The global automotive blockchain market is anticipated to grow with 45.01% CAGR during the forecast period 2019-2027
LONDON, Nov. 27, 2018 /PRNewswire/ — KEY FINDINGS
The blockchain is an encrypted, distributed database that records data, or rather it is a digital ledger that monitors transactions, contracts, etc. that are to be recorded independently and can be accessible across thousands of computers. The association of blockchain and automotive technologies provides exciting solutions to the connected car industry which is expected to drive innovative solutions across the entire automotive ecosystem. The global automotive blockchain market is anticipated to grow with 45.01% CAGR during the forecast period 2019-2027.
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MARKET INSIGHTS
Elimination of costs associated with the third-party payments like the servicing fees & reduction in extra costs is mainly driving the global market for automotive blockchains.Regardless of the fast-growing adoption of the blockchain technology in various major industries of the automotive sector, it is still in its nascent phase and lacks standardization in terms of technology and network infrastructure.
So, the compliance and regulatory issues are yet to be defined for its financial applications.
REGIONAL INSIGHTS
The global automotive blockchain market is geographically segmented by North America, Europe, Asia Pacific and the countries from the Rest of the World.In 2018, the majority of market share was captured by the North American region in the global automotive blockchain market by geography.
North American region contributed xx% of market share in 2018 & is estimated to contribute the majority of share to remain at xx% in 2027 as compared to 2018. The fact that this adoption of automotive blockchain technology can help to cater to the diverse needs of the consumer with the help of the immutable ledger.
The Asia Pacific region is projected to be the fastest growing region in the market during the forecast period 2019-2027 because of the surging trend of government efforts to promote adoption of blockchain for payments, digital identities and smart contracts.
COMPETITIVE INSIGHTS
The market has several contending companies and some of the key players involved in global automotive blockchain market are International Business Machines Corporation (IBM CORP.), BigchainDB GmBH, ConsenSys, Context Labs BV, Factom Inc., Mesosphere Inc., Oaken Innovations, Project Provenance Ltd, Reply SPA, Ripple Labs Inc., Xain AG, Microsoft Corporation, Infosys and Wipro Limited.
Companies mentioned
1. INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM CORP.)
2. BIGCHAINDB GMBH
3. CONSENSYS
4. CONTEXT LABS BV
5. FACTOM INC.
6. MESOSPHERE INC.
7. OAKEN INNOVATIONS
8. PROJECT PROVENANCE LTD
9. REPLY SPA
10. RIPPLE LABS INC
11. XAIN AG
12. MICROSOFT CORPORATION
13. INFOSYS
14. WIPRO LIMITED
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