The automotive blockchain market is projected to demonstrate a tremendous growth by the end of the projection period. Incessant investments in autonomous and connected vehicles and the operational efficacy that blockchain technology provides are steering the demand for automotive blockchain technology across the globe. During the outbreak of COVID-19, the automotive industry has witnessed steep declines in production as well as sales of vehicles. This led to subsequent deceleration in revenue growth rate. However, as the automotive industry swiftly rebounds after undergoing a period of stagnation, the demand for automotive blockchain technology is expected to rise exponentially.
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Revolution of Design and Production Development in Automotive Industry Boosts Automotive Blockchain Market
Recently, blockchain technology has been finding its applications in the car manufacturing space. Improved supply chain management and better maintenance of records and information of vehicle parts and components are key applications of blockchain technology. This eventually serves Original Equipment Manufacturers (OEMs) with vehicle recall and service, identification of counterfeit products, and ensures that customers have superior quality of products & services.
Although the uncertainty over regulations might pose some hurdles for the automotive blockchain industry, increased focus on reducing data manipulation holds a promising future for the automotive blockchain industry. On the whole, calls for brisk business transactions, reduced operational costs, and better-quality control are propelling significant gains across the automotive blockchain market.
Automotive Blockchain Technology Augurs Well for Decentralized P2P Car Rentals
Revolutionizing advancements in technology have left no industry untouched. The automobile sector is set to turn this cutting-edge technology to its account. The blockchain technology application oscillates well around the car leasing and rentals niche and provides remunerative opportunities for potential growth and development. The report suggests that the players in the automotive field are eagerly capitalizing on autonomous and connected vehicles, along with diverse mobility services such as vehicle rental, hailing, pooling, and leasing by the end of the forecasted period. Blockchain technology provides complete control to rental companies over the fleet management, vehicle maintenance, and cleaning, etc. of their vehicles.
Automotive Blockchain Technology is Counting on its Reliability and Security Quotient
The automotive blockchain technology provides a reliable and secured environment that enables healthy peer-to-peer sharing of vehicles. It provides a digital platform to car owners where they can register the end-users and sign contracts online. The contract provides the end-users with clear terms and conditions, rules, and regulations, that are needed to be agreed upon before opting for services. This promotes the safety and transparency of services and their usage. Besides, as vehicle accidents continue to rise, blockchain technology is anticipated to eliminate the redundant steps taken by customers while claiming insurance. Consequently, blockchain technology foresees significant elevation in demand for application across smart finance solutions.
Asia Pacific Demonstrates Higher Growth Potential & Lucrative Opportunities
The automotive blockchain market is anticipated to flourish across the regions of Asia Pacific. The emerging economies of India and China are booming with the presence of key players and high growth potential. China garners the top position in vehicle production, is a leading producer and exporter of automotive components. Strategic collaboration between OEMs and technology companies are key agenda for the development of the automotive blockchain market in the APAC.
Globally, prominent companies operating in the global automotive blockchain market are IBM, Microsoft Corporation, Tech Mahindra, Shift Mobility Inc., BigchainDB GmbH, XAIN, and carVertical.
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Market Overview:Market Research Future (MRFR) in the new report on the “Global Automotive Blockchain Market 2020”, states determiners and restrains on the market.
This method is also helpful in affective data storage and management.
The data is stored in the blockchain, which includes multiple authentications at many stages that help is saving the data from surprize data breach acts.
As the demands and usage of advanced technologies are increasing, the companies are regularly developing the systems to meet the increasing demands for automotive blockchain systems.With the rapid digitalization, cyber-attacks have also surged, which has forced the authorities to introduce rules for data and information security.
Apart from the uses and features, the global automotive blockchain market is facing problems against the high overall system costs and presence of other blockchain systems in the market, which has considerably reduced the market growth rates.Automotive Blockchain Market@ https://www.marketwatch.com/story/automotive-blockchain-market-2020-expected-to-showcase-extensive-growth-business-opportunity-future-scope-and-rising-demand-by-top-vendors-ibm-microsoft-bigchaindb-2020-11-24?siteid=bigcharts=bigcharts The prominent players in the global automotive blockchain market include IBM Corporation (US), Microsoft Corporation (US), BigchainDB GmbH (Germany), carVertical (Estonia), Helbiz (US), ShiftMobility (US), RSK Labs (Argentina), Tech Mahindra (India), HCL Technologies (India), and XAIN (Germany).
Market Breakdown: The global automotive blockchain market is segmented into several categories mentioned below:The global automotive blockchain market is segmented into a closed blockchain, open blockchain, hybrid blockchain, and others based on technology.The global automotive blockchain market is characterized by application & solution providers, middleware providers, and others based on service providers.The market is divided among commercial and personal vehicle segments based on vehicle categories.The global automotive blockchain market is segmented into contractors, financing, and others based on applications.Get Free Sample Report@ https://www.marketresearchfuture.com/sample_request/7735Regional Classification:The global automotive blockchain market has gained global adoption worldwide due to the demands for data security, faster transaction procedures, and accuracy in the data storage & management.
The global automotive blockchain market is predicted to have an admirable growth at an impressive 21% CAGR over the estimated years (2018-2025).
Blockchain has impacted almost every domain and vertical of the industry and this also includes the automobile sector.
Various automotive industry operations with the help of blockchain technology such as servicing of vehicles, finance, selling, marketing, distribution, production and design will become flexible which in turn will contribute effectively to the automotive industry growth.
These factors as stated by the Market Research Future (MRFR) report include growing demand for immutability and transparency in complex automotive ecosystems, testing of blockchain use cases in various automotive applications, increasing emphasis on reducing data leaks or data manipulations, decreased overall cost of ownership and faster transactions.
On the contrary, lack of technical expertise, limited scalability, concerns associated to privacy, security and control and uncertain government regulations are factors that may restrict the automotive blockchain market growth over the estimated years.Market SegmentationMRFR report offers a wide segmental analysis of the automotive blockchain market on the basis of application, technology type, provider, vehicle type and propulsion.Based on technology, the automotive blockchain market is segmented into hybrid blockchain, consortium blockchain, closed blockchain and open blockchain.Based on application, the automotive blockchain market is segmented into mobility solutions, financing, supply chain, smart contracts and others.
Of these, mobility solutions will have the largest share in the market over the estimated years.Based on provider, the automotive blockchain market is segmented into application and solution provider, infrastructure and protocols provider and middleware provider.
The Global Automotive Blockchain Market research report offers accurate insights for the growth prospects of the Automotive Blockchain market in the forecast years 2020-2027.
The report is an all-inclusive study of the Automotive Blockchain market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Automotive Blockchain industry as global supply chains have been disrupted, and the financial scenario is tight.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/2450Scope of the Market Report:The report offers a holistic overview of the Automotive Blockchain industry that offers all the essential information.
The report is formulated by extensive primary and secondary research and backed by the verified data from industry experts and professionals.
A new market research report on Global Automotive Blockchain Market has been recently published by Reports and Data that offers a comprehensive evaluation of market report.
The report aims to provide an accurate insight into the current and emerging trends of the market.
In addition, the report covers technological developments, market value analysis, volume, micro and macro-economic factors affecting the growth of the market.The research study comprises of vital information focusing on major market trends and estimated revenue growth rate.
Additionally, the report highlights the market competition including the portfolios and strategic alliances and endeavors of the key competitors.
The report also offers key insights about top companies in the market along with their company overview, business expansion plans, financial standing, production and manufacturing capacity, and global position.Key companies operating in the market include: IBM (U.S.), Accenture (Ireland), Microsoft (U.S.), CarVertical (Estonia), Helbiz (U.S.), Tech Mahindra (India), HCL Technologies (India), Xain (Germany), NXM Lab (U.S.), Carblock (U.S.), Cube (South Korea), Context Labs (Netherlands), Shiftmobility (India), Bigchaindb (Germany), Dashride (U.S.), and Consensys (U.S.).Get a Sample Copy of this Report before you purchase free of cost!
@: https://www.reportsanddata.com/sample-enquiry-form/2450The report provides comprehensive details about the market with respect to overall revenue, sales and consumption, pricing trends, gross margins, growth rate, and market size.
