Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contracts, and Supply Chain), Provider (Application & Solution, Middleware, and Infrastructure & Protocol), and Mobility (Personal Mobility, Shared Mobility, and Commercial Mobility): Global Opportunity Analysis and Industry Forecast, 2020-2030
Automotive blockchain can be considered as a continuously expanding list of records (also called as blocks), which are linked together using cryptography. They are used to record and stores data for further processes related to automobile. This includes various processes such as smart contracts, IoT along with other processes involved in car sales, service, warranty claim processing, and other related processes. The automotive related data stored in a blockchain is authentic and cannot be hampered by the users of the system thus providing safer and securer data to its customers. Moreover, it helps the buyer and seller to avoid middlemen or third parties to involve in transactions or other processes. Automotive blockchain includes applications and solutions that are helpful for better functioning of the system. This includes a middleware acting as a bridge between the application and database for storing and retrieval of data. Various players operating across the globe have made innovations and developments in the field of automotive blockchain thereby offering variety of services to the vehicle users.
The major players in the market are focusing toward the development and innovation of the blockchain, which further supplements the growth of the automotive blockchain market. Furthermore, increase in investments along with government initiatives in the automotive blockchain industry boost the market growth. In addition, various startups such as Xain, NXM Labs, Inc. and others have gained experience in the field of blockchain for vehicles, which increases the automotive blockchain market share in their regions.
Some of the factors such as protection against data leaks & manipulations and reduced operational cost drive the growth of the global automotive blockchain market. However, uncertainty over regulations hampers the growth of the market. Further, higher adoption for better payments, logistics & transportation, and usage-based insurance is anticipated to provide lucrative opportunities for the market expansion.
Automotive blockchain system is anticipated to witness significant growth over the years, owing to rise in awareness among consumers and increased demand for better and efficient medium to store data, which can be accessed from anywhere.
The automotive blockchain market is segmented on the basis of application, provider, mobility, and region. Based on application, the market is segmented into financing, mobility solutions, smart contracts, and supply chain. Depending on provider, it is categorized into application & solutions, middleware, and infrastructure & protocol. By mobility, it is divided into personal mobility, shared mobility, and commercial mobility. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the report include Accenture, Carvertical, CarBlock, Helbiz, HCL Technologies, IBM, Microsoft, NXM Labs, Tech Mahindra, and Xain.
KEY BENEFITS FOR STAKEHOLDERS
This study presents the analytical depiction of the global automotive blockchain market along with the current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2021 to 2030 to highlight the financial competency of the market.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers.
KEY MARKET SEGMENTS
Application & Solution
Infrastructure & Protocol
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
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