Blockchain

How Much Will Blockchain be Worth in the Manufacturing Market by 2020?

A recent report by technology research company ReportLinker shows that blockchain technology in the U.S. manufacturing sector is expected to grow significantly from 2020–2025.

While preparing the report, the authors split blockchain usage by application, end use, and territory. The study then divided the blockchain in manufacturing market based on end use into energy and power, industrial, automotive, pharmaceuticals, aerospace & defense, food and beverages, textile and clothing, and other sectors.

According to the research, the blockchain in manufacturing market is expected to be worth $30 million by 2020 and grow at a compound annual growth rate of 80 percent to $566 million by 2025. Per the report, blockchain will simplify business processes and ensure transparency and immutability, while eliminating intermediaries in logistics and supply chains.

Despite the slump following the 2008 recession, MAPI forecasts that the U.S. manufacturing sector will fully regain all lost output by April 2019. The foundation projected an average growth rate of 2.8 percent for U.S. manufacturing from 2018–2021.

In August, Cointelegraph reported that Deloitte’s 2018 blockchain survey revealed that the technology is gaining significant traction at the executive level of enterprises across diverse industries. 74 percent of respondents to the survey said their executive team believes there is a “compelling business case” for the use of blockchain technology, with 34 percent saying that some form of blockchain deployment was already in development within their organization.

This article was originally published on the Cointelegraph website.

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