ReportLinker Claims 2025 Blockchain Technology Service Industry to be Worth $500 Million
ReportLinker Claims That Blockchain Technology for Manufacturing Should Have Impressive Growth, Starting in 2020
ReportLinker is a technology research company, and they recently published a report called “Blockchain: Manufacturing Market Forecast until 2025.” The document itself is 162 pages long, and it discusses the way that blockchain is impacting this sector of the industry. Based on their research, the information suggests that blockchain, in correlation with the manufacturing market, will reach $30 million in value by 2020, growing to $566.2 million by 2025.
When performing the research for this document, the company split up blockchain usage into different categories, which were application, end use, and territory. Then, for the manufacturing market, they evaluated blockchain’s potential for their end use into energy and power, industrial, automotive, pharmaceuticals, aerospace & defense, food and beverages, textile and clothing, and others.
The report indicated that blockchain will be used in the industry in a blockchain-as-service capacity, which seems to be the reason for driving change. Some of the other factors, according to the report, include:
- “Simplifying business processes and affording transparency and immutability”
- “Significant growth in venture capital investments and initial coin offerings”
- “Growing demand for real-time data analyses, enhanced visibility, and proactive maintenance”
- “Increased emphasis on energy efficiency and cost of production”
- “Convergence of operational technology and information technology”
- “Artificial Intelligence, Internet of Things (IoT), blockchain and the future of manufacturing market”
- “Rise in overall blockchain-related patent filings”
To implement these changes, product launches, joint ventures, and other types of agreements are making it possible to stimulate the market. However, the report describes the biggest halt in these plans, which is “uncertain regulatory landscape and absence of common set of standards.”
The MAPI Foundation is another research firm, which uses the information it gathers to try to make policy recommendations about the manufacturing industry in the United States. In March 2018, they noted that the current manufacturing output for January was 4.7% under the performance in December 2007. This number is significant, considering the 2008 recession, though the foundation believes that the lost output will be back up by April 2019.
In a blockchain survey hosted by Deloitte, the executive level for enterprises across many different industries seemed to have the greatest interest in blockchain technology. Of all of the respondents, 74% said that the executive team for their companies agree that there’s a “compelling business case” for the distributed ledger technology. Of that 74%, 34% said that they already had some version of blockchain application in place within their company.