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.
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.
The ongoing changes in the industry have led the study to incorporate a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the blockchain in automotive and aerospace & aviation market during the forecast period. The market numbers play an important role in the industry, following which proper market sizing and estimation by application, type, and geographical location have been undertaken for the study.
The report has skillfully identified the potential for further development in the form of product launches and development and business expansions, among others. The report includes a separate section for detailed competitive landscape. The recent activities by the key players in this market have also been tracked in the form of company profiles.
According to BIS Research analyst Eshan Hira, "The finance, payments, and insurance services for automotive industry and manufacturing and supply chain for 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 a complexity in supply chain of the automotive industry, as 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 & aviation ecosystem are currently integrating blockchain solution."
The market report provides a market size for blockchain in automotive and aerospace & aviation under three scenarios i.e. pessimistic, realistic, and optimistic. Moreover, the report covers a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, product overview, financial for public companies, and SWOT analysis.
The overall market has been segmented by application in automotive and aerospace & aviation industry and by blockchain type. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions, namely, North America, Europe, Asia-Pacific and Rest-of-the-World (RoW).
This report is a meticulous compilation of research on approximately 150 players operating in the ecosystem. Moreover, it draws upon insights from in-depth interviews of key opinion leaders of more than 25 leading companies, market participants, and vendors. The report also profiles around 18 companies, namely, IBM, Amazon.com, Inc., Accenture PLC, Microsoft Corporation, Bitfury Group Ltd., BTL Group Ltd., R3, Factom, Ethereum Foundation, Mesosphere Inc., Provenance Inc., XAIN AG, BigchainDB GmbH, Consensys Systems, Context Labs, Oaken Innovations, Productive Edge LLC, and Ripple Labs, which are the key contributors in the market.
Key Questions Answered in the Report
What was the valuation of the global blockchain in automotive and aerospace & aviation market in 2018 and how the market is expected to perform during the forecast period from 2019-2029?
Which factors are expected to boost and restrain the growth and adoption of the technology during the forecast period, 2019-2029?
How are the consortiums such as R3 and PTDL, participating in endorsing the blockchain technology in the market?
What are the currently identified use cases of blockchain technology?
How the rate of adoption of blockchain is expected to change in next 10 years?
Which are the key players involved in the growth of the blockchain in automotive and aerospace & aviation market?
How much revenue is expected to be generated by,
Different applications such as automotive and aerospace & aviation industry, during the forecast period from 2019 to 2029?
Different types including private, hybrid, and public blockchain of the market during the forecast period?
Different regions in which the market has been segmented such as North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW)?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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