Automotive blockchain market
“The Business Research Company recently published a comprehensive report on the global automotive blockchain market size and trend analysis with forecasts from 2024 to 2033. This latest market research report It provides a wealth of valuable insights and data such as , regional share, competitors, etc.” It also covers current trends, future opportunities, and important data to succeed in the industry.
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According to The Business Research Company, the automotive blockchain market size has grown rapidly in recent years. It is expected to grow from $460 million in 2023 to $570 million in 2024, at a compound annual growth rate of 22.5%. Growth during this historic period has been driven by an increase in mobility services, increased use of ride-sharing and car-sharing services, increased focus on reducing data breaches and tampering, the need for standardized and secure transactions, and overall This can be attributed to lower cost of ownership.
The automotive blockchain market size is expected to grow rapidly in the coming years. It is expected to grow to $1.28 billion by 2028 at a compound annual growth rate (CAGR) of 22.7%. The growth in the forecast period is attributed to the increase in vehicle production processes, supply chain issues to improve efficiency, contribution to cost reduction and increase in transparency levels, widespread use of blockchain technology, transparency and tamper-proof records. Then it is considered. Key trends during the forecast period include integration with existing systems, increasing adoption of automotive blockchain in payments, integration and adoption of blockchain solutions, and increasing market capitalization of cryptocurrencies.
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Market drivers and trends:
The increase in automobile production processes is expected to drive the growth of the automotive blockchain market in the future. The demand for automotive blockchain is driven by the need to enhance supply chain transparency, quality assurance, fraud prevention, data security in vehicle production, operational efficiency, and trust across the automotive ecosystem. In vehicle production, automotive blockchain can be used to improve supply chain transparency, quality control, and fraud prevention while enabling process automation and secure data sharing between stakeholders, ultimately Improve efficiency and reliability of vehicle production. For example, in January 2022, the International Energy Agency (IEA), an intergovernmental organization based in France, estimated that sales of electric vehicles will almost double from 3 million in 2020 to 6.6 million in 2021. It accounted for almost 9% of total sales. It will also increase by 4 percentage points in 2021, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increase in automobile production process is driving the growth of the automotive blockchain market.
Leading companies operating in the automotive blockchain market are focusing on implementing blockchain solutions such as blockchain network management platforms to increase supply chain transparency and streamline operational efficiency. Blockchain network management platforms are tools and services designed to facilitate the deployment, monitoring, and maintenance of blockchain networks. For example, Blockedge Technologies Inc., a US-based technology company, launched blockchain-as-a-service (BaaS) for the automotive supply chain in October 2021. The platform is designed to facilitate seamless blockchain adoption with minimal coding effort and leverages Blockedge’s extensive cloud expertise to provide a comprehensive solution for deploying multi-cloud and multi-chain networks. We provide solutions.
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• Comprehensive market insights: Stakeholders have access to detailed market statistics, trends, and analysis that help them understand the current and future status of the industry.
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• Competitive Advantage: Detailed competitor analysis and market share information allows stakeholders to identify opportunities to outperform the competition.
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• Global Perspective: The report covers different regions and markets, offering a broad perspective that helps stakeholders expand and succeed in their businesses globally.
Major key players in the market:
Amazon.com Inc., Microsoft Corporation, Dell Inc., Accenture* plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Hewlett Packard Enterprise Development LP, Salesforce Inc., NEC Corporation, VMware Inc., Red Hat Inc. , OpenText Corporation, Rackspace Technology Inc., Lumen Technologies Inc., Zoho Corporation, Epicor Software Corporation, carVertical, BigchainDB GmbH, NXM Labs Inc., ShiftMobility Inc.
Key insights of the automotive blockchain market in 2024:
• The automotive blockchain market size is expected to grow rapidly in the coming years. It is expected to grow to $1.28 billion by 2028 at a compound annual growth rate (CAGR) of 22.7%.
• Increasing automobile production drives automotive blockchain market growth
• Revolutionize the automotive supply chain with an innovative platform
• North America will be the largest region for automotive blockchain market in 2023
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