What is Blockchain In Automotive Market?
The global blockchain in automotive market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Transforming automotive industry propelled by introduction & future adoption of connected car infrastructure and growing demand for fluent & transparent transactions in the automotive supply chain industry are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness some decline in the growth during the next few years but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Public Bockchain, Consortium Blockchain and Private Blockchain), by Application (Supply Chain, Financing, Mobility Solutions, Smart Contracts and Others) and major geographies with country level break-up.
Accenture (Ireland), BigchainDB GmbH (Germany), CarBlock Corp. (United States), carVertical (United States), Consensys (United States), Context Labs (United States), CUBE INTELLIGENCE LTD (United Kingdom), Foamspace Corp (United States), Gem (United States), HCL Technologies (India), Helbiz (United States), IBM (United States), Microsoft (United States), NXM Labs, Inc. (United States), RSK Labs (Argentina), ShiftMobility Inc. (United States), Tech Mahindra Limited (India) and Xain (Germany) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry economic crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Blockchain In Automotive market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Blockchain In Automotive market by Type, Application and Region.
On the basis of geography, the market of Blockchain In Automotive has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Transforming Automotive Industry Propelled by Introduction & Future Adoption of Connected Cars
- Growing Demand for Fluent & Transparent Transactions in the Automotive Supply Chain
- Growing Adoption of Personal Mobility Across the Blockchain in Automotive Industry
- Implementation of IoT in the Blockchain Technology
- Short Term Restraint for the Market Due to Shutting Down of Operations & Process of Different Companies Across Different Parts of the World Due to COVID-19 Pandemic
- Rising Capitalization in Virtual Currency Industry
- Lack of Skilled Professionals
- Security & Privacy Concerns due to Fluctuations in the Virtual Currency
In May 2018, HCL Technologies announced that it has joined the Blockchain in the Transportation Alliance (BiTA), an organization dedicated to determining best practices and standards for Blockchain in the transportation industry.
Stringent Worldwide Government Regulations Regarding Shutting Down of Operations Leading to Reduced Transactions & Delayed Development of Blockchain Technology in Automotive Industry
The vendors are actively transforming with the industrial revolution based on the demand from automotive industry & developing new solutions to cater to the market's demands. For instance, in June 2018, Sprint and NXM LABS announced that they have combinely launched first 5G-Ready Connected Car platform which features IoT Blockchain Security.
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