Aerospace and Defense Blockchain Market Insights and Growth by 2031
The Aerospace and Defense Blockchain Market size is expected to expand at a CAGR of 44.7 % from 2023 to 2031. The increasing demand for enhanced security is boosting the demand for blockchain technology in the aerospace & defense market.
Aerospace and Defense Blockchain Market Analysis
The aerospace and military industries have extensive and intricate supply lines. Blockchain technology can assist in preserving a transparent and interconnected supply chain. This is one of the main forces behind the adoption of blockchain technology in the defense and aerospace sectors. Airports and airlines are among the aviation industry stakeholders investing in the development and integration of this technology, as are blockchain platform providers such as Hyperledger Fabric, Accenture PLC, Microsoft, and Loyal Corporation. The defense industry is currently growing more slowly than the aerospace industry despite significant investments in R&D for applications such as cyber warfare protection, contract tracking, secure government portals, and effective battlefield messaging services. Thus, these factors mentioned above are essential for the Aerospace and Defense Blockchain Market growth.
Aerospace and Defense Blockchain Overview
- Blockchain is an exciting new technology that has the potential to revolutionize the aerospace and military industries in many ways. It can give decentralized trust, data security and integrity traceability, transparency, visibility, and audibility. The need for a transparent and secure system to track shipments, luggage, and parts in an extremely dispersed distribution channel, as well as analytics to boost operational effectiveness and automate tedious tasks and payments, are the drivers driving the market's growth.
- The airline sector is seeing a rise in demand and a pressing need to reduce costs. This has led to the adoption of digital technologies, including advanced analytics, robots, and artificial intelligence. However, a few elements, such as usage costs and governance of scalability, can prevent the market from expanding.
Strategic Insights
Aerospace and Defense Blockchain Market Drivers and Opportunities
Increasing Aerospace and Defense Sector
- Blockchain technology has emerged as a transformative force across various industries, promising unparalleled security, transparency, and efficiency. The growing aerospace sector, known for its complex supply chains and stringent regulatory requirements, is no exception to this technological revolution. With its decentralized and tamper-proof abilities, blockchain has the potential to revolutionize supply chain management in the aerospace and defense industry. As a result, this is a key driver of the expansion of the Aerospace and Defense Blockchain Market growth.
Aerospace and Defense Blockchain Market Report Segmentation Analysis
Based on components, the services segment held the largest share of the aerospace and defense blockchain market in 2023 and is predicted to remain in that position for the duration of the forecast. Businesses, such as SITA are collaborating and closely collaborating with airport authorities to offer blockchain technology services and inform industry participants about new developments in the field. SITA Labs validated the FlightChain platform, which shows how flight data may be maintained on the blockchain to provide a single source of truth and shared control of data by airlines and airports in collaboration with British Airways, Heathrow, Geneva Airport, and Miami International Airport. These developments are supporting the segment's growth.
Aerospace and Defense Blockchain Market Share Analysis By Geography
The scope of the Aerospace and Defense Blockchain Market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Throughout the projection period, North America is expected to experience the largest growth. This is the result of investments made by US-based businesses. GoDirect Trade is a blockchain-based e-commerce project that Honeywell introduced for aircraft parts.
Aerospace and Defense Blockchain Market Report Scope
The "Aerospace and Defense Blockchain Market Forecast" was carried out based on components and application areas. In terms of component, the market is segmented into services and software platforms. Based on the application area, the aerospace and defense blockchain market is segmented into certifications, digital ID, and provenance. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Aerospace and Defense Blockchain Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Aerospace and Defense Blockchain Market. A few recent key market developments are listed below:
- In Jan 2023, Milwaukee tech startup Aeroplicity launched a blockchain-backed aerospace and defense platform.
[Source: Milwaukee, Company Website]
Aerospace and Defense Blockchain Market Report Coverage & Deliverables
The market report “Aerospace and Defense Blockchain Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- A global and regional market analysis covering key Aerospace and Defense Blockchain Market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
- Detailed company profiles.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The key players holding majority shares in the global aerospace and defense blockchain market are Accenture plc, 3IPK, SITA Aero, SIMBA Chain Inc., and Microsoft Corporation.
Increasing technological advancements are anticipated to play a significant role in the global aerospace and defense blockchain market in the coming years.
The increasing aerospace and defense sector is the major factors that propel the global aerospace and defense blockchain market.
The global aerospace and defense blockchain market is expected to grow at a CAGR of 44.7 % during the aerospace and defense blockchain market forecast period 2024 - 2031.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Aerospace And Defense Blockchain Market - By Component
1.3.2 Aerospace And Defense Blockchain Market - By Application
1.3.3 Aerospace And Defense Blockchain Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. AEROSPACE AND DEFENSE BLOCKCHAIN MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. AEROSPACE AND DEFENSE BLOCKCHAIN MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. AEROSPACE AND DEFENSE BLOCKCHAIN MARKET - GLOBAL MARKET ANALYSIS
6.1. AEROSPACE AND DEFENSE BLOCKCHAIN - GLOBAL MARKET OVERVIEW
6.2. AEROSPACE AND DEFENSE BLOCKCHAIN - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. AEROSPACE AND DEFENSE BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
7.1. OVERVIEW
7.2. COMPONENT MARKET FORECASTS AND ANALYSIS
7.3. SOFTWARE
7.3.1. Overview
7.3.2. Software Market Forecast and Analysis
7.4. SERVICES
7.4.1. Overview
7.4.2. Services Market Forecast and Analysis
8. AEROSPACE AND DEFENSE BLOCKCHAIN MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. CERTIFICATIONS
8.3.1. Overview
8.3.2. Certifications Market Forecast and Analysis
8.4. DIGITAL ID
8.4.1. Overview
8.4.2. Digital ID Market Forecast and Analysis
8.5. PROVENANCE
8.5.1. Overview
8.5.2. Provenance Market Forecast and Analysis
9. AEROSPACE AND DEFENSE BLOCKCHAIN MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Aerospace And Defense Blockchain Market Overview
9.1.2 North America Aerospace And Defense Blockchain Market Forecasts and Analysis
9.1.3 North America Aerospace And Defense Blockchain Market Forecasts and Analysis - By Component
9.1.4 North America Aerospace And Defense Blockchain Market Forecasts and Analysis - By Application
9.1.5 North America Aerospace And Defense Blockchain Market Forecasts and Analysis - By Countries
9.1.5.1 United States Aerospace And Defense Blockchain Market
9.1.5.1.1 United States Aerospace And Defense Blockchain Market by Component
9.1.5.1.2 United States Aerospace And Defense Blockchain Market by Application
9.1.5.2 Canada Aerospace And Defense Blockchain Market
9.1.5.2.1 Canada Aerospace And Defense Blockchain Market by Component
9.1.5.2.2 Canada Aerospace And Defense Blockchain Market by Application
9.1.5.3 Mexico Aerospace And Defense Blockchain Market
9.1.5.3.1 Mexico Aerospace And Defense Blockchain Market by Component
9.1.5.3.2 Mexico Aerospace And Defense Blockchain Market by Application
9.2. EUROPE
9.2.1 Europe Aerospace And Defense Blockchain Market Overview
9.2.2 Europe Aerospace And Defense Blockchain Market Forecasts and Analysis
9.2.3 Europe Aerospace And Defense Blockchain Market Forecasts and Analysis - By Component
9.2.4 Europe Aerospace And Defense Blockchain Market Forecasts and Analysis - By Application
9.2.5 Europe Aerospace And Defense Blockchain Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Aerospace And Defense Blockchain Market
9.2.5.1.1 Germany Aerospace And Defense Blockchain Market by Component
9.2.5.1.2 Germany Aerospace And Defense Blockchain Market by Application
9.2.5.2 France Aerospace And Defense Blockchain Market
9.2.5.2.1 France Aerospace And Defense Blockchain Market by Component
9.2.5.2.2 France Aerospace And Defense Blockchain Market by Application
9.2.5.3 Italy Aerospace And Defense Blockchain Market
9.2.5.3.1 Italy Aerospace And Defense Blockchain Market by Component
9.2.5.3.2 Italy Aerospace And Defense Blockchain Market by Application
9.2.5.4 United Kingdom Aerospace And Defense Blockchain Market
9.2.5.4.1 United Kingdom Aerospace And Defense Blockchain Market by Component
9.2.5.4.2 United Kingdom Aerospace And Defense Blockchain Market by Application
9.2.5.5 Russia Aerospace And Defense Blockchain Market
9.2.5.5.1 Russia Aerospace And Defense Blockchain Market by Component
9.2.5.5.2 Russia Aerospace And Defense Blockchain Market by Application
9.2.5.6 Rest of Europe Aerospace And Defense Blockchain Market
9.2.5.6.1 Rest of Europe Aerospace And Defense Blockchain Market by Component
9.2.5.6.2 Rest of Europe Aerospace And Defense Blockchain Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Aerospace And Defense Blockchain Market Overview
9.3.2 Asia-Pacific Aerospace And Defense Blockchain Market Forecasts and Analysis
9.3.3 Asia-Pacific Aerospace And Defense Blockchain Market Forecasts and Analysis - By Component
9.3.4 Asia-Pacific Aerospace And Defense Blockchain Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Aerospace And Defense Blockchain Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Aerospace And Defense Blockchain Market
9.3.5.1.1 Australia Aerospace And Defense Blockchain Market by Component
9.3.5.1.2 Australia Aerospace And Defense Blockchain Market by Application
9.3.5.2 China Aerospace And Defense Blockchain Market
9.3.5.2.1 China Aerospace And Defense Blockchain Market by Component
9.3.5.2.2 China Aerospace And Defense Blockchain Market by Application
9.3.5.3 India Aerospace And Defense Blockchain Market
9.3.5.3.1 India Aerospace And Defense Blockchain Market by Component
9.3.5.3.2 India Aerospace And Defense Blockchain Market by Application
9.3.5.4 Japan Aerospace And Defense Blockchain Market
9.3.5.4.1 Japan Aerospace And Defense Blockchain Market by Component
9.3.5.4.2 Japan Aerospace And Defense Blockchain Market by Application
9.3.5.5 South Korea Aerospace And Defense Blockchain Market
9.3.5.5.1 South Korea Aerospace And Defense Blockchain Market by Component
9.3.5.5.2 South Korea Aerospace And Defense Blockchain Market by Application
9.3.5.6 Rest of Asia-Pacific Aerospace And Defense Blockchain Market
9.3.5.6.1 Rest of Asia-Pacific Aerospace And Defense Blockchain Market by Component
9.3.5.6.2 Rest of Asia-Pacific Aerospace And Defense Blockchain Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Aerospace And Defense Blockchain Market Overview
9.4.2 Middle East and Africa Aerospace And Defense Blockchain Market Forecasts and Analysis
9.4.3 Middle East and Africa Aerospace And Defense Blockchain Market Forecasts and Analysis - By Component
9.4.4 Middle East and Africa Aerospace And Defense Blockchain Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Aerospace And Defense Blockchain Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Aerospace And Defense Blockchain Market
9.4.5.1.1 South Africa Aerospace And Defense Blockchain Market by Component
9.4.5.1.2 South Africa Aerospace And Defense Blockchain Market by Application
9.4.5.2 Saudi Arabia Aerospace And Defense Blockchain Market
9.4.5.2.1 Saudi Arabia Aerospace And Defense Blockchain Market by Component
9.4.5.2.2 Saudi Arabia Aerospace And Defense Blockchain Market by Application
9.4.5.3 U.A.E Aerospace And Defense Blockchain Market
9.4.5.3.1 U.A.E Aerospace And Defense Blockchain Market by Component
9.4.5.3.2 U.A.E Aerospace And Defense Blockchain Market by Application
9.4.5.4 Rest of Middle East and Africa Aerospace And Defense Blockchain Market
9.4.5.4.1 Rest of Middle East and Africa Aerospace And Defense Blockchain Market by Component
9.4.5.4.2 Rest of Middle East and Africa Aerospace And Defense Blockchain Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Aerospace And Defense Blockchain Market Overview
9.5.2 South and Central America Aerospace And Defense Blockchain Market Forecasts and Analysis
9.5.3 South and Central America Aerospace And Defense Blockchain Market Forecasts and Analysis - By Component
9.5.4 South and Central America Aerospace And Defense Blockchain Market Forecasts and Analysis - By Application
9.5.5 South and Central America Aerospace And Defense Blockchain Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Aerospace And Defense Blockchain Market
9.5.5.1.1 Brazil Aerospace And Defense Blockchain Market by Component
9.5.5.1.2 Brazil Aerospace And Defense Blockchain Market by Application
9.5.5.2 Argentina Aerospace And Defense Blockchain Market
9.5.5.2.1 Argentina Aerospace And Defense Blockchain Market by Component
9.5.5.2.2 Argentina Aerospace And Defense Blockchain Market by Application
9.5.5.3 Rest of South and Central America Aerospace And Defense Blockchain Market
9.5.5.3.1 Rest of South and Central America Aerospace And Defense Blockchain Market by Component
9.5.5.3.2 Rest of South and Central America Aerospace And Defense Blockchain Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. AEROSPACE AND DEFENSE BLOCKCHAIN MARKET, KEY COMPANY PROFILES
11.1. ACCENTURE PLC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. AERON LABS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CRYPTOWERK CORP. INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DECENT INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. DEUTSCHE LUFTHANSA AG
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. KPMG INTERNATIONAL
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. MICROSOFT CORPORATION
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. OBJECTTECH GROUP LTD
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SITA LABORATORIES, INC.,
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WINDING TREE
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
- Accenture plc
- 3IPK
- SITA Aero
- SIMBA Chain Inc
- Microsoft Corporation
- Block Aero Technologies Holdings Inc
- Cryptowerk Corp
- Deutsche Lufthansa AG
- Infosys Limited
- Guardtime
- International Business Machines Corporation.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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