A report prepared by the technology research giants, ReportLinker states that the manufacturing sector in the blockchain industry is expected to see significant growth from 2020-2025.
First and foremost, the market is expected to be worth USD 30.0 million by 2020 and USD 566.2 million by 2025, growing at a CAGR of 80.0% from 2020 to 2025.
The key factors driving the growth of this market include blockchain-as-a-Service (BaaS) solutions for enterprises; simplifying business processes and affording transparency and immutability; significant increase in venture capital investments and initial coin offerings (ICO); increasing demand for real-time data analyses, enhanced visibility, and proactive maintenance; increased emphasis on energy efficiency and cost of production; convergence of operational technology (OT) and information technology (IT); AI, IoT, blockchain and the future of manufacturing industry; and increase in global blockchain-related patent filings.
According to this report, blockchain will simplify business processes and ensure transparency and immutability, while eliminating intermediaries in logistics and supply chains. The report also listed a number of uncertainties that have been hindering the growth of the manufacturing industry all these while, linking it to the reason why the manufacturing industry traded for as low as 4.7% this year January, compared to December 2007.
The MAPI foundation also came out to forecast that ‘all lost output by the U.S. manufacturing industry will be regained by April 2019’, then a significant growth follows after.