The global blockchain IoT market size is predicted to hit around US$ 19,740 million by 2030, growing at a CAGR of 73.5% from 2021 to 2030.
In 2022, the blockchain IoT market study provides crucial information on market share, market size, growth rate analysis Y-O-Y, production, consumption, and sales analysis for the forecast period 2021 to 2030. The report contains 150+ pages with detailed analysis.
Blockchain technology is an arrangement of distributed ledger technology that garners massive attention in domains outside its crypto currency origins since around the year 2014. Blockchain at its crux is a cryptographically protected, distributed register that permits for the safe transfer of information among parties.
Traditional IoT arrangements are reliant on a central architecture. Data is directed from the device to the cloud where the information is managed using analytics and then directed back to the IoT equipment. With thousands of millions of devices set to enter IoT networks in the approaching years, this category of centralized arrangement has very restricted scalability, exposing billions of vulnerable points that jeopardize network security and can become extremely costly and sluggish if third force have to continually check and validate all the micro-transactions. Smart contracts in the blockchain systems allow devices to operate securely and independently by creating contracts that are only implemented upon achievement of specific necessities. It not just allows for scalability, cheaper transfers, and better automation, but the smart contracts can also avert overrides by persons that want to exploit the data for their personal benefit. Data is shared over a distributed, cryptographically protected network, meaning it is very tough to jeopardize the network safety.
What are the Growth Factors:
Factors such as growing adoption of Internet of Things (IoT), rising focus on operational efficiency, increasing requirement for IoT security, streamlining of business processes, better transparency offered by blockchain technology, increasing adoption of blockchain smart contracts are driving the growth of blockchain IoT market. Moreover, growing implementation of blockchain technology in the healthcare sector for reducing operational costs is driving the blockchain IoT market growth across the world. Additional features that are expected to fuel this business are integration of latest technologies and growing investment by governments.
As millions of systems, services, and devices get linked, the consumers are receiving benefit from the enhanced lifestyle and businesses are becoming more competent as they minimalize their operational expenses and raise their asset application. The blockchain IoT market is anticipated be primarily driven by more ubiquitous and inexpensive sensors that translate the physical data to digital matter. The usage, application, and development of IoT will probably continue to grow with the launch of 5G (fifth-generation) cellular technologies and systems. The 5G technology allows bigger number of equipment’s to be connected concurrently to a network and interconnect with minimal adjournments, supporting not just consumer but commercial use of IoT systems and devices.
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The blockchain IoT report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, the North America region dominated the worldwide market with a market share of higher than 45%. The U.S. indicated the highest slice in North America principally due to early application of latest technologies. Moreover, availability of latest technology infrastructure also supported the high market portion of North America.
Europe was the subsequent significant market chiefly due to presence of skilled professionals. Presence of major companies in the European region is also expected to lift the demand for blockchain IoT in the anticipated time-span. The Asia Pacific region is projected to grow at the highest CAGR of around 86.2% in the estimate period due to increasing investment by governments on latest technologies. Latin America and Middle East and African region will display noticeable growth.
The blockchain IoT market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.
Some of the prominent players in the blockchain IoT market include:
- The Linux Foundation
- Ethereum Foundation
- Cisco Systems
- Data Security
- Asset Management and Tracking
- Smart Contracts
- Data Sharing
By End-Use Industry
- Smart City
- Consumer Electronics
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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