My pc specs are i7 5600k 1080 ti founders Edition
32 gb ddr3 ram
What I'm guessing is that that effects is pretty CPU expensive, it scans all the motion in the shot and tries to blend matching pixels between frames to add the motion blur.
Is there anyway to make it render faster?
Probably not without upgrading your hardware. As noted above, motion blur eats up a lot of CPU cycles and should only be used sparingly - in other words where the blur would be noticeable. If your object is far away from the camera then turning on motion blur would be overkill.
Another option is to render at a lower resolution. What output rez are you rendering at? I have a fairly decent machine but would never dream of rendering 8 min all motion blurred at 4K.
If you have shadow casting turned on that can slow things down, too.
Don't worry, try turning on Depth Of Field in camera 3D with bigger aperture, then you will see that Motion Blur is a peace of cake 🤣