Global automotive Blockchain market is expected to plummet market value to $ 5.6 billion in a decade
According to a study conducted by Research and Market, the global automotive Blockchain market is predicted to reach $ 430.57 million this year and is expected to have an incredible value of $ 5.6 billion by 2030, with a CAGR of 29.3%.
The automotive Blockchain system is expected to witness significant growth over the years
The automotive Blockchain is useful for data storage
The automotive Blockchain can be considered a continually expanding list of records (also known as blocks), which are linked together using cryptography. They are used to record and store data for subsequent automotive-related processes. This includes various processes such as smart contracts, IoT, along with other processes related to car sales, services, warranty claim processing, and other related processes.
Car-related data stored in a Blockchain is authentic and cannot be obstructed by system users, thus providing more secure and secure data to its customers. Moreover, it helps buyers and sellers avoid intermediaries or third parties involved in transactions or other processes. Therefore, significantly cut operating costs. Various startups like Xain, NXM Labs, Inc., and others are working in this area.
The automotive Blockchain includes useful applications and solutions for better operation of the system. This consists of an intermediary software that acts as a bridge between the application and the database for storing and retrieving data. Many active players around the world have made innovations and developments in the field of automotive Blockchain, thus providing many services to vehicle users.
Blockchain is expected to play a significant role in the transformation of the automotive industry in the coming years. The report says blockchain-based supply chains are expected to deliver the highest returns compared to other segments. North America is thought to generate the highest revenue, followed by Europe, LAMEA, and Asia-Pacific. In the west, the United States is expected to register the highest CAGR in a given period.
Although Blockchain itself can be used to improve many processes, technologies combined with AI, IoT, and big data are expected to have a more significant impact on the industry.
Major players in the market are focusing on the development and innovation of Blockchain, this complements the development of the automotive Blockchain market. Moreover, increasing investment, along with government initiatives in the automotive Blockchain industry spurs market growth.
Several factors, such as protection against data leakage and manipulation and reducing operating costs, spurred the development of the global automotive Blockchain market. However, uncertainty about regulations hinders the market growth. Moreover, higher adoption for better payment, logistics, and shipping and usage-based insurance is expected to provide a lucrative opportunity for market expansion.
The automotive Blockchain system is expected to witness significant growth over the years, thanks to increasing consumer awareness and increasing demand for better and more efficient data storage media, which can be accessed from anywhere.
The automotive Blockchain market is segmented based on applications, vendors, mobility, and regions. Based on the application, the market is divided into finance, mobile solutions, smart contracts, and supply chains. Depending on the vendor, it is categorized into applications and solutions, middleware, and infrastructure and protocols. By mobility, it is divided into personal, general, and commercial mobile.
Key players analyzed in the report include Accdvisor, Carvertical, CarBlock, Helbiz, HCL Technologies, IBM, Microsoft, NXM Labs, Tech Mahindra, and Xain.
Read more:
- The Korean National Assembly Passed A New Law So That Cryptocurrencies Are Now Legalized
- Blockchain Help Major Apparel Brands From Nike To Macy’s Better Share Product Data Across The Retail Supply Chain