June 18, 2020
As per the report titled ‘Global Blockchain IoT Market Size study, by Offerings (Hardware, Software and Infrastructure Provider), by Application (Smart Contract, Data Security, Data Sharing/Communication, Asset Tracking & Management) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global blockchain IoT market was worth USD 59.42 million in 2019 and is projected to expand with a CAGR of 90.33% through 2026.
Growing adoption of internet of things (IOT) technology with an emphasis on enhancing operational efficiency, coupled with favorable government initiatives and surging incorporation of blockchain solutions for digital identity and smart contracts are among the major growth drivers of global blockchain IoT market.
Increase in IoT networking for data sharing in tandem with high security in data transfer will continue to fuel the product demand in the ensuing years. Moreover, rising acceptance of blockchain payment technology in the retail sector will propel the market growth over the analysis timeline.
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Blockchain technology aids retailers and manufacturers in streamlining their processes and consequently reduce overhead costs. It ensures security with improved level of encryption which eliminates the challenges faced by IoT. Implementation of blockchain with IoT helps in monitoring products and preventing product manipulation. Minimal paperwork leading to reduced transportation delays, lower shipping costs, few human errors, and fast product recognition are the key benefits favoring the adoption of blockchain IoT across the retail sector.
On the contrary, uncertain regulatory status and lack of awareness about blockchain technology may negatively impact the industry growth over the forecast period.
Geographically, blockchain IoT market is divided into North America, Europe, Asia Pacific, Latin America, and Rest of the World. The report projects Asia Pacific market to amass significant growth over the forecast timeline with China witnessing massive demand for blockchain solutions, particularly from its manufacturing sector.
Parallelly, Europe blockchain IoT market is estimated to accrue a large share in the forthcoming years, fueled by increasing investments in retail IoT solutions.
Prominent industry players include Atonomi, Ambrosus, Filament, R3, The Linux Foundation, Ethereum Foundation, Cisco Systems, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, and IBM Corporation.