As the end of 2018 is getting closer, it’s time to recap the performance of the blockchain market, which was promised to move from the phase of trials and explorations to the phase of real use cases. A recent report prepared by research firm Markets and Markets predicts the evolution of the blockchain technology in the manufacturing market by 2025. Thus, the report says that blockchain in manufacturing is predicted to be worth $30.0 million by 2020 and $566.2 million by 2025, generating a growth rate at CAGR of 80.0% from 2020 to 2025.
Some of the main drivers behind the blockchain expansion in the manufacturing industry will be operational technology (OT) and information technology (IT), the explosion in blockchain-related patent applications, the increase of investments from VC firms, increasing demand for real-time data analysis, especially in the supply chain management, and the need for innovative technologies in manufacturing. Supply chain management and logistics applications will dominate the market.
As for the distribution of blockchain expansion by region, the growth of this emerging technology in manufacturing will see the highest CAGR from 2020 to 2025 in the Asia Pacific region (APAC). Countries like Singapore, Australia, China, and India are noting a major increa...
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