A new report from Research Dive projects that the global blockchain IoT market will see a steady compound annual growth rate of 91.5%, reaching a revenue of $5,802.7 million by 2026. The report provides an in-depth analysis of the current landscape of the blockchain IoT market, including its main drivers, growth opportunities, restraints, and challenges over the forecast period of 2019-2026. The report also provides a comprehensive set of market figures to help new entrants gain a better understanding of the market.
Blockchain IoT Market Booms as Developing Countries Drive Infrastructure Expansion
One of the primary growth drivers of the blockchain IoT market, according to the report, is the expansion of infrastructure and manufacturing in developing countries worldwide. The report also highlights the advantages of using blockchain technology in IoT, such as reduced risk of collusion and tampering, and lower costs.
The implementation of IoT in various industries is predicted to offer significant growth opportunities, and the need for IoT security and streamlining business processes globally is expected to further augment the market’s growth rate. However, the lack of awareness regarding blockchain technology could be a limiting factor in the market’s forecast period.
Market Segments
The report segments the blockchain IoT market based on offerings, applications, end-use, and region. The hardware sub-segment is expected to have the highest growth rate of 93.6% by 2026, due to the critical role it plays in fetching data from the source location and delivering it to cloud systems. The asset tracking and management sub-segment is expected to be highly profitable, with a predicted revenue of $8.3 million in 2018 and a projected growth trajectory through to 2026. The report predicts that the smart cities’ sub-segment will have a dominating share, generating a revenue of $639.4 million by 2026, driven by the growing implementation of IoT in smart cities.
Regional Analysis
The report also indicates that the Asia-Pacific region will see the most significant growth in the blockchain IoT market over the 2019-2026 period. Increasing awareness and adoption of IoT in sectors like healthcare and retail are expected to become the main drivers of growth in this region.
Prominent Market Players
Leading players in the blockchain IoT market include KrypC, IBM Corporation, R3, Microsoft Corporation, Cisco Systems, Filament, Amazon.com Inc., The Linux Foundation, and Ethereum Foundation. These players are actively formulating business strategies such as mergers, acquisitions, and collaborations to establish a commanding position in the market.
Source: Research Dive
