The global blockchain in automotive market size is expected to reach USD 4.5 billion by 2026, at a significant growth rate of 27% during the forecasted period 2019 to 2026.
The blockchain is a distributed database of records of all the transactions and payments which are executed by the different parties. The blockchain contains a certain and verifiable record of every single transaction ever made. Blockchain makes transfer of data, assets, and money safe, secure and transparent. The blockchain contains a certain and verifiable record of every single transaction ever made. The blockchain technology is an innovative and vital technology as it stands as the proof of all the transactions on the network. It creates a chain of all blocks stored in the system. The blockchain technology helps to maintain a complete database of all addresses and their balances from the origin blocks to the most recent blocks, which is the crucial factor for driving the growth of the market.
The market for automotive blockchain is driven by the increased focus on reducing data leaks and manipulations. In addition, the ease of faster transaction also augments the growth of global blockchain in automotive market. Moreover, the reduced operational cost further boosts the growth of global blockchain in automotive market. However, stringent or uncertainty in government regulations may slow the growth of the global blockchain in automotive during the forecasted period.Also, the uncertainty associated with privacy, control, and security further hinders the growth of global blockchain in automotive market. Furthermore, limited scalability and lack of technical experts also hampers the market growth. Nevertheless, increased adoption of blockchain technology in automotive industry for logistics, insurance, and payments offers lucrative growth opportunities for global blockchain in automotive market.
A number of companies are involved in the market. Many players have adopted different strategy for the development of the market. For instance, CarBlock, a data protocol which focuses on logistics, invested in blockchain technology in last couple of years. The company has also developed a data protocol that uses blockchain for the protectionof user’s privacy. Similarly, IBM and VMware, Inc. launched new technology to increase the acceptance of enterprise hybrid cloud.In addition, Ares Tech and BigchainDB collaborated in order to develop a prototype for a blockchain based gaming platform.
The market research study on “Blockchain in Automotive Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global blockchain in automotive market. The report also analyzes the key players operating in blockchain in automotive market and identifies the key strategies deployed by them along with the market share of leading players.
The global blockchain in automotive market is segmented as below:
Blockchain in Automotive Market by Application
Blockchain in Automotive Market by Provider
Blockchain in Automotive Market by Mobility
Blockchain in Automotive Market by Geography
The global blockchain in automotive market is segmented by application, provider and region.
On the basis of application, the market is segmented into financing, mobility solutions, smart contract, and supply chain. Mobility solutions are anticipated to register the highest growth during the forecast period owing to the booming shared mobility industry, and upsurge in the consumer preference for advanced mobility services.
Based on provider, the market is segmented into application & solution, middleware, infrastructure & protocol. On the basis of mobility, the global blockchain in automotive market is segmented into personal, shared, and commercial.
Geographically, blockchain in automotive market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America is one of the leading markets across the globe owing to owing to the increasing spending in various sectors, well developed technology and awareness among the people about the blockchain technology. Europe commands for the second largest market, which is attributed due to high acceptance of the blockchain technology and availability of huge investment.
Asia Pacific is projected to witness with the highest growth in next couple of years owing to the robust automotive industry. The primary application of blockchain technology in automotive industry in Asia-Pacific is in supply chain, finance, manufacturing, safety & security, payments and insurance services industry. The region is expected to witness massive demand for the blockchain technology from automotive industry owing to government initiatives to encourage blockchain technology along with the growing acceptance of blockchain for digital identities, payments and smart contracts. Furthermore, funding from government to support blockchain technology is also anticipated to augment the development of theblockchain in automotive market in the region.
The LAMEA holds the least share in the market due to presence of poor economy countries in Africa region. Middle East holds the major share in the Middle East & Africa market owing the presence of the well-developed economies like Kuwait, Qatar, Oman, and others.
Some of the key players in the global blockchain in automotive market Accenture PLC, carVertical, include IBM Corporation, Microsoft Corporation, Helbiz Mobility System PTE Ltd., BigchainDB GmbH, Tech Mahindra Ltd., ShiftMobility Inc., ConsenSys, Context Labs BV, Mesosphere Inc.Ethereum, Factom Inc., Ripple Labs Inc., and XAIN AG.