Automotive Blockchain Market Size Worth USD 4.5 bn by 2026

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Acumen Research and Consulting, Recently Published Report On “Blockchain in Automotive Market Size, Share, Trends, Growth Opportunity and Forecast 2019-2026”

LOS ANGELES, Aug. 29, 2019 (GLOBE NEWSWIRE) — The global blockchain in automotive market value is expected to reach USD 4.5 billion by 2026, and projected to grow at a significant rate of 27% during the forecasted period 2019 to 2026.

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The global blockchain in automotive market is majorly driven by increased focus on reducing data leaks and manipulations. In addition, ease of faster transaction across the globe has driven the growth of the global blockchain in automotive market. Moreover, the reduced operational cost further boosts the growth of global blockchain in automotive market. However, stringent or uncertainty in government regulations may slow the growth of the global blockchain in automotive during the forecasted period. Also, the uncertainty associated with privacy, control, and security further hinders the growth of global blockchain in automotive market. Furthermore, limited scalability and lack of technical experts also hampers the market growth. Nevertheless, increased adoption of blockchain technology in automotive industry for logistics, insurance, and payments offers lucrative growth opportunities for global blockchain in automotive market.

The global blockchain in automotive market is segmented by application, provider, mobility and region.

On the basis of application, the market is segmented into financing, mobility solutions, smart contract, supply chain. Mobility solutions are anticipated to register the highest growth during the forecast period owing to the booming shared mobility industry, and upsurge in the consumer preference for advanced mobility services.

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Based on provider, the market is segmented into application & solution, middleware, infrastructure & protocol. On the basis of mobility, the global blockchain in automotive market is segmented into personal, shared, and commercial.

Geographically, blockchain in automotive market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).

North America dominated the globe blockchain in automotive market owing to the rise in expenditure in various sectors, increased awareness regarding developed technology. Europe was estimated to be the second largest revenue generator for global blockchain in automotive market.

Increasing government support and growing expenditure on R&D are projected to drive the Europe blockchain in automotive market. France and Germany are the largest contributors to Europe market growth owing to increasing investments in research & development. Additionally, to meet the upcoming demand and grab the major share of the market, most of the key players are heavily investing in research and development activities and using modern technologies in R&D in this region which has supported the growth of the blockchain in automotive market in Europe.

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Asia Pacific is the fastest growing region for the blockchain in automotive market owing to the matured automotive industry. The region is also expected to witness highest growth in the global blockchain in automotive market owing to government initiatives to encourage blockchain technology along with the growing acceptance of blockchain for digital identities, payments and smart contracts. Furthermore, funding from government to support blockchain technology is also anticipated to augment the development of the blockchain in automotive market in the region.

However, Latin American and the Middle Eastern countries market are projected to drive the LAMEA market as result of booming automotive sector in Middle East and Argentina. Huge spending power in the middle east region and rising investment in Latin America is likely to support the growth of the market. However, Africa holds the least but have a developing market for the blockchain in automotive market.

Some of the key players in the global blockchain in automotive market include Accenture PLC, carVertical, include IBM Corporation, Microsoft Corporation, Helbiz Mobility System PTE Ltd., BigchainDB GmbH, Tech Mahindra Ltd., ShiftMobility Inc., ConsenSys, Context Labs BV, Mesosphere Inc. Ethereum, Factom Inc., Ripple Labs Inc., and XAIN AG.

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