GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET FORECAST 2019-2027

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GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET FORECAST 2019-2027

A blockchain technology is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data (generally represented as a Merkle tree root hash). Blockchain technology is one such instrument that has the potential to underpin the upcoming technological transformation and place the automotive stakeholders at a position from where they can adapt to this paradigm shift.

GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET FORECAST 2019-2027

Automotive Blockchain Market by Blockchain Type (Public, Private, Hybrid) by Application (Manufacturing, Supply Chain, Safety & Security, Finance, Payment & Insurance Services, Other Applications) & by Geography.

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A blockchain technology is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data (generally represented as a Merkle tree root hash). Blockchain technology is one such instrument that has the potential to underpin the upcoming technological transformation and place the automotive stakeholders at a position from where they can adapt to this paradigm shift.

Global automotive blockchain market is anticipated to grow with 45.01% CAGR during the forecast period 2019-2027. The base year considered for the study is 2018 and the estimated period is between 2019 and 2027. The key factors that are responsible for the market advancement are:

  • Elimination of costs associated with the third-party payments & reduction in extra costs
  • The technology is more secured & cyber-attacks are easily prevented
  • Financial institutions are pouring funds to improve blockchain technology

However, the global automotive blockchain market is driven by the rapid increase in usage of blockchain technology in various industries. The automotive industry is witnessing a decent adoption rate of blockchain technology in recent years owing to the numerous advantages of this technology. The automotive industry has been at the forefront of technological developments and advancements over the years. Several application verticals have adopted the blockchain technology within the automotive industry, such as financial services, identity & authentication, government services and supply chain & manufacturing, among others. The increasing use cases of blockchain technology are expected to propel the rate of adoption of blockchain in the automotive sector.

In terms of application segment, manufacturing segment is the fastest growing market in terms of revenue with around XX% market share in 2018. The blockchain possesses a lot of opportunities for the automotive manufacturing process and has the potential to drive the next wave of innovation for manufacturing value chain. Smart contracts can improve the overall process by reducing costs and enhance the cooperation and trust across the value chain. Major issues such as the management of the production and product recalls can be catered to with the help of this technology. Blockchain enables transparency between manufacturers and suppliers which improves the overall process. Value chains in automotive manufacturing are very complex, and the trade of even a single component may involve multiple organizations across various geographies.

As the use of blockchain technology is growing rapidly, it will also have some hindrances associated with it. Some of them are compliance and regulatory issues associated with blockchain technology, amount of energy consumptions related to the blockchain technology, lack of awareness about blockchain technology in the market, lack of skilled professionals and lack of storage capability. The lack of awareness of blockchain and its applications is the principal challenge hindering the widespread adoption of the technology. Although the digital ledger technology has demonstrated immense potential in transforming an array of industries, the general populace remains either unaware of its existence or unconvinced of its ability to improve security and privacy issues. While various initiatives and ventures have been undertaken in the financial sector to leverage the technology to streamline processes, other sectors have not received enough interest.

The report on global automotive blockchain market includes segmentation by type, application and regions.

Type is sub-segmented into:

  • Public
  • Private
  • Hybrid

The application is sub-segmented into:

  • Manufacturing
  • Supply chain
  • Safety & security
  • Finance, payments and insurance services
  • Other applications

This report covers the present market conditions and the growth prospects of the global automotive blockchain market for the forecast period of 2019-2027. The report considered the revenue generated through the sales of automotive blockchain technology by types, as to calculate the market size by considering 2018 as the base year.

Geographically, the global automotive blockchain market has been segmented on the basis of four major regions, which includes:

The regional structure of Automotive Blockchain Market is dominated by North America region by capturing largest market share in terms of revenue of XX% in the year 2018. In North America, the automotive industry is regarded as one of the more cutting-edge sectors that often leads the way for new technologies such as artificial intelligence and autonomous systems. Car manufacturers have been quietly picking up on the blockchain phenomenon, trying to figure out different ways in which they can utilize the immutable ledger to their different needs. BMW, Ford, Renault and General Motors are among the 30 companies in MOBI. MOBI was formed on 2nd May 2018 when four leading automobile manufacturers launched a joint venture with the help of those additional thirty companies. The group’s mission is to speed up the adoption of blockchain and change transportation, as well as make sure the industry is on the same page with use cases ranging from autonomous payments to ride-sharing, according to MOBI’s website.

On the flip side, Asia Pacific region is expected to surge with the fastest growth rate during the forecasted period. Asia Pacific automotive blockchain finds its applications primarily in manufacturing, supply chain, safety & security, finance, payments and insurance services sector. Asia-Pacific automotive blockchain market will be on surging trend owing to government efforts to promote blockchain technology along with the increasing adoption of blockchain for payments, digital identities and smart contracts. Moreover, government funding to support blockchain projects is also expected to boost the growth of the automotive blockchain market in the Asia Pacific.

The global automotive blockchain market includes segmentation on the basis of type, application and regions. Further, the type is sub-segmented into public, private & hybrid. & application is sub-segmented into manufacturing, supply chain, safety & security, finance, payments and insurance services & other applications.

The market has a number of players, and some of the key players involved in global automotive blockchain market are:

  • International Business Machines Corporation
  • Bigchain DB GmBH
  • Consensys
  • Context Labs BV
  • Factom Inc.

Company profiles of the prominent market players are discussed in detail. In November 2018, IBM and VMware, Inc. announced new offerings to help accelerate enterprise hybrid cloud adoption. This includes new IBM services offering to help migrate and extend mission-critical VMware workloads to the IBM Cloud, and new integrations to help enterprises to modernize applications with Kubernetes and containers. In September 2018, BigchainDB collaborated with Ares Tech to build a prototype for a blockchain based gaming platform. The BigchainDB based game asset management service will be one building block of Ares Tech’s scalable blockchain social gaming network. The gaming industry is full of digital assets: rewards, characters, unique items, and currencies to name a few. It’s an industry dominated by few centralized and non-transparent platforms which makes it a very interesting area for the application of blockchain. For example, recently, the BigchainDB 2.0.0b7 (Beta 7) has been released. It includes chain-migration elections and a new bug fix. BigchainDB 2.0 (not Beta) will be released once Tendermint 1.0 is released. Tendermint is expected to make breaking changes, so BigchainDB will have to be updated accordingly.

Key findings of the Global Automotive Blockchain Market:

  • New developments & increasing adoption of IOT in blockchain technology
  • Escalation of blockchain as a service
  • Demand for blockchain technology is rising amongst automotive industry
  • Elimination of costs associated with the third-party payments & reduction in extra costs
  • Blockchain technology is more secured & cyber-attacks can be easily prevented
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • NEW DEVELOPMENTS & INCREASING ADOPTION OF IOT IN BLOCKCHAIN TECHNOLOGY
      • ESCALATION OF BLOCKCHAIN AS A SERVICE
  1. MARKET DYNAMICS
    • ETYMOLOGY OF AUTOMOTIVE BLOCKCHAIN
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • DEMAND FOR BLOCKCHAIN TECHNOLOGY IS RISING AMONGST AUTOMOTIVE INDUSTRY
      • ELIMINATION OF COSTS ASSOCIATED WITH THE THIRD-PARTY PAYMENTS & REDUCTION IN EXTRA COSTS
      • BLOCKCHAIN TECHNOLOGY IS MORE SECURED & CYBER ATTACKS MAY BE EASILY PREVENTED
    • MARKET RESTRAINTS
      • COMPLIANCE AND REGULATORY ISSUES ASSOCIATED WITH BLOCKCHAIN TECHNOLOGY
      • AMOUNT OF ENERGY CONSUMPTIONS RELATED TO THE BLOCKCHAIN TECHNOLOGY
    • MARKET OPPORTUNITIES
      • FINANCIAL INSTITUTIONS ARE INFUSING FUNDS TO IMPROVE BLOCKCHAIN TECHNOLOGY
      • INCREASE IN NUMBER OF AUTOMOTIVE BLOCKCHAIN CONSORTIUMS AND ASSOCIATIONS
    • MARKET CHALLENGES
      • LACK OF AWARENESS ABOUT BLOCKCHAIN TECHNOLOGY IN THE MARKET
      • LACK OF SKILLED PROFESSIONALS
      • LACK OF STORAGE CAPABILITY
  1. MARKET BY BLOCKCHAIN TYPE
    • PUBLIC
    • PRIVATE
    • HYBRID
  2. MARKET BY APPLICATION
    • MANUFACTURING
    • SUPPLY CHAIN
    • SAFETY & SECURITY
    • FINANCE, PAYMENT & INSURANCE SERVICES
    • OTHER APPLICATIONS
  3. KEY ANALYTICS
    • PORTERS FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM CORP.)
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • BIGCHAINDB GMBH
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • CONSENSYS
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • CONTEXT LABS BV
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • FACTOM
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • MESOSPHERE INC.
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • OAKEN INNOVATIONS
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • PROJECT PROVENANCE LTD
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • REPLY SPA
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • RIPPLE LABS INC
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • XAIN AG
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • MICROSOFT CORPORATION
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • INFOSYS
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS
    • WIPRO LIMITED
      • OVERVIEW
      • PRODUCT PORTFOLIO
      • STRATEGIC INITIATIVES
      • SCOT ANALYSIS

 LIST OF TABLESTABLE 1. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY GEOGRAPHY, 2019-2027 (IN $ BILLION)

TABLE 2. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY BLOCKCHAIN TYPE, 2019-2027, (IN $ BILLION)

TABLE 3. GLOBAL PUBLIC BLOCKCHAIN MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 4. GLOBAL PRIVATE BLOCKCHAIN MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 5. GLOBAL HYBRID BLOCKCHAIN MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 6. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY APPLICATION, 2019-2027, (IN $ BILLION)

TABLE 7. GLOBAL MANUFACTURING MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 8. GLOBAL SUPPLY CHAIN MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 9. GLOBAL SAFETY & SECURITY MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 10. GLOBAL FINANCE, PAYMENT & INSURANCE SERVICES MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 11. GLOBAL OTHER APPLICATIONS MARKET, BY REGION, 2019-2027 (IN $ BILLION)

TABLE 12. OPPORTUNITY MATRIX

TABLE 13. VENDOR LANDSCAPE

TABLE 14. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY GEOGRAPHY, 2019-2027, (IN $ BILLION)

TABLE 15. NORTH AMERICA AUTOMOTIVE BLOCKCHAIN MARKET, BY COUNTRY, 2019-2027 (IN $ BILLION)

TABLE 16. EUROPE AUTOMOTIVE BLOCKCHAIN MARKET, BY COUNTRY, 2019-2027 (IN $ BILLION)

TABLE 17. ASIA PACIFIC AUTOMOTIVE BLOCKCHAIN MARKET, BY COUNTRY, 2019-2027 (IN $ BILLION)

TABLE 18. REST OF WORLD AUTOMOTIVE BLOCKCHAIN MARKET, BY REGION, 2019-2027 (IN $ BILLION)

LIST OF FIGURES

FIGURE 1. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY APPLICATION, 2018 & 2027 (IN %)

FIGURE 2. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY PUBLIC, 2019-2027 (IN $ BILLION)

FIGURE 3. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY PRIVATE, 2019-2027 (IN $ BILLION)

FIGURE 4. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY HYBRID, 2019-2027 (IN $ BILLION)

FIGURE 5. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY MANUFACTURING, 2019-2027 (IN $ BILLION)

FIGURE 6. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY SUPPLY CHAIN, 2019-2027 (IN $ BILLION)

FIGURE 7. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY SAFETY & SECURITY, 2019-2027 (IN $ BILLION)

FIGURE 8. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY FINANCE, PAYMENT & INSURANCE SERVICES, 2019-2027 (IN $ BILLION)

FIGURE 9. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, BY OTHER APPLICATIONS, 2019-2027 (IN $ BILLION)

FIGURE 10. PORTER’S FIVE FORCE ANALYSIS

FIGURE 11. GLOBAL AUTOMOTIVE BLOCKCHAIN MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 12. UNITED STATES AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 13. CANADA AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 14. UNITED KINGDOM AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 15. GERMANY AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 16. FRANCE AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 17. SPAIN AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 18. ITALY AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 19. REST OF EUROPE AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 20. CHINA AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 21. INDIA AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 22. JAPAN AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 23. AUSTRALIA AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 24. SOUTH KOREA AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 25. REST OF ASIA PACIFIC AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 26. LATIN AMERICA AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

FIGURE 27. MIDDLE EAST & AFRICA AUTOMOTIVE BLOCKCHAIN MARKET, 2019-2027 (IN $ BILLION)

  1. MARKET BY BLOCKCHAIN TYPE
    • PUBLIC
    • PRIVATE
    • HYBRID
  2. MARKET BY APPLICATION
    • MANUFACTURING
    • SUPPLY CHAIN
    • SAFETY & SECURITY
    • FINANCE, PAYMENT & INSURANCE SERVICES
    • OTHER APPLICATIONS
  3. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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