Blockchain IoT Market to Flourish at a CAGR of 91.5% during 2019-2026. - Research Dive
According to analyst assessment on Blockchain IoT Market, Asia-Pacific region will have enormous opportunities for the market investors to grow over the coming years
New York, USA, March 24, 2020 (GLOBE NEWSWIRE) -- The global Blockchain IoT market is anticipated to reach $5,802.7 million by 2026 from $ 32.0 million in 2018, at a CAGR of 91.5% during the forecast period, 2019-2026, according to a report published by Research Dive. The report offers a brief overview of the market, its primary characteristics and differentiators, recent developments, segment analysis, and sheds light on the various facets of the competition the market has been going through. It also includes a summary of the market scope, size, trends and opportunities in the market.
Growth of the market
Blockchain IoT market is estimated to grow at a higher pace over the projected period, this is majorly due to the key factors such as raise in the implementation of IoT by various end-use industries. The growing necessity for IoT security and streamlining the business process across the world in order to improve work efficiency is another key factor that will upsurge the market growth in the near future. Additionally, the major growth prospects for the blockchain IoT market comprises of swift growth in the adoption of blockchain services for digital identity, rising government initiatives, and smart contracts.
Factors affecting the market growth
In spite of the wide range of advantages, major factors affecting the market growth are the lack of awareness and acceptance of blockchain technology. Higher latency with a rise in the number of nodes and uncertain regulatory status possess the major challenges for market growth.
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Key Segments
The report offers an overview of the global blockchain IoT market with a precise outlook of its primary segments. The report segments the market by offering, application, end-use, and region. Based on offering, the report bifurcates the market into hardware, software, and service. Based on application, the market is divided into smart contracts, data security, data sharing, and asset tracking and management. By end-use, the market is divided into energy & utility, transportation & logistics, manufacturing, building management, healthcare, retail, wearable and mobile devices, combined mode, volume mode combination, and others.
The hardware segment is expected to register the highest growth
The hardware sub-segment is expected to register the highest growth rate over the forecast period growing at a CAGR of 93.6%. This is majorly due to the task performed by the hardware in the IoT systems, such as fetching the data from the source location and deliver it to the cloud systems where the required tasks are being performed.
Smart Contracts segment is expected to grow at a lucrative rate
The blockchain IoT is widely used for asset tracking and management in the application segment and accounted for the largest market value in the year 2018 for $8.3 million. The data security is further anticipated to grow at a higher CAGR of 93.4% over the forecast period, accounting for $1,377.9 million.
Smart Cities segment is going to held the largest market share
The smart cities' end-use segment is further expected to drive the market growth over the forecast period accounting for $639.4 million growing at a CAGR of 39.9% over the forecast period. Smart cities are adopting blockchain widely due to various advantages such as smart connectivity, which helps in tracking the data, provides undisruptive transactions and decreases the security breaches.
Asia-Pacific to dominate the market during the forecast period
the Asia-Pacific market is expected to experience a swift growth over the forecast period, majorly due to the growing awareness among the people and increases in the adoption of IoT in various sectors such as healthcare, retail, and smart cities among others in the countries such as China and India.
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The report also highlights Top 10 Leading market players.
- Microsoft Corporation
- KrypC
- Amazon.com, Inc.
- Intel Corporation
- Cisco Systems
- IBM Corporation
- The Linux Foundation
- R3
- Filament
- Ethereum Foundation.
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