in-manufacturing-global-market-report

Key Segments -
The blockchain in manufacturing market covered in this report is segmented -
1) By Applications: Logistics and Supply Chain Management, Counterfeit Management, Quality Control and Compliance, Other Applications
2) By Component: Platform, Services
3) By End-Use: Energy And Power, Industrial, Automotive, Pharmaceuticals, Aerospace And Defense, Food And Beverages, Textile And Clothing, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.