According to a new report by BIS Research, the blockchain in the Automotive and Aerospace & Aviation Market is projected to reach $20.62 billion by 2029, growing at a CAGR of 60.35% during the forecast period. Driving the market for blockchain in these industries are factors such as reduced risk of fraud, faster transaction of settlements, and lower transaction costs.
The BIS report addresses the valuation of the global blockchain in automotive and aerospace and aviation market in 2018 and how the market is expected to perform over the next ten years. It considers which factors are likely to boost or restrain growth and adoption of blockchain during the forecast period.
Blockchain offers the promise to transform industries by making processes more efficient, secure, autonomous, and transparent. Stakeholders are realizing its vast potential and the need to be proactive about implementing it. Aerospace and automotive industries are no exception.
Automotive Industry Benefits
Blockchain has much to offer the automotive industry when it comes to supply chain management, manufacturing processes, finances, smart insurance, telematics, and vehicle safety.
Aerospace & Aviation Market Benefits
In the aerospace and aviation market, companies that embrace the power of a block-chain enabled ecosystem will experience many benefits. For example, a more accurate view of the configuration and maintenance history of a plane could reduce losses and costs, boost availability and increase the value of a plane in the secondary market.
Airlines and air cargo carriers stand to reap the benefits of increased aircraft availability. Through improved parts traceability and the ability to create innovative revenue models, other participants in the ecosystem will also benefit.
For example, a manufacturer of electric motors like www.arcsystemsinc.com, which provides the aerospace industry with high-precision AC and DC motors stands to gain residual advantages from the many aerospace companies they serve. Maintenance companies also primed to benefit, as well as tech startups that are working on traceability, outsourcing, and air-traffic control solutions.
A Thorough Analysis
The BIS market report provides a market size for blockchain in automotive and aerospace and aviation from an optimistic, realistic, and pessimistic perspective. It analyzes recent trends influencing the market, as well as future trends and developments. A competitive analysis of all the leading players in the industry is included. It also provides profiles of about 18 well-known companies.
The report draws upon insights from in-depth interviews of key opinion leaders. It identifies current use cases and looks at key players involved in the growth of the blockchain in these industries. Additionally, it examines different types of blockchain such as private, hybrid, and public blockchains. Different regions, including North America, Europe, Asia-Pacific and the rest of the world are covered.
Blockchain’s decentralized, consensus-based, immutable nature makes it a perfect fit to help overcome challenges faced in the automotive and aerospace and aviation industries. Innovators are just starting to scratch the surface of blockchain adoption in these sectors, and a long road of transition likely lies ahead.