2018-8-25 17:09 |
A new research report by BIS Research is increasing the hopes of people in the blockchain industry. The report, titled “Strategic Assessment of Blockchain in Automotive, Focus on Influencing Factors, Industry Trends, and Applications — Analysis and Forecast, 2018–2026,” highlights that the global market for automotive blockchains will register a compound annual growth rate (CAGR) of 65.80% till 2026.
Also, the industry’s size will grow to $1.6 billion during the forecast period. Scalability, reliability and the immutability of these digital ledgers are some of the reasons why the automotive industry is rushing to adopt blockchains.
Which Sectors Are Expected to Grow the Most?According to BIS senior analyst Haarish Ahmad, automotive financing, leasing, and insurance services will continue to dominate the blockchain application segment. In fact, the majority of the total revenue generated via automotive blockchains will be contributed by these three segments. The highest growth in the automotive blockchain market will be witnessed in the manufacturing process. Its expected compound annual growth rate (CAGR) till 2026 is 107.38%, which will be seen as more original equipment manufacturers incorporate blockchain technology into their operations and assembly lines.
The report also names the biggest players in the automotive blockchain market. IBM Corporation, R3, and Ethereum will be the top players in this sector, along with Ripple Labs Inc., Factom Inc., Mesosphere Inc., BigChain DB, Oaken Innovations and Reply SpA. Market players gobble up more shares in the industry via joint ventures, partnerships, and collaborations. In fact, the key players depend on partnerships to enhance their products and provide the most advanced technology solutions for their clients. They could use decentralized applications for making in-vehicle payments, settling insurance claims, handling logistics and managing supply chains, among other functions.
Other Reports Show Similar GrowthA recent report published by MarketsandMarkets also showed that the blockchain market would be experiencing heightened growth between 2018 and 2022. The report highlighted a CAGR of 79.6%, which could make blockchain a $7,683.7 million market by the year 2022. The most significant share of growth would come from the Asia Pacific region, while North America will continue to dominate the market because of its first mover advantage.
The report also suggests that large corporations will be making the biggest moves in the industry as they will have more significant resources for continuous research and development in this sector.
Global Automotive Blockchain Market to Register Explosive Growth: BIS Report was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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