Blockchain in Manufacturing Market 2023: A Valuation of US$ 26,717 Million Predicted by 2028 | IMARC Group

The latest report published by IMARC Group, titled "Blockchain in Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on blockchain in manufacturing market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global blockchain in manufacturing market size reached US$ 1,245 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 26,717 Million by 2028, exhibiting a growth rate (CAGR) of 63.6% during 2023-2028.

What is Blockchain in Manufacturing?

Blockchain in manufacturing refers to utilizing decentralized digital ledgers to enhance the production process's transparency, traceability, and efficiency. By creating an immutable record of transactions and data, blockchain ensures secure information sharing among stakeholders, reducing fraud and errors. In manufacturing, this technology can optimize supply chain management, monitor product quality, and simplify compliance with regulations. Smart contracts within blockchain enable automated execution of agreements, streamlining processes. As a result, blockchain holds promise for revolutionizing the manufacturing industry by fostering trust, reducing costs, and improving overall operational effectiveness.

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What are the growth prospects and trends in the blockchain in manufacturing industry?

The global market is majorly driven by the increasing need for enhanced supply chain transparency and traceability. Blockchain's distributed ledger technology allows real-time tracking of goods and materials, reducing fraud, ensuring authenticity, and preventing counterfeiting, thereby boosting consumer trust. Furthermore, the complexities of global supply chains in manufacturing make them prone to errors, delays, and disputes. Blockchain's ability to create a tamper-proof record of transactions and data helps streamline processes, reduce inefficiencies, and facilitate seamless collaboration between suppliers, manufacturers, and distributors. Additionally, regulatory compliance is a critical consideration in manufacturing. Blockchain's transparent and auditable nature simplifies compliance reporting and validation, ensuring adherence to industry standards and regulations. Moreover, the rise of the Industrial Internet of Things (IIoT) aligns well with blockchain adoption. As IoT devices generate vast amounts of data, blockchain can securely store and manage this data, enabling secure sharing and analysis. Besides, concerns around data security and cyber threats in manufacturing highlight blockchain's potential to enhance cybersecurity. The decentralized nature of blockchain makes it more resistant to hacking, protecting sensitive manufacturing data. As these factors continue to shape the manufacturing landscape, the adoption of blockchain technology is poised for sustained expansion.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Advanced Micro Devices Inc.
• Amazon Web Services Inc. (Amazon.com Inc.)
• Infosys Limited
• Intel Corporation
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Wipro Limited

Blockchain in Manufacturing Market Segmentation:

Our report has categorized the market based on region, provider, application and end user.

Breakup by Provider:
• Middleware Providers
• Infrastructure and Protocols Providers
• Applications and Solution Providers

Breakup by Application:
• Logistics and Supply Chain Management
• Counterfeit Management
• Quality Control and Compliance
• Others

Breakup by End User:
• Automotive
• Aerospace and Defense
• Pharmaceutical
• Electronics and Semiconductor
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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