New York, USA, June 08, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global blockchain IoT market is projected to register a revenue of $5,802.7 million at a CAGR of 91.5%, rising from $32.0 million in 2018, during the forecast period, 2019-2026. The comprehensive research gives a concise analysis of the current market landscape, including major features such as growth factors, challenges, restraints, and potential opportunities, during the analysis period.
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Dynamics of the Market
The blockchain IoT market is expected to flourish at a faster rate over the forecast period, owing to the key factors such as an increase in IoT implementation by various end-use industries. Another factor driving market growth in the near future is the growing need for IoT security and optimizing company processes around the world in order to boost work productivity. Furthermore, key factors boosting the growth of the global blockchain IoT market are smart contracts, expanding government initiatives, and rapid usage of blockchain services for digital identification.
On the contrary, the primary factors restricting the growth of the market are a lack of understanding and acceptance of blockchain technology. Furthermore, the increasing latency with an increase in the number of nodes, as well as unknown regulatory status, provide significant barriers to the market’s growth.
Segments of the Market
The report has divided the market into different segments based on offerings, application, end use, and regional analysis.
Offerings: Hardware Sub-Segment is Predicted to be the Most Profitable
The hardware sub-segment is expected to be the most profitable over the analysis period and surge at a CAGR of 93.6%. This is mostly due to the functions done by the hardware in IoT systems, such as retrieving data from the source site and delivering it to cloud systems where the essential functions are done.
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Application: Asset Tracking and Management Sub-Segment is Expected to be the Most Lucrative
Blockchain IoT is widely utilized for asset tracking and management in the application sub-segment, accounting for the greatest market value of $8.3 million in 2018. The asset tracking and management is critical in monitoring and tracking physical assets as well as analyzing the operation of machinery on the production floor. The most essential factors in the industrial industries are the safety of physical assets such as plants, fleet, and machinery.
End Use: Smart Cities Sub-segment is Predicted to Observe Significant Growth
The smart cities sub-segment is predicted to increase significantly in the global market, and surge at a CAGR of 39.9% in the projected timeframe. Smart cities are widely adopting blockchain due to numerous benefits such as smart connection, which aids in data tracking, allows non-disruptive transactions, and reduces security breaches. The increasing use of IoT in smart cities is projected to drive the blockchain IoT industry in the near future.
Region: Asia-Pacific is Expected to Experience Fastest Growth
The North America blockchain in IoT market held the largest market share in the year 2018. On the contrary, the Asia-Pacific market is expected to witness fastest growth over the forecasted timeframe. This growth can be majorly attributed to the increasing awareness among the people and growing adoption of IoT in various sectors such as retail, healthcare, and smart cities among others in the nations such as India and China.
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Key Market Players and Strategies
The most prominent market players of the global blockchain IoT market include
- Ethereum Foundation
- KrypC, Filament
- Microsoft Corporation
- R3
- Amazon.com, Inc.
- The Linux Foundation
- Intel Corporation
- Cisco Systems
- IBM Corporation
These players are working on developing strategies such as product development, merger and acquisition, collaborations and partnerships to sustain the market growth.
For instance, in December 2019, Infosys announced the release of blockchain-powered distributed apps for the government services domains, supply chain management, and insurance. These apps can be seamlessly integrated with IoT devices as well as existing systems. Furthermore, this product will expand the company’ product line while also having an impact on its market size.
The report also summarizes many important points including product portfolio, financial position of the market players, latest strategic developments, and SWOT analysis.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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