In line with the report revealed by tech. analysis and research company ReportLinker, the authors split blockchain usage by application, end use, and territory. The study then divided the blockchain inmanufacturingmarketbased on end use into energy and power, industrial, automotive,prescription drugs,aerospaceand defense, food and beverages, textile, along with several other sectors.
According to the ReportLinkeranalysis, the blockchain inmanufacturingmarketis predictedto raised by $30 Mln by the year 2020 and grow at a compound annualrateofaround 80 %to $566 Mln by the year 2025. As per the report, blockchaincanchange the existing business processes andguaranteetransparency andchangelessness,whileeliminating intermediaries inmanagementand supplychains.
The authors citemanyfactors driving growth, chief among them beingthe expansionof blockchain-as-a-service [BaaS] solutions for businesses, andthe significant hikeinrisk capitalinvestment and Initial Coin Offerings (ICO).
However, the ReportLinker report claims thataregulativelandscape and absence ofan evenset of standardsareholding backthe expansionof the blockchain inthe manufacturingmarket.
The MAPI Foundation,thatconductsanalysisand makes policy recommendationsrelating tothe conditions of theAmericanmanufacturingsector.
Despite the recent recession of the year 2008, MAPI predicted the United States Manufacturing sector would absolutely regain all lost outputs by the next year. However, the foundation projected an avg. growth growth of 2.8 % for the United States manufacturing from year 2018 to 2021.
Earlier in Aug., Deloitte’s 2018 blockchain survey alsostatedthat the technology is gainingmajortraction atthe higherlevels of enterprises acrossvariousindustries. Around74 %of respondents to the surveystatedtheirexecutiveteam believesthere’sa compelling business case forthe utilizationof the blockchain technology, with34 %stating that somekind ofblockchaindeploymentwas already in development within their organization.