The urge to streamline operations and track assets with unprecedented precision are some of the factors expected to make the blockchain in the global manufacturing market hit $17.047 billion by 2027, according to a report by Research and Markets.
This market was worth $717.6 million in 2021 and is anticipated to record a compound annual growth rate (CAGR) of 66.4% during the 2022 to 2027 forecast period. Some of the key market players in manufacturing have been deploying blockchain technology to generate smart home solutions like smart meters.
Therefore, the need to revamp manufacturing processes to lower production costs and lead time is expected to enhance the growth of this market. Blockchain is also being leveraged in manufacturing to offer significant visibility into the supply chain. Per the announcement:
“Suppliers are integrating internet of things (IoT) sensors with blockchain to create a tamper-proof record of shipping conditions on cargo containers. This, coupled with the increasing application of blockchain technology to store and analyze data of manufacturing equipment and products, is positively influencing the market.”
The use of smart contracts availed by blockchain technology is also helping trading partners in the manufacturing sector undertake transparent processes.
Per the report:
“The rising utilization of blockchain technology for payments and digital identities of individuals in the manufacturing sector is projected to strengthen the growth of the market in the coming years.”
Meanwhile, the deployment of blockchain technology in e-commerce websites has spurred growth in the blockchain in the supply chain market, according to Research Dive. Furthermore, blockchain is anticipated to revamp the supply chain market in the coming years by rendering product traceability, quality control, and transparency in manufacturing processes.