Block-chain Market to be $500 Million by 2025. Reportlinker, a technology research company, has reported this. Blockchain technology in Manufacturing Sector is reckoned to grow remarkably between 2020-2025 and reach $500 Million.
While reporting the research, the analysts split blockchain usage by application, end use, and territory. The study then divided the blockchain in manufacturing market based on end use into energy and power, industrial, automotive, pharmaceuticals, aerospace & defense, food and beverages, textile and clothing, and other sectors.
Block-chain Market to be $500 Million by 2025. The blockchain in the manufacturing market is to be worth $30 million by 2020. And grow exponentially at the rate of 80 percent to $566 million by 2025. Going by the report, blockchain will simplify business processes and ensure transparency and immutability. Also, it eliminates intermediaries in logistics and supply chains.
The analysts cite several factors driving growth, crucial being the growth of blockchain-as-a-service (BaaS) solutions for businesses. Also, there is significant increases in venture capital investment and Initial Coin Offerings (ICO).
Although, the report claims uncertain regulatory landscape and absence of regulations are holding back the growth of the blockchain in the manufacturing market.
The MAPI Foundation conducts research and articulates policy recommendations pertaining to the conditions of the American manufacturing sector. It says, in March that as of January 2018, manufacturing output has slumped 4.7 percent lower than in December 2007.
Despite the slump following the 2008 recession, MAPI forecasts that the U.S. manufacturing sector will fully regain all lost output by April 2019. The foundation projected an average growth rate of 2.8 percent for U.S. manufacturing from 2018–2021.
In August, Deloitte’s 2018 blockchain survey revealed that technology is gaining significant traction at the executive level of enterprises across diverse industries. 74 percent of respondents to the survey said their executive team believes there is a “compelling business case”. Also, the use of blockchain technology, with 34 percent saying that some form of blockchain deployment was already in development within their organization.