Report Highlights
Key Questions Answered in the Report:
- What was the valuation of the 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 is the adoption of blockchain expected to change in next ten years
- 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)
- Which are the key players involved in investing in, developing, or leveraging blockchain
Blockchain in Automotive and Aerospace & Aviation Market Forecast, 2019-2029
The blockchain in automotive and aerospace & aviation industry analysis conducted by BIS Research highlights that the market is projected to grow at a CAGR of 60.35% during the forecast period 2019-2029. As per the blockchain in automotive and aviation report depicts that the market was valued at $138 million in 2018.
The blockchain in automotive and aerospace & aviation technology is majorly driven by the factors such as transparency and removal of risk of fraud, reduce transaction cost and fast transaction settlements, and establishment of consortium and association.
However, factors such as lack of regulatory framework, infrastructure, and standardization and lack of technical expertise and awareness among the players operating in the automotive and aerospace & aviation market hinder the market growth. Moreover, factors such as transition from car ownership to Mobility-as-a-Service (MaaS) and increasing application of blockchain in the aerospace & aviation industry are expected to create numerous opportunities for the market growth.
Expert Quote on the Blockchain in Automotive and Aerospace & Aviation Market
“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.”
Scope of the Market Intelligence on Blockchain in Automotive and Aerospace & Aviation Market
The blockchain in automotive and aerospace & aviation market report is a compilation of different segments of the use of blockchain in automotive and aerospace & aviation market including market breakdown by application, type, and region. The report further takes into consideration the market dynamics and the competitive landscape. The study also discusses in detail about the key participants involved in the industry.
Market Segmentation
The finance, payments, and insurance services segment dominated the blockchain in automotive and aerospace & aviation market and is anticipated to maintain its dominance throughout the forecast period (2019-2029). This is mainly due to a rise in the complexity of 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 ecosystem are currently integrating blockchain solution. The manufacturing and supply chain segment dominated the blockchain in aerospace & aviation market. This is mainly due to a rise in the demand of aircraft owing to the growing aviation industry.
The private blockchain segment dominated the blockchain in automotive and aerospace & aviation market and is anticipated to maintain its dominance throughout the forecast period. This is mainly due to the advantages of private blockchain over public and hybrid blockchain such as highly secured, permissioned network, and higher speed. In terms of growth, the hybrid blockchain market is anticipated to be the segment with the highest potential and is expected to register the highest CAGR of from 2019 to 2029.
Region-wise, North America dominated the blockchain in automotive and aerospace & aviation market and is anticipated to uphold its dominance throughout the forecast period. The blockchain in automotive and aerospace & aviation market in North America is majorly driven by factors, such as growing number of autonomous vehicles, connected vehicles, intelligent transportation system, and MaaS industry. Additionally, the growing blockchain market is also pushed by the increasing aviation industry in the region.
Key Companies Operating in the Blockchain in Automotive and Aerospace & Aviation Market
The key players in the blockchain in automotive and aerospace & aviation market include 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."
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.
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