New York, USA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global blockchain IOT market is expected to generate a revenue of $5,802.7 million by 2026, growing rapidly at a CAGR of 91.5% during the forecast period 2018-2026. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Blockchain IOT Market
Drivers: Increasing implementation of IOT by numerous end-use industries across the globe is expected to drive the growth of the market during the forecast period. In addition, rising government initiative on automation and smart contract is further expected to bolster the growth of the blockchain IOT market during the forecast period.
Restraints: Lack of awareness about blockchain technology is expected to impede the growth of the blockchain IOT market during the forecast period.
Opportunities: Persistent technological advancements in the blockchain technology are expected to create ample opportunities for the growth of the blockchain IOT market during the forecast period.
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Segments of the Blockchain IOT Market
The report has divided the blockchain IOT market into various segments based on offerings, application, mode of end-use and region.
Offerings: Hardware Sub-segment to Witness the Highest Growth Rate
The hardware sub-segment is expected to grow exponentially with a CAGR of 93.6% during the forecast period. Tenacious tasks incorporated by the hardware in IOT systems is expected to accelerate the growth of the blockchain market sub-segment during the forecast period.
Application: Asset Tracking and Management Sub-segment to be Most Profitable
The asset tracking and management sub-segment generated a revenue of $8.3 million in 2018, and is further expected to grown expeditiously during the forecast period. Asset tracking and management plays a crucial role in supervising the working of the machinery on the manufacturing floor. This factor is expected to drive the growth of the sub-segment during the forecast period.
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Mode of End-use: Smart Cities Sub-segment to Have the Highest Growth Rate
The smart cities sub-segment is expected to grow swiftly with a CAGR of 39.9% during the forecast period. Extensive adoption of blockchain in smart cities due to convenient tracking of data, availability of seamless transactions and minimum-security breaches provided by them is expected to bolster the growth of the blockchain IOT market sub-segment during the forecast period.
Region: Asia-Pacific Region to Experience the Highest Growth Rate
The Asia-Pacific region is expected to grow rapidly with a CAGR of 94.8% during the forecast period. Increasing awareness about blockchain technology about people living in this region is expected to drive the growth of the market during the forecast period. In addition, rising adoption of IOT in sectors like retail and healthcare in this region is further anticipated to accelerate the growth of the regional blockchain IOT market during the forecast period.
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Key Players of the Blockchain IOT Market
1. KrypC
2. Microsoft Corporation
3. Amazon.com
4. Intel Corporation
5. IBM Corporation
6. Cisco Systems
7. The Linux Foundation
8. R3
9. Filament
10. Ethereum Foundation
For instance, in June 2021, PlanetWatch, a firm that uses cryptocurrency rewards to deploy Internet of Things-connected (IoT) air sensor networks in cities, collaborated with EMRIT, a firm that uses cryptocurrency rewards to deploy IoT connectivity networks in cities, in order to fund the deployment of thousands of PlanetWatch-compliant air quality monitors which will be hosted together with EMRIT IoT hotspots.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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