In line with the report revealed by tech. analysis and research company ReportLinker, the authors split blockchain usage by application, end use, and territory. The study then divided the blockchain in manufacturing market based on end use into energy and power, industrial, automotive, prescription drugs, aerospace and defense, food and beverages, textile, along with several other sectors.
According to the ReportLinker analysis, the blockchain in manufacturing market is predicted to raised by $30 Mln by the year 2020 and grow at a compound annual rate of around 80 % to $566 Mln by the year 2025. As per the report, blockchain can change the existing business processes and guarantee transparency and changelessness, while eliminating intermediaries in management and supply chains.
The authors cite many factors driving growth, chief among them being the expansion of blockchain-as-a-service [BaaS] solutions for businesses, and the significant hike in risk capital investment and Initial Coin Offerings (ICO).
However, the ReportLinker report claims that a regulative landscape and absence of an even set of standards are holding back the expansion of the blockchain in the manufacturing market.
The MAPI Foundation, that conducts analysis and makes policy recommendations relating to the conditions of the American manufacturing sector.
Despite the recent recession of the year 2008, MAPI predicted the United States Manufacturing sector would absolutely regain all lost outputs by the next year. However, the foundation projected an avg. growth growth of 2.8 % for the United States manufacturing from year 2018 to 2021.
Earlier in Aug., Deloitte’s 2018 blockchain survey also stated that the technology is gaining major traction at the higher levels of enterprises across various industries. Around 74 % of respondents to the survey stated their executive team believes there’s a compelling business case for the utilization of the blockchain technology, with 34 % stating that some kind of blockchain deployment was already in development within their organization.