India Automotive Blockchain Market to 2028: Low Operational Cost Drive Growth
DUBLIN, May 5, 2023 /PRNewswire/ — The “Automotive Blockchain Market – India Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Application (Manufacturing, Supply Chain, Mobility Solutions, Financial Services, Others), By Mobility, By Provider, By End User, By Region” report has been added to ResearchAndMarkets.com’s offering.
The India automotive blockchain market is expected to witness a growth of robust CAGR in the forecast period, FY2024-FY2028.
- Microsoft Corporation
- BigchainDB GmbH
- IBM Corporation
- SHIFTMobility Inc.
- HCL Technologies
- NXM Labs Inc.
- Accenture plc
- Helbiz, Inc.
- CV Group UAB
- CarBlock Corp.
Increased demand for automotive blockchain technology for logistics & transportation, insurance, secure transactions, and advantages such as low operational costs and improved security are expected to be the primary drivers for India’s automotive blockchain market for the next five years.
Blockchain Technology Enhances Data Security in Automobiles
Blockchain technology stores the blocks of data, and these blocks are linked with each other using the cryptography technique. It is considered a safe and secure network as it keeps the data stored in different blocks. Data is protected against data loss and leaks as each block used in the process contains the cryptogenic hash of the previous block and time and transaction details.
Authentication is required to gain access to data stored in blocks of blockchain technology, including secure communication network and secure blockchain technologies. With the growing demand for connected vehicles and automation technology in automobiles, automotive blockchain technology is expected to grow at a significant rate in the next five years.
Blockchain Technology Improves Transaction Processes
Automotive blockchain technology is highly secure and provides enhanced security and real-time processing, which improves consumers’ overall experience. It removes the need to hire a mediator to look after every transaction and maintain a proper record for the same.
Blockchain technology stores all the information and has a higher accuracy rate than other technologies. Logistics and transportation information can be easily maintained by automotive blockchain technology. Growing awareness about the benefits of adopting blockchain technology along with the availability of high security securing transactions is expected to bolster the demand for the Indian automotive blockchain market for the forecast period.
Automotive Blockchain Technology Optimizes Ownership Costs
Automobile companies used to hire dedicated persons or third parties to store essential data related to automobiles.
Automotive blockchain technology is used to efficiently store and manage the records of the processes related to automobiles. Operational costs, sales data, and insurance and warranty claims are essential information that is stored with the help of automotive blockchain technology.
The adoption of blockchain technology by automobile companies to lower the expenses incurred in maintaining and hiring employees to complete the work. The need to lower operational costs and make the process cost-effective is expected to fuel the growth of India automotive blockchain in the forecast period.
In this report, India automotive blockchain market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
India Automotive Blockchain Market, By Application:
- Supply Chain
- Mobility Solutions
- Financial Services
India Automotive Blockchain Market, By Mobility:
- Personal Mobility
- Shared Mobility
- Commercial Mobility
India Automotive Blockchain Market, By Provider:
- Application & Solution
- Infrastructure & Protocol
India Automotive Blockchain Market, By End User:
- Vehicle Owners
- Mobility as a Service Provider
For more information about this report visit https://www.researchandmarkets.com/r/ky82c5
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SOURCE Research and Markets