New York, USA, July 27, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global blockchain IoT market is envisioned to generate a revenue of $5,802.7 million and rise at a CAGR of 91.5% during the estimated timeframe from 2019 to 2026.
As per our analysts, with the rising implementation of IoT by various end-use industries, the blockchain IoT market is predicted to experience a remarkable growth during the analysis period. Besides, the growing necessity of IoT for providing security and streamlining businesses all across the globe to improve work efficiency is expected to foster the growth of the market over the forecast period. Moreover, the rapid adoption of blockchain services for digital identity, rising government initiatives, and smart contracts are expected to augment the growth of the market during the estimated period. However, the lack of awareness and acceptance of blockchain technology may hinder the growth of the market throughout the forecast period.
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Segments of the Blockchain IoT Market
The report has divided the market into various segments based on offerings, application, end-use, and region.
Offerings: Hardware Sub-Segment to be Most Profitable
The hardware sub-segment is expected to grow at a noteworthy CAGR of 93.6% during the estimated timeframe. The increasing number of tasks performed by the hardware in the IoT systems, such as fetching the data from the source location and delivering it to the cloud systems are predicted to upsurge the growth of the market sub-segment during the analysis timeframe.
Application: Data Security Sub-Segment to be Most Lucrative
The data security sub-segment is projected to generate a revenue of $1,377.9 million and rise at a higher CAGR of 93.4% during the forecast period. The increasing concerns about data theft due to the rising number of cyber-attacks taking place worldwide are expected to fuel the growth of the blockchain IoT market sub-segment over the estimated timeframe.
End-Use: Smart City Sub-Segment to be Most Productive
The smart-city sub-segment is expected to garner a revenue of $639.4 million and rise at a healthy CAGR of 93.9% over the analysis timeframe. The increasing adoption of blockchain technology across smart cities for numerous advantages such as smart connectivity is predicted to amplify the growth of the market sub-segment during the forecast period.
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the blockchain IoT market is predicted to generate a revenue of $1,459.8 million and rise at a CAGR of 94.8% over the estimated period. This is mainly due to the rapidly increasing infrastructures and manufacturing sectors in this region. Moreover, the growing awareness among people of this region and increasing adoption of IoT in various sectors such as retail, smart cities, healthcare, and many more are expected to drive the regional growth of the market throughout the forecast period.
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Key Players of the Blockchain IoT Market
The major players of the blockchain IoT market include Cisco Systems, IBM Corporation, The Linux Foundation, Intel Corporation, R3, Amazon.com, Filament, Microsoft Corporation, Ethereum Foundation, KrypC, and many more. These players are mainly working on the development of new business strategies and tactics to acquire a leading position in the global industry.
For instance, in February 2021, ITM, a renowned provider of blockchain scaling solutions and blockchain-enabled ICs, announced its collaboration with Microsoft Corporation, a leading American multinational technology corporation. With this collaboration, the companies aimed to empower IoT devices with blockchain capabilities so that clients from any corner of the world could connect devices and share data without any risks of tempering. – Get in touch with an Expert Analyst to get Post COVID-19 Impact on Blockchain IoT Market
In addition, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Blockchain IoT Market:
- Blockchain IoT: The Next Big Thing to Excel in Advanced Technology
- Benefits of Amalgamation of Two Power Technologies: Blockchain IoT (Internet of Things)
