Blockchain in Manufacturing Market – Growth, Trends, and Forecast (2020

New York, April 09, 2020 (GLOBE NEWSWIRE) — announces the release of the report “Blockchain in Manufacturing Market – Growth, Trends, and Forecast (2020 – 2025)” –
26% over the forecast period 2020 -2025. When compared to several industries, such as the financial services sector, healthcare sector, etc., the adoption of blockchain technologies in the manufacturing sector is considerably low. The dynamic nature of the market and significantly high costs of the blockchain technology services and solutions have limited the penetration of blockchain solutions in the manufacturing sector.

– However, as the global manufacturing output is stabilizing, the demand for blockchain solutions in the manufacturing sector, especially from large scale operators, is increasing rapidly. According to UNIDO, the world manufacturing value-added increased by 3.6% in 2018, with the leading countries being China, the United States, Japan, Germany, Republic of Korea, India, Italy, France, United Kingdom, and many more.
– The manufacturing industry is also on the verge of technological advancements with the shift from pure mechanics or electromechanics to mechatronics, which is, in turn, increasing the scope for automation. Such developments in manufacturing are diminishing boundaries of domains and increasing the influence of IT and electronic.
– With the advent of IoT in industrial space, combined with Industry 4.0, is further influencing the adoption rates in manufacturing space. For instance, according to Microsoft’s 2019 Manufacturing Trends report, the Industrial IoT is poised to have a significant impact on manufacturing, along with the global economy; this is expected to create USD 15 trillion of global GDP by 2030. Additionally, projected IoT spending is expected to surpass USD 1 trillion in 2020.
– Players in the manufacturing sector are leveraging this technology to produce smart goods. For instance, in…

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