Blockchain in Automotive and Aerospace & Aviation Market to Reach $20.62 Billion by 2029

FREMONT, California, June 6, 2019 /PRNewswire/ — According to the new market intelligence report by BIS Research, titled Blockchain in Automotive and Aerospace & Aviation Market – Analysis and Forecast, 2019-2029“, the blockchain in automotive and aerospace & aviation market was $138.0 million in 2018 and is projected to reach $20.62 billion by 2029, growing at a CAGR of 60.35% during the forecast period. Factors such transparency and removal of risk of fraud, reduced transaction cost, and fast transaction of settlements, and the establishment of consortiums and associations are expected to drive the market for blockchain in automotive and aerospace & aviation market during the forecast period, 2019-2029.

Browse 31 Market Data Tables and 121 Figures spread through 208 Pages and in-depth TOC on “Blockchain in Automotive and Aerospace & Aviation Market

Blockchain technology is a decentralized distributed ledger that allows information to be recorded, secured, maintained, and shared among the participating members without a governing authority. It presents an innovative approach for managing data and executing transactions with accuracy, safety, and reliability. The automotive industry is going through a digitalization era, which has not only transformed the operational mode of original equipment manufacturers (OEMs) and suppliers but also changed their business models and competitive landscape.

 It has become imperative for automotive stakeholders to be proactive toward the implementation of disruptive technologies within their business processes. Blockchain technology is undoubtedly going to be a highly integral part of the connected mobility and smart infrastructure ecosystem. Blockchain thus presents the promise to transform a host of industries by making processes more autonomous, secure, transparent, and efficient. Innovators, entrepreneurs, established companies, and investors, are all acknowledging the vast potential of this futuristic technology.

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