New York, USA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global blockchain IoT market is anticipated to rise at a stable CAGR of 91.5%, thereby garnering a revenue of $5,802.7 million by 2026. This comprehensive Research Dive report presents a brief outlook of the current framework of the blockchain IoT market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2019-2026. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growing expanse of infrastructure and manufacturing sector across the world, especially in the developing countries is predicted to be the primary growth driver of the blockchain IoT market in the forecast period. Additionally, advantages provided by blockchain for IoT such as reduced risk of collusion and tampering, reduced cost, etc., are expected to further drive the market forward.
Opportunities: Rising implementation of IoT by various end-use industries is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing necessity of IoT security and streamlining the business process across the world is anticipated to augment the growth rate of the market.
Restraints: However, lack of awareness regarding blockchain technology may restrict the growth of the blockchain IoT market in forecast period.
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Segments of the Market
The report has fragmented the blockchain IoT market into segments based on offerings, application, end-use, and region.
Offerings: Hardware Sub-segment to be the Most Lucrative
By offerings, the hardware sub-segment is expected to have the highest growth rate of 93.6% by 2026. The important task performed by the hardware in the IoT systems, such as fetching the data from the source location and delivering it to the cloud systems is anticipated to help in the growth of this sub-segment.
Application: Asset Tracking and Management Sub-segment to be Highly Profitable
By application, the asset tracking and management sub-segment of the blockchain IoT market accounted for $8.3 million in 2018 and is expected to continue on this growth trajectory by 2026. The vital role played by asset tracking and management in managing and tracking physical assets and examining the performance of machinery is predicted to be the primary growth driver of the sub-segment in the forecast period.
End-Use: Smart Cities’ Sub-segment to Have a Significant Market Share
By end-use, the smart cities’ sub-segment is expected to have a dominating share and register a revenue of $639.4 million by 2026. Growing implementation of IoT in smart cities is anticipated to help in the growth of this sub-segment.
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Asia-Pacific Region to be Most Dominant
By regional analysis, the blockchain IoT market in Asia-Pacific region is predicted to grow rapidly in the 2019-2026 timeframe. Growing awareness among the people and increasing adoption of IoT in various sectors such as healthcare and retail are expected to become main growth drivers of the market in this region.
Prominent Market Players
Some leading players in the blockchain IoT market are
- KrypC
- IBM Corporation
- R3
- Microsoft Corporation
- Cisco Systems
- Filament
- Amazon.com Inc.
- The Linux Foundation
- Ethereum Foundation
- Intel Corporation
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in June 2022, WISeKey International Holding, a leading cybersecurity company, announced the launch of a security product designed for securing the supply chain management of critical goods. This product is developed by WISeSat and FOSSA with Casper blockchain and aims to provide security by leveraging the utility of IoT devices.
Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Blockchain IoT Market:
- Benefits of Amalgamation of Two Power Technologies: Blockchain IoT (Internet of Things)
- Blockchain IoT: Drivers changing the Scenario of growth
