Global Automotive Blockchain Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
“Global Automotive Blockchain Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz. The global automotive blockchain market report has been segmented on the basis of application, provider, mobility type, and region.
Global Automotive Blockchain Market: Overview
Blockchain permits shared access of data which is distributed and helps in maintaining the trust and confidentiality of the participants. Blockchain technology has impacted every industry and the automotive industry is no exception. Automotive blockchain has several advantages, such as overall reduction in the ownership cost, prompt transactions, and low data leaks and manipulations. Blockchain simplifies business processes and creates operational transparency and flexibility.
Global Automotive Blockchain Market: Dynamics
Blockchain technology is gaining importance in the automotive industry owing to advantages of blockchain such as usage-based insurance, logistics, transportation, and payment. Automotive blockchain technology is here to stay and is expected to grow at a considerable rate over the forecast period. Reduction in the overall cost of ownership cost, prompt transactions, and increasing focus on lowering data leaks and manipulation are among the major factors driving growth of the global market. Increasing requisite for stability and enhanced transparency in complex automotive operations, the automotive blockchain industry across the globe is growing at an increasing rate. In addition, an increasing rate of automobile production, coupled with an increasing expansion of the automobile industry is expected to augment growth of the global market. Growing demand for automobiles can be attributed to improving economic conditions, rapid urbanization, increasing disposable income among the population, which in turn is expected to fuel growth of the global automotive blockchain market over the forecast period.
However, uncertainty in government regulations, concerns related to security, control, and privacy, lack of technical expertise and limited scalability are some of the restraining factors that may have an impact on growth of the global market over the estimated time period.
Global Automotive Blockchain Market: Segment Analysis
On the basis of application, supply chain segment accounts for a maximum revenue share of the global market owing to the ability to restructure supply chain methods which will have a positive impact, especially quality control, regulatory, and compliance related practices. In developing economies, such as India and China, where conventional approaches for business transactions are followed, blockchain technology is estimated to play a significant role in streamlining the supply chain of the automobile industry. Moreover, increasing sales and production of automobiles necessitates supply chain monitoring, which is expected to drive demand for blockchain technology in the automotive industry.
Global Automotive Blockchain Market: Regional Analysis
North America market is currently dominating in the global automotive blockchain technology and is expected to continue its dominance over the forecast period, owing to the increasing production of automobiles and increasing expansion rate of automobile industries in the region. North America forms the base for prominent players such as General Motors, Ford Motor Company, Fiat Chrysler, etc., where blockchain technology plays a significant role in supply chain management. Sprint (which ranks fourth among the largest mobile network operator in the US) and NXM Labs (startup in the field of blockchain technology) have come into an agreement of launching a car platform powered by 5G network and blockchain technology that will provide passengers with vehicle health monitoring system and mobile Wi-Fi.
Global Automotive Blockchain Market Segmentation:
Segmentation by Application:
- Smart Contracts
- Supply Chain
- Mobility Solutions
Segmentation by Provider:
- Middleware Provider
- Infrastructure and Protocols Provider
- Application and Solution Provider
Segmentation by Mobility Type:
- Personal Mobility
- Shared Mobility
- Commercial Mobility
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Microsoft Corporation
- RSK Labs
- Consensys Systems
- Cube Intelligence Ltd.
- BigchainDB GmbH
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