Blockchain technology in manufacturing market is anticipated to grow at a significant CAGR of 68.0% during the forecast period. Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The technology supports the creation of an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions. The integration of emerging technologies such as IoT, AI and 5G and the growing need to improve asset tracking and supply chain management are leading factors for the growth of blockchain technology in manufacturing.
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For instance, in October 2021, H&M, a Swedish-based multinational clothing company, launched a blockchain-enabled clothing rental service which has scannable IoT labels on the products. The technology is used by customers for instant selection of products by scanning IoT-connected stickers with their smartphones. Thus renting alongside innovation in materials is helping create sustainable consumption patterns.
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Segmental Outlook
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.
Logistics and Supply Chain Management is Expected to Hold Significant Share in the Market During the Forecast Period
Among all applications, logistics and supply chain management applications are anticipated to hold a potential share in the market during the forecast period. Blockchain supports supply chain management by providing users with reliable data management and supports in 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. These are some factors that are anticipated to drive the demand for blockchain technology in logistics and supply chain management. For instance, in December 2021, Trackgood, a blockchain technology provider company, partnered with Caffe Barbara to provide complete traceability and transparency to their supply processes and improve its customers' experience and relationship of trust with the company.
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)
Market Players Outlook
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, and new product launches, to stay competitive in the market. For instance, in December 2020, Blockchains Management, Inc., an affiliate of Blockchains, LLC, a copyright development company announced its acquisition of Cambridge Blockchain, Inc., a blockchain-based identity management and compliance software solutions provider. Cambridge Blockchain's solutions harness blockchain's potential to globally deliver strong digital identities and meet increasingly stringent data privacy obligations. The company has experience designing software to share identity data across systems, specifically, European financial institutions.
The acquisition of Cambridge Blockchain further increases Blockchains' capacity to deliver an ecosystem of products set to prepare individuals for web 3.0 and the emerging digital economy, with a blockchain-powered digital identity solution at the core. The companies' shared ethos of returning control of personal data to users while delivering the benefits of a trusted, distributed digital identity to consumers, organizations, and government institutions solidified the union.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global blockchain technology in manufacturing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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