A new report issued by the technology company ReportLinker is in the latest crypto news – showing that blockchain technology in the US manufacturing sector is about to grow substantially from 2020 to 2025, eventually reaching the $500 million margin.
While preparing the report, the authors split blockchain usage by application, end use, as well as territory. The study also divided the blockchain in manufacturing market based on its end use into energy and power, industrial, automotive, pharmaceuticals, aerospace and defense, food and beverages, textile and clothing as well as other sensors.
As the researchers noted, the blockchain technology in manufacturing is expected to be worth $30 million by 2020 and grow at a compound annual growth rate of 80% to $566 million by 2025. According to the report, blockchain will simplify business processes and ensure transparency and immutability while cutting down all the intermediaries in logistics and supply chains.
The authors also cited different factors that could drive the growth. The most important one of them according to them is the growth of blockchain-as-a-service (BaaS) and the similar solutions for businesses – as well as the significant increases in venture capital investment and Initial Coin Offerings (ICO).
Still, the report also pointed out to the uncertain regulatory landscape and the absence of a uniform set of standards which are holding back the growth of the blockchain in the manufacturing market.
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