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Blockchain in Automotive Market Estimated to Reach $840 Million Mark by 2026

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Blockchain in Automotive Market Estimated to Reach $840 Million Mark by 2026

April 22
16:30 2021
Blockchain in Automotive Market Estimated to Reach $840 Million Mark by 2026

Blockchain in Automotive Market
Organizations Set Up to Drive Adoption of BLockchain Driving the Growth of Blockchain in Automotive Market.

The global Blockchain in Automotive Market is estimated to surpass $840 million mark by 2026 growing at an estimated CAGR of more than 27.59% during the forecast period 2021 to 2026. Blockchain in Automotive Market is expected to grow at an exponential rate, providing exciting solutions for the connected car industry. The market will be driven by the growing demand for data management as the number of connected cars increase. The blockchain, a technology used in many financial organizations, e-commerce and industrial firms, is ready to be explored by car manufacturers, resellers, and insurers. However, few companies have proclaimed their readiness to research and implement its abilities in their business. In the long-term viewpoint, distributed ledgers has the ability to allow automotive corporations to reduce their outlays on file workflows, reduce fraud, ensure security for their digital ecosystem and boost their production. Owing to the use of blockchain in the automotive industry, it will be easier for corresponding companies to be compliant with regulatory requirements. With blockchain, the automotive sector can become more efficient and trustworthy. The technology is highly promising to bring continuous changes on an existing strategy through acquisition, or have a build, buy, and partner itinerary to continue growing.

Blockchain in Automotive Market Segment Analysis – By Type

Blockchain technology is rapidly developing field of research with the potential for diverse and innovation applications within finance and society of automotive industry. A majority of the market share is occupied by the private developing blockchain technology companies for the Automotive Industry are such as big corporations, SMEs, and leading start-ups. We see a higher percentage of corporations than usual, which can be explained given the mass-market potential of the industry. Recent findings say Microsoft has teamed up with Group Renault. The collaboration will deliver a blockchain app that saves all vehicular statistics to a streamlined, tamper-proof, and into secure digital car maintenance book. IBM has in recent times announced a partnership with Maersk, in order to generate an wide industry global trade digitization solution built on Blockchain, to transform global, cross-border supply chains.

Blockchain in Automotive Market Segment Analysis – By Application

Blockchain technology is rapidly progressing in the field of research with the potential for diversity and innovation application in automotive industry. Original equipment manufacturers (OEMs) are mapping connected cars, for real time monitoring, auditability, and scalability which are the key factors favoring blockchain technology market. Autonomous connected cars, vehicles built with cyber security have come together with the cause of organizing into IoT suppliers around the new era of blockchain powered cases. Based on block chain technology, the functional areas that lead in automotive industry are smart manufacturing, connected living, IoT and connected insurances.

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Blockchain in Automotive Market Segment Analysis – By Geography

Geographically, North America is the leading market in terms of adoption of blockchain technology in the automotive industry. The U.S. has the highest number of automotive companies that have adopted blockchain technology. Europe is the next leading marketplace, Germany leading the market in the adoption of high-technological-based cars. With automobiles becoming largely automatic and more software oriented, the automotive industry is entering a new age of digitization. In our field of vision, this is where the blockchain revolution can be a pivotal enabler of change.

Blockchain in Automotive Market Drivers

Shift to EVs driven by Blockchain

Moving toward digitization in electric cars has become more prevalent these days, due to its new machine functioning that includes energy providers, charging stations, automakers, parts suppliers and car owners. The blockchain platform is designed for this Machine-to-machine (M2M) economy. A Blockchain Mobility platform helps to become responsible towards maintaining new electric car products and services. This helps to build a healthy ecosystem culture to shift away from gas burning vehicles. Dealing with parts is one of the important challenges faced by companies in the automobile sector. Blockchain capabilities have appeared as the best possible solution to overcome this problem. Blockchain technology is making easier for the companies to identify and to substitute parts. In addition this brings transparency into the workflow of the system, and improves the overall pricing lines.

Organizations set up to drive adoption of BLockchain

In the US, there are many automotive companies that are adopting blockchain technology, followed by Germany and other countries. Tech vendors such as Ford, BMW, General Motors, and Renault presently are in partnership in exploring Blockchain Technology. Their participation is what now the largest automobile blockchain collaboration ever. Mobility Open Blockchain Initiative (MOBI) has partnership with the tech vendors mentioned above. The MOBI consortium will is set to explore many ways of blockchain to bring in effective use. The MOBI blockchain development will cover the vital issues in the wider tech world: suitable usage of data, the rise in IoT adoption, and of course Blockchain solutions for protect data against immutability. The Blockchain implementation in automotive can also bring forward various benefits for logistics companies. The setup of organizations such as MOBI will drive the market for blockchain as the adoption will continue to be driven.

Blockchain in Automotive Market Challenges

Data Security Challenges

Breaking of security technicalities in self-driving will become a primary challenge for automakers and stakeholders. The more connected a vehicle is, the more susceptible it becomes to potentially deadly cyber-attacks. If data streams are to be kept safe from hackers, they must be safeguarded by the highest level of security available, which would be blockchain. Distributed blockchain ledger technology not only enables data storage, but also deals in immutability, and doesn’t allow to change the data once it is stored in a block. While in the short term this presents challenges to data security this will enable long term security improvements.

Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Blockchain in Automotive Market. IBM, Accenture, Microsoft, Carvertical, Helbiz, Tech Mahindra, HCL Technologies, Xain, NXM Labs, Carblock, Cube, Context Labs, Shiftmobility, Bigchaindb, Dashride, Consensys, Foam, RSK Labs, and GEM are considered to be the key players of the Blockchain in Automotive Market.

Acquisitions/Technology Launches/Partnerships

The collaboration of Renault with Microsoft and VISEO is an advantage for the market. The team has created a prototype for a digital car maintenance book using the Microsoft Azure Blockchain Technology. It enables the saving of ‘‘all vehicular statistics in a streamlined, tamper-proof, and secure digital car maintenance book.’’

Oaken Innovations has partnered with Brisa, a toll road operator, A to Be, and Via Verde to produce a commerce platform that enables smart tolling on booths through the integration of blockchain.

Key Takeaways

Automotive OEMs mainly employ blockchain technology in financial applications. However, this is expected to extend to serviceable areas such as smart manufacturing and connected cars in the near future.

People are concerned about service centres and garages fitting counterfeit spare parts into their vehicle. A Blockchain-based system will help the service centre, or the car manufacturer and the customer to trace the provenance of spare parts in every step of the supply chain, thus reducing the damage to brand reputation.

The blockchain platform is designed for this Machine-to-machine (M2M) economy. A Blockchain Mobility platform helps to become responsible towards maintaining new electric car products and services. This helps to build a healthy ecosystem culture to shift away from gas burning vehicles

Related Reports :

A. Blockchain Market

https://www.industryarc.com/Report/17949/blockchain-market.html

B. Fleet Management Software Market

https://www.industryarc.com/Report/16198/fleet-management-software-market.html

For more Information and Communications Technology Market reports, Please click here

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