Blockchain in Manufacturing Market is Expected to Reach USD 70058.5 Million by 2031-end, Need for Transparency and Security in Multiple Manufacturing Verticals Driving Market | SkyQuest Technology

WESTFORD, Mass., July 10, 2024 /PRNewswire/ — According to SkyQuest, the global Blockchain In Manufacturing Market size was valued at USD 542.56 million in 2022 and is poised to grow from USD 931.79 million in 2023 to USD 70058.5 million by 2031, growing at a CAGR of 71.6% in the forecast period (2024-2031).

Modernization of manufacturing operations around the world is setting the tone for blockchain in manufacturing market development. Advancements in Blockchain technology and integration of the same with manufacturing practices will help blockchain in manufacturing companies expand their business scope in the future. Better transparency and security offered by manufacturing solutions based on Blockchain technology is what allows the market to be highly opportune going forward.  The global blockchain in the manufacturing market is segmented into application, end user, and region.

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Blockchain in Manufacturing Market Overview:

Segments covered in Blockchain in Manufacturing Market are as follows:

• Application
  • Predictive Maintenance (Vibration Monitors, Thermography, Ferrography), Logistics and Supply Chain Management (Ledger System, Smart Contracts), Counterfeit Management (Barcodes, QRCodes, Radio Frequency Identification Tags), Business Process Optimization (Ledger Technology), and Others
• End-Users
  • Automotive (Streamlining Transactions, Car and Vehicle Tracking, Autonomous Driving), Textile and clothing (Enhanced Traceability in Transactions, Real-time Tracking of Goods), Aerospace and Defense (Aircraft maintenance, Finance, Biometric Identity Verification), Pharmaceuticals (Transparency and Traceability, Data Integrity, Counterfeit Drug Mitigation), Energy & Power (Secure Platform for P2P Trading), and Others

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Emphasis on Improving Supply Chain Management to Promote Use of Blockchain Technology

The robust security and transparency offered by Blockchain-based supply chain solutions is what allows this segment to emerge as highly remunerative for market players. Manufacturing companies utilizing blockchain technology are enhancing the efficiency and transparency of supply chains through advanced data visualization and management capabilities. Blockchain also optimizes logistics by offering improved traceability and handling of various assets involved in the manufacturing process. From manufacturers to consumers, these solutions are projected to benefit everyone.

As uncertainty among international markets increases, the need for business optimization has risen. Blockchain technology can help streamline operations by minimizing operations costs and automating several other tasks through smart contracts and other features. Business optimization application is a segment that can prove to be a game changer for new as well as established blockchain in manufacturing companies.

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Automotive Industry Takes Wheel in Terms of Blockchain in Manufacturing Adoption

Automotive manufacturers are continually focusing on improving their operations through adoption of advanced manufacturing techniques and technologies. Growing demand for vehicles and the need for novel manufacturing technologies to create unique vehicle components will also play a crucial role in determining the future of blockchain manufacturing. From supply chain to sales of vehicles, Blockchain is projected to revolutionize every aspect of the automotive industry in the long run.

Use of Blockchain in pharmaceutical manufacturing is projected to have a bright outlook over the coming years. Pharmaceutical companies can use Blockchain to track pharmaceutical ingredients and even resolve the issue of counterfeit drugs by keeping track of all pharmaceuticals manufactured. Secure data sharing is another perk of using Blockchain technology in pharmaceutical manufacturing.

New companies in the global blockchain in manufacturing market will need to focus on providing services to penetrate the market and then move on to Blockchain in manufacturing solutions. Established blockchain in manufacturing providers should target automotive and pharmaceutical industries to take their business to the next level in the future.

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SOURCE SkyQuest Technology