A research report released by the Business Intelligence and Strategy research has predicted a growth rate of the blockchain market at 65.80% between 2018 and 2026, and that it will reach an estimated $1.6 billion by 2026.
Blockchain and Automotives: A Perfect Match
This expected growth is owed to the significant benefits and convenience of the blockchain industry such as its growing technologies, reliability, and scalability of its services. The blockchain industry is predicted to have the capability to fuel rapid market growth in the coming years because of its high application potential to the market sector.
The research report provides detailed analyses of the factors driving the growth of blockchain market as well as the forces that may restrain the efforts of its growth in the industry. The report extensively analyzes critical trends in the industry, participants, forms of development and various strategies within the blockchain markets.
The research addresses sources of revenue contributed by blockchains in the different sectors of an industry/company. Such areas include:
- Security and Safety
- Payments and Finance
- Insurance of automotive and other automotive services like ride sharing
Most of the blockchain technology is dedicated towards payments, finance, and insurance applications.
The research report has focused on the following key issues in the Blockchain and global automotive technology:
- The revenue expectations for the automotive blockchain market in the 2018-2026 period
- Seeing the application segment that is dominant in blockchain technology
- The amount of generated revenue from different types of applications in the automotive blockchain market
- The various factors driving the blockchain markets
- Challenges facing the growth of the automotive blockchain market
- Contemporary strategies that can be applied to existing power players to enable them have an impact on the market
- Mandates and governmental regulatory mechanisms that exist and influence the blockchain technology in automotive segments
- Sources of funding for start-ups within the automotive blockchain industry
The report entails findings from a thorough analysis of the market trends that explains the major players and their shares in the financial market. Some of these big players include Ethereum, Big-chain DB, Oaken Innovations, Ripple Labs Inc., Factom Inc., Reply SpA, and R3. The report provides a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of these companies. These companies have dominated the blockchain market through collaborations, joint ventures, and partnerships.
The report provides different aspects of the blockchain market in the automotive industry to consider when predicting future trends of revenue, developments in technology, new services and improving product and service delivery.