The blockchain industry is set for an explosive growth in coming years according to a recent report by tech research company; ReportLinker.
Blockchain technology in the manufacturing sector of the United States has been touted to grow significantly between 2020 and 2025: a rapid cumulative rise in the space of five years.
To assess results in the preparation of the reports, the company split the rate at which blockchain was regularly used, its end usage, and territory. The rest of the study was devoted to prediction and analysis of end usage by different sectors in the blockchain manufacturing markets. The sectors researched included foods & beverages, power, energy, automotive, aerospace & defense, pharmaceuticals, industrial, textile and clothing, and other common industries.
Tepid Start to Boost Suddenly
Development, adoption, and growth are still slow at the moment according to predictions. However, the industry is set for a sudden major boost a few years from now.
The blockchain industry per the manufacturing market, presently worth less than $20 million, has been predicted to grow steadily to $30 million till the year 2020, which would subsequently be followed by an eager explosion. The industry is expected to grow at a compound annual growth rate of 80 percent and prefigured to reach heights of $566 million by 2025.
The blockchain would be realized as a long-term solution for many companies and businesses, come 2025, as the decentralized technology simplifies business processes while providing transparency and immutability. By removing the need for middle-men, or intermediaries, the budding industry is set to solve the problem of fraud and trust across businesses.
The growing increase in venture capital investment and Initial Coin Offerings (ICO), along with blockchain-as-a-service (BaaS) solutions for firms and businesses across the world are chief among the major factors influencing the growth of the industry.
Nonetheless, a bright future awaits the implementation of the blockchain, as Deloitte’s recent survey comes to the mind. With its potential stretching across major essential fields across the world, it is only a matter of time before the blockchain replaces ubiquitous but inferior systems.