The global market for blockchain IoT is projected to observe striking growth over the forecast period, due to the growing implementation of IoT in several en-use industries across the globe. By offerings, the hardware sub-segment is estimated to observe significant growth by 2026. Regionally, the Asia Pacific region to observe lucrative growth in the analysis period.
New York, USA, Sept. 06, 2021 (GLOBE NEWSWIRE) — Research Dive states that the global blockchain IoT market is likely to register a revenue of $5,802.7 million by 2026, at a CAGR of 91.5% during the forecast period from 2019 to 2026. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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As per the analysts of Research Dive, rising implementation of IoT in various end-use industries and the growing necessity for streamlining business processes and IoT security across the globe are the major factors anticipated to accelerate the growth of the global market over the forecast period. In addition, the rapid growth in the adoption of blockchain services for smart contracts, digital identity, and rising government initiatives are other factors driving the market growth. However, the lack of acceptance and awareness of blockchain technology is a factor that may restrict the market growth in the coming years.
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Hardware Sub-segment to Grow at the Highest CAGR
By offerings, the hardware sub-segment is predicted to witness significant growth and rise at the highest CAGR with 93.6% during the forecast period. This is mainly owing to the task performed by the hardware in the IoT systems, like fetching the data from the source location and delivering it to the cloud systems where the required tasks are performed.
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Asset Tracking and Management Sub-segment to be Most Profitable
By application, the asset tracking and management sub-segment accounted for $8.3 million in 2018 and is predicted to observe considerable growth over the forecast period. This is mainly because asset tracking & management plays a crucial role in tracking and managing physical assets and also scrutinizing the performance of machinery on the manufacturing floor.
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Smart Cities Sub-segment to be Most Lucrative
By end use, the smart cities sub-segment is predicted to observe lucrative growth and garner a revenue of $639.4 million during the forecast period. This is majorly due to the growing adoption of blockchain technology in smart cities due to its numerous advantages such as smart connectivity, which decreases the security breaches, helps in tracking the data, and provides undisruptive transactions.
Asia Pacific Region to Have Massive Growth Opportunities
By region, the Asia Pacific market for blockchain IoT is expected to witness rapid growth and generate a revenue of $1,459.8 million during the forecast period. The significant growth of the region can be attributed to the rapid growth in manufacturing and infrastructure sectors in various developing countries such as China, India, and South Korea. In addition, the rising awareness among people and the growing adoption of IoT in various sectors such as retail, healthcare, and smart cities in the region are predicted to drive the growth of the Asia Pacific market by 2026.
Prominent Market Players
2. Microsoft Corporation
4. Intel Corporation
5. IBM Corporation
6. Cisco Systems
7. The Linux Foundation
10. Ethereum Foundation
For instance, in February 2021, IoTeX, a Silicon Valley company involved in developing privacy-protecting smart devices, announced the launch of ‘Pebble Tracker,’ a smart asset tracking device powered by blockchain. This blockhain tracking device is integrated with secure hardware and is the first for the IoT industry.
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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