Blockchain in Manufacturing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global spending on the blockchain by the manufacturing sector was valued at USD 546.53 million in 2020, and it is expected to reach a value of USD 16,243.22 million by 2026, registering a CAGR of 76.26% over the forecast period 2021 -2026. When compared to several industries, such as the financial services sector, healthcare sector, etc., the adoption of blockchain technologies in the manufacturing sector is considerably low. The dynamic nature of the market and significantly high costs of the blockchain technology services and solutions have limited the penetration of blockchain solutions in the manufacturing sector.
Key HighlightsThe blockchain in the manufacturing market is consolidated owing to the presence of limited established and recognized vendors across the industry domain. Also, the blockchain technology is not yet widely adopted in the manufacturing industry, hence, not many vendors are available to provide the technology for the manufacturing industry, since, the market is in the nascent stage, the manufacturers are continuously investing in the new technology to capture the maximum market share.
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