ReportLinker Research Says Blockchain Use in Manufacturing to Reach $500 Million by 2025
According to a research published by ReportLinker, blockchain in manufacturing is set to explode in coming years as more companies adopt it. As per the firm’s forecast, the industry is expected to grow by $30 million by 2020 and a whopping $566.2 million by 2025.
Factors To Drive The Adoption Of Blockchain
As per the RoportLinker’s report, there are a number of factors that will likely drive blockchain adoption in the manufacturing industry. These include increased demand for real-time data analyses, proactive maintenance and improved visibility; simplifying business process of companies; transparency and immutability; growth in venture capital investment and ICOs; and increased need for lowering cost of production and more energy efficient solutions, among other.
Logistics And Supply Chain To Get The Largest Shares
Of all sectors in the manufacturing industry, the Logistics and Supply chain will benefit the most, taking the largest share from the $5000 million forecast. The two sectors are predicted will benefit from blockchain technology by taking out intermediaries from their equation, thus streamlining the flow of their operations.
Better yet, blockchain will allow all transaction data carried out on the network to be easily synchronized, allowing all parties participating to validate each other’s work.
How Research Was Conducted
In order to come up with the findings, ReportLinker split the rate of blockchain use, its territory, and end usage. The rest of the research was focused on analysis and end usage of blockchain in different sectors in manufacturing markets. Those considered in the study include textile and clothing, pharmaceuticals, aerospace & defense, automotive, energy, power, foods and beverages, and other common industries.
A Bright Future For Blockchain Awaits
Thanks to the many benefits that blockchain technology brings, a bright future awaits it as more company come on board to adopt it. Some of the big players making strides to blockchain adoption include Intel Corporation, Dell, Amazon, Microsoft Corporation, and IBM Corporation.