OREGAON, PORTLAND, UNITED STATES, August 8, 2023/EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Automotive Blockchain Market by Application, Provider, and Mobility: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global automotive blockchain market is expected to value $428.57 million in 2020, and is projected to reach $5.6 billion by 2030, registering a CAGR of 29.3%.
North America is expected to dominate the market, followed by Europe, LAMEA, and Asia-Pacific. U.S. is expected to dominate the global automotive blockchain market share in 2020, and is projected to grow at a significant rate during the forecast period.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/6232
Automotive blockchain is used to keep a track of data for the processes related to automobile. This includes various processes such as smart contracts, IoT along with other processes involved in car sales, service, warranty claim processing, and other related processes. The automotive related data stored in a blockchain is authentic and cannot be hampered by the users of the system; thus, providing safer and securer data to its customers. Moreover, it helps the buyer and seller to avoid middlemen or third parties to involve in transactions or other processes. Automotive blockchain includes applications and solutions that are helpful for better functioning of the system. This includes a middleware acting as a bridge between the application and database for storing and retrieval of data. Various players operating across the globe have made innovations and developments in the field of automotive blockchain size ; thereby, offering variety of services to the vehicle users.
Various developments and innovations have been carried out by the top players in the software industry toward the development of blockchain, which supplement the growth of the global automotive blockchain market. Moreover, investments along with government initiatives in automotive blockchain industry have also supplemented the growth of the global market. In addition, various startups such as Xain, NXM Labs, Inc., and others have gained experience in the field of blockchain for vehicles, which increases the automotive blockchain market growth in their regions.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/automotive-blockchain-market/purchase-options
Blockchain system having application in various industries has proved useful in terms of storage of data without hampering the authenticity of data stored over the system. In addition, it provides several other features such as it eliminate the involvement of a middleman required for transactions, immutable data storage, and real-time processing. These features are expected to boost the growth of the automotive blockchain market analysis across the globe. Furthermore, it reduces the risk of data loss or data piracy , owing to data encryption that eventually leads to safety and security of the data.
𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘 :
Based on application, the supply chain segment will generate the highest revenue in 2020.
Based on provider type, the application & solution provider and middleware segments will be the highest revenue contributor in 2020.
Based on North America region, U.S. is anticipated to exhibit the highest CAGR during the forecast period.
Based on region, North America is expected to contribute the highest automotive blockchain market revenue in 2020, followed by Europe, LAMEA, and Asia-Pacific.
𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/6232
The key players analyzed in this report include Accenture, Carvertical, CarBlock, Helbiz, HCL Technologies, IBM, Microsoft, NXM Labs, Tech Mahindra, and Xain.
𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :
Automotive RADAR Market- https://www.alliedmarketresearch.com/automotive-radar-market
Drive-by-Wire Market- https://www.alliedmarketresearch.com/drive-by-wire-market
Automotive Telematics Market- https://www.alliedmarketresearch.com/automotive-telematics-market
Automotive AV And VR Market- https://www.alliedmarketresearch.com/automotive-ar-and-vr-market
Commercial Telematics Market- https://www.alliedmarketresearch.com/commercial-telematics-market