The overall blockchain in manufacturing market is expected to be worth USD 30.0 million by 2020 and USD 566.2 million by 2025, growing at a CAGR of 80.0% from 2020 to 2025. Blockchain-as-a-Service (BaaS) solutions for enterprises; simplifying business processes and affording transparency and immutability; significant increase in venture capital investments and initial coin offerings (ICO); increasing demand for real-time data analyses, enhanced visibility, and proactive maintenance; increased emphasis on energy efficiency and cost of production; convergence of operational technology (OT) and information technology (IT); AI, IoT, blockchain and the future of manufacturing industry; and increase in global blockchain-related patent filings are the factors likely to drive the growth of the blockchain in manufacturing market.
NVIDIA Corporation (US), Microsoft Corporation (US), International Business Machines Corporation (US), Intel Corporation (US), Wipro Ltd. (India), Amazon.com, Inc. (US), and Advanced Micro Devices, Inc. (US) are among the major players in the blockchain in manufacturing market. Product launches and developments, expansions, agreements, collaborations, joint ventures, and partnerships are a few key strategies adopted by the players to gain competitive edge in the market.
IBM is a global blockchain technology leader that provides a permissioned and immutable shared ledger. More than 100 of the top leading technology organizations have embraced the IBM blockchain platform. IBM is expediting blockchain adoption by formulating a new framework for securely operating blockchain networks, as well as new services on the IBM Cloud that are designed to meet existing regulatory requirements. Security being an important factor impeding the acceptance of blockchain, IBM has started addressing security needs leveraging Federal Information Processing Standards (FIPS 140-2) and Evaluation Assurance Levels (EAL) to support the use of blockchain in government, financial services, and healthcare sectors. In February 2016, IBM made nearly 44,000 lines of code available to the Linux Foundation’s open-source Hyperledger Project to help developers easily build secure distributed ledgers that can be used to exchange almost anything of value. IBM has started releasing new offerings, such as cloud services on the Linux-only secure server and BaaS, to establish itself in this niche market. The company is trying to expand its footprint via collaborations (such as with Singapore’s EDB and MAS) and opening an innovation center in Singapore to accelerate blockchain adoption for finance and trade in the APAC region. IBM has also opened IBM Bluemix Garage in New York, in 2016, to help bring developers together for blockchain development.
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Microsoft has also entered the blockchain technology market, which is in the initial phases of development and is expected to grow at a very fast pace. Microsoft has been expansively working toward the advancements of its blockchain by following a mix of both organic and inorganic strategies. Ethereum and Microsoft collaborated to launch Ethereum BaaS, which would help customers create and work in private, public, and group-based blockchain environments. The partnership will help organizations use the Ethereum blockchain technology and test it using the Azure platform and come up with blockchain solutions together. The framework used provides functionalities, such as Cortana analytics, Power BI, Azure active directory, and CRM Online (CRMOL) for governments. The company is focusing on promoting the blockchain technology by enabling users leverage its services for free for a stipulated period. The company is trying to create awareness about the blockchain technology and help organizations with its implementation, which would be beneficial in increasing its clientele and overall revenue. The company is also a member of the industry consortiums such as R3, Enterprise Ethereum Alliance, and IC3, that helps to understand core industry scenarios and to continue learning to meet the needs of their customers. Currently, Microsoft supports the most widely used blockchain and distributed ledger protocols on Azure, including HyperLedger Fabric, R3 Corda, Quorum, Chain Core, and BlockApps.
Other major companies operating in the blockchain in manufacturing market are NVIDIA Corporation (US), XAIN AG (Germany), CargoX (Slovenia), RIDDLE&CODE GMBH (Austria), Chronicled (US), LO3 Energy (US), Electron (UK), Filament (US), Grid Singularity (Germany), Shipchain (US), Oracle Corporation (US), Factom (US), BigchainDB GmbH (Germany), Blockchain Foundry Inc. (Canada), Syncron International AB (Sweden), Electron (UK), ChromaWay AB (Swedan), Everledger Ltd. (UK), Supercomputing Systems AG (Switzerland), Storj Labs Inc. (US), and Cloud Technology Partners, Inc. (US), among others.
Blockchain in Manufacturing Market by Application (Business Process Optimization, Logistics and Supply Chain Management, Counterfeit Management), End Use (Automotive, Energy & Power, Industrial, Pharmaceuticals), and Region - Global Forecast to 2025
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