Blockchain in Automotive Market is expected to grow at an exponential rate, providing exciting solutions for the connected car industry

According to the new market research report by IndustryARC titled “Blockchain in Automotive Market: By Type (Public, Private, Others); By Application (Manufacturing, Automotive Financing, Automotive Title Transfer, Smart Contracts, Infotainment, Telematics, IoT, Insurance, Fleet Management, Safety and Security and Others); & By Geography – Forecast Period (2018–2023),” the market will be driven by the growing demand for data management as the number of connected cars increase.

Americas to Dominate the Share and Growth in the Blockchain in Automotive Market
Geographically, Americas 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 blockchaintechnology. 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.

Selected Application Analysis Done in the Full Report:
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.

To access/purchase the full report, click the link below:
https://industryarc.com/Report/18525/block-chain-in-automotive-market-research-analysis-report.html

Selected Driving Factors Mentioned in the Full Report

•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.
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.’’.

•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.

Key Players of the Blockchain in Automotive Market
IBM, Microsoft, Cybercar, Movimento Inc., and Navdy Inc., are the foremost players in the blockchain automotive market. There is an ecosystem where companies are working in partnership with each other to develop Blockchain technology. For example, Ford is teaming up with BMW, Volkswagen, Tesla, Audi, and Volvo, while Google has partnered with BMW, General Motors, Audi, and Volkswagen. IBM, Microsoft, Cybercar, Navdy Inc., and Moviemento Inc. lead the market, providing mobility, sales services & finance, supply chain, manufacturing and telematics services in the automotive industry.