Blockchain in Manufacturing Market to Reach $17 Billion by 2027

Strategic Insights -

The global blockchain in manufacturing market, which valued at $717.6 million in 2021, is projected to reach $17,047.8 million by 2027, exhibiting a compound annual growth rate (CAGR) of 66.40% during 2022-2027. This growth is driven by the increasing adoption of blockchain technology in the manufacturing sector to streamline operations, gain visibility into the supply chain, and track assets with unprecedented precision. Companies such as Accenture, AMD, Amazon, Infosys, Intel, IBM, Microsoft, Oracle, SAP, and Wipro are investing heavily in blockchain technology to produce smart home solutions, reducing lead times and lowering production costs.

Key Takeaways:

  • The global blockchain in manufacturing market is expected to grow at a CAGR of 66.40% during 2022-2027, driven by the increasing adoption of blockchain technology in the manufacturing sector.
  • The market is projected to reach $17,047.8 million by 2027, with key players investing heavily in blockchain technology to streamline operations and reduce costs.
  • Industry 4.0 and technological advancements in manufacturing are driving the growth of the market, with key players working on implementing smart contracts and utilizing blockchain for payments and digital identities.
  • Companies such as Accenture, AMD, Amazon, Infosys, Intel, IBM, Microsoft, Oracle, SAP, and Wipro are already utilizing blockchain technology in their manufacturing processes.
  • The market is expected to be driven by the use of blockchain in logistics and supply chain management, counterfeit management, quality control and compliance, and other applications.
  • Suppliers are integrating IoT sensors with blockchain to create a tamper-proof record of shipping conditions on cargo containers, further driving the growth of the market.

Statistics:

  • The global blockchain in manufacturing market was valued at $717.6 million in 2021.
  • The market is projected to reach $17,047.8 million by 2027, exhibiting a CAGR of 66.40% during 2022-2027.
  • Industry 4.0 and technological advancements in manufacturing are expected to drive the growth of the market, with investments in blockchain technology reaching $17 billion by 2027.

Sources:

  • ResearchAndMarkets.com's report "Blockchain in Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027"
  • M2 PressWIRE's article "The Worldwide Blockchain in Manufacturing Industry is Projected to Reach $17 Billion by 2027"