Blockchain In US Manufacturing Sector To Hit $500 Million By 2025 − Forecast
The application of blockchain technology in the US industry sector will boost tremendously from 2020 to 2025, according to ReportLinker's research.
The authors classify the use of technology in three directions: by application, end user, and territory. In particular, the end-user categorization further subdivides the use of blockchain for energy enterprises, automobile factories, pharmaceutical companies, the defense and space industry, textile, and a number of other sectors.
The analysts believe that a total value of blockchain in the manufacturing market will reach approximately $30 million by 2020 and will demonstrate further steady growth with an annual capitalization of 80%, totalling to more than half a billion dollars by 2025.
The key idea of the report is that blockchain will simplify maintenance of business, make it transparent, and eliminate intermediaries in supply chains.
Within the framework of the international Deloitte's survey, 74% of respondents confirmed that they believe that there is a “compelling business case” that encourages the use of blockchain. At the same time, 34% of respondents stressed that blockchain technologies are already being developed at some point and applied in their companies.
This trend is supported by the entry of crypto platform Zilliqa into the European financial market and the opening of its office in London.