DUBLIN, June 18, 2019 /PRNewswire/ — The “Blockchain in Automotive and Aerospace & Aviation Market: Focus on Key Application and Types of Blockchain – Analysis and Forecast, 2019-2029” report has been added to ResearchAndMarkets.com’s offering.
The blockchain in automotive and aerospace & aviation industry analysis highlights that the market is projected to grow at a CAGR of 60.35% during the forecast period 2019-2029. As per the blockchain in automotive and aviation report depicts that the market was valued at $138 million in 2018.
The blockchain in automotive and aerospace & aviation technology is majorly driven by the factors such as transparency and removal of the risk of fraud, reduce transaction cost and fast transaction settlements, and establishment of consortium and association.
However, factors such as lack of regulatory framework, infrastructure, and standardization and lack of technical expertise and awareness among the players operating in the automotive and aerospace & aviation market hinder the market growth. Moreover, factors such as the transition from car ownership to Mobility-as-a-Service (MaaS) and increasing application of blockchain in the aerospace & aviation industry are expected to create numerous opportunities for market growth.
Expert Quote on the Blockchain in Automotive and Aerospace & Aviation Market
The finance, payments, and insurance services for automotive industry and manufacturing and supply chain for the aerospace & aviation industry is dominating the blockchain in automotive and aerospace & aviation market and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to complexity in the supply chain of the automotive industry, as the automotive ecosystem is highly connected, and therefore the issues of cyber threat increases. Additionally, to overcome the issues of lack of transparency and high cost of operation, players operating in the automotive and aerospace &…