The global blockchain technology in manufacturing market is anticipated to grow at a considerable CAGR of 68.0% during the forecast period (2022-2028). Blockchain is an unalterable digital ledger of transactions stored across many different nodes in a network. Blockchain allows for the implementation of smart contacts, a set of pre-programmed instructions that gets executed on meeting previously agreed terms and conditions. These tech-enabled smart contracts allow manufacturing companies to ensure quality materials purchased. Any movement of materials or products is recorded in the form of blockchain, allowing everyone involved to see where things are going to be transported. It allows companies to trace the origin of their materials and accurately pay for what they need. The decentralized nature of blockchain technology also makes it difficult for companies to sell products fraudulently. The deployment of technology in manufacturing has several benefits such as supply chain monitoring for greater transparency, materials origin and counterfeit detection, asset tracking, quality assurance and regulatory compliance. In manufacturing, such smart contracts support alleviating unnecessary high transaction costs, minimising paperwork and accelerating turnaround time. All these benefits of integrating blockchain technology are leading factors driving the deployment of blockchain technology in manufacturing sector. Major players from healthcare and manufacturing are increasingly making investments and strategies to deploy the technology and strengthen the supply chain.
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For instance, in March 2022, Unilever and SAP announced a partnership to pilot the green token by SAP solution in Unilever’s supply chain. The blockchain-enabled green token technology allows actors within the supply chain, as well as customers, to see how much sustainable material is in their product. It provides for immutable tracing of the raw materials used from input to output. At the final stage of the process, a token is issued for the product, which provides an audit history from the blockchain ledger of the product’s origin. In March 2022, SIMBA Chain, Inc. announced to build a Blockchain backed local health supply chain system. The company will use blockchain technologies to build a decentralized and privacy-preserving system for consumers and manufacturers of emergency healthcare.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Blockchain Technology in Manufacturing Market Report by Segment
By Application
- Predictive Maintenance
- Asset Tracking and Management
- Business Process Optimization
- Logistics and Supply Chain Management
- Real-Time Workforce Tracking
- Quality Control and Compliance
- Counterfeit Management
By End-Use
- Energy & Power
- Industrial
- Automotive
- Pharmaceuticals
- Others
Global Blockchain Technology in Manufacturing Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global blockchain technology in manufacturing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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