Blockchain these days is being utilized in various sectors. With that, a technology research company ReportLinker reported regarding the future of blockchain in the manufacturing market.
According to the report, in the U.S., blockchain technology in manufacturing sector is anticipated to grow remarkably from 2020–2025, also the market evaluation of blockchain technology in manufacturing is supposed to be worth $30 million by 2020, which will increase at a compound annual growth rate of 80 percent to $566 million by 2025.
To prepare the report, the authors divided blockchain usage by application, end use, and territory. After that, the research split in the manufacturing market based on end use into energy and power, industrial, automotive, pharmaceuticals, food and beverages, aerospace & defense, textile and clothing, etc.
Here, the authors point out various factors impacting growth, key factors among them being the growth of blockchain-as-a-service (BaaS) solutions for businesses, and remarkable growth in venture capital investment and Initial Coin Offerings (ICO).
Although, the report proclaims that an unsure regulatory prospect and lack of a uniform set of standards inhibits the growth of the blockchain in the manufacturing market.
Apart from that, in January 2018, manufacturing output was 4.7 percent lower than in December 2007, reportedly. The report was prepared by The MAPI Foundation, which leads research and makes policy recommendations about the conditions of the American manufacturing sector.
Even after the collapse following the 2008 recession, MAPI predicted that the U.S. manufacturing sector would fully recover all lost output by April 2019. The foundation estimated an average growth rate of 2.8 percent for U.S. manufacturing from 2018 to 2021.
In August Deloitte’s 2018 blockchain survey indicates that the technology is obtaining notable momentum at the executive level of enterprises across multiple industries. 74 percent of respondents to the survey said their executive team thinks there is a “compelling business case” for the utilization of blockchain technology, wherein 34 percent stated that some form of blockchain deployment was already in process within their organization.