Automotive Blockchain Market: Programmable Platforms Propel Valuation to USD 7722 Million by 2031| SkyQuest Technology
WESTFORD, Mass., July 8, 2024 /PRNewswire/ — According to SkyQuest, the global Automotive Blockchain Market size was valued at USD 643 Million in 2022 and is poised to grow from USD 848 Million in 2023 to USD 7727 Million by 2031, at a CAGR of 31.82% during the forecast period (2024-2031).
With rising venture capital (VC) financing, new types of technology providers are expected to come into the market. On the other hand, it is anticipated that programmable blockchain technology platform of a new generation will be invented. Moving on to the prediction duration, we foresee that ICOs, Cryptocurrencies, and Blockchain-as-a-Service (BaaS) will drive market growth by providing immutability and transparency in any transaction held using the decentralized ledger technology as well as making businesses more efficient via benefits such as reduced lifetime costs and quick operations. This automotive solution which utilizes blockchain would securely and reliably connect end users, Car-sharing firms, with self-driving or artificially intelligent cars.
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Automotive Blockchain Market Overview:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$848 Million |
|
Estimated Value by 2031 |
$7727 Million |
|
Growth Rate |
Poised to grow at a CAGR of 31.82% |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Application, Providers and Mobility Type |
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Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Report Highlights |
Enhance Experience in Supply Chain Management |
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Key Market Opportunities |
Increasing Crypto Currency Market Capital |
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Key Market Drivers |
Expansion of Automobile Industries |
Segments covered in Automotive Blockchain Market are as follows:
- Application
- Smart Contract, Supply Chain, Financing, Mobility Solutions, and Others
- Providers
- Middleware Provider, Infrastructure & Protocols Provider, and Application & Solution Provider
- Mobility Type
- Personal Mobility, Shared Mobility, and Commercial Mobility
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Reinventing the Automotive Industry with Enhanced Transparency and Efficiency
By improving transparency, security, and efficiency in a variety of applications, including supply chain management, car history tracking, and autonomous vehicle communication, blockchain technology is completely changing the global automobile industry. It is crucial for lowering fraud, enhancing data integrity, and stimulating creativity throughout the automobile industry.
Implementing blockchain technology into the automotive supply chain ensures traceability, transparency and trust among stakeholders through secure recording of transactions and data exchanges. Blockchain technology is necessary for cutting down on counterfeit car parts and making logistics more efficient as well as enabling sharing live information in the global automotive industry, amongst other things. This improves efficiency and satisfaction levels on behalf of clients.
Blockchain applications make vehicle sharing, ride-hailing and autonomous vehicle management that much simpler within automotive industry mobility solutions. The innovation effectuates lower prices and grants improved overall experiences in global mobility through enabling secure transactions, fostering data integrity and supporting seamless peer-to-peer interactions. Efficiency and trust between networked mobility providers is promoted by this.
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Blockchain’s Role in Innovating Ride-Hailing and Autonomous Vehicle Solutions
Services such as ride-hailing, vehicle sharing, and autonomous vehicle management are made better by blockchain ensuring reliable transaction security and smooth interaction. If one needs to achieve an increase in novelty, reduction in costs with better consumer satisfaction and utilization of globally linked mobility solutions, then these elements must be considered.
Blockchain-enabled shared mobility maximises car-sharing services by guaranteeing safe transactions and open record-keeping. Adeptly facilitating effective resource utilization; enhances confidence between users and service providers and lowers operating expenses. this is an invention essential for making urban travel more sustainable and accessible hence influencing future global mobility solutions.
Blockchain technology is fueling the revolution of both logistics and fleet management through secure transactions, operational efficiency optimization, and enhanced data transparency in commercial mobility. It plays a crucial role in reducing costs, improving supply chain reliability, and meeting regulatory requirements, thereby transforming commercial transportation services globally with enhanced trust and accountability.
Venture Capital’s Influence, the Rise of Transparent and Securing Efficient Mobility Solutions
By improving transparency, security, and operational efficiency across a range of applications like supply chain management, vehicle history tracking, and mobility solutions like ride-hailing and autonomous vehicle management, blockchain technology is revolutionising the global automotive sector. In the car industry blockchain reduces fraud, improves data integrity and boosts innovation via safe transactions and transparent record-keeping. The results it yields vary from fewer fake parts, shorter supply chains through to improved customer service and sustainable urban mobility. Venture funding is expected to drive the development of innovative blockchain solutions, leading to further breakthroughs that will transform the global vehicle management, sharing, and operation landscape.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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