According to a study, Global Blockchain IoT Market by Research Dive, the global Blockchain IoT market size is expected to account for $ 5.80 Billion by the end of 2026, registering 91.5% CAGR over the forecast period.
Blockchain and IoT together are improving the efficiency of supply chain majorly by eliminating the middle man functioning, due to which transactions are getting completed in a much faster way with a lower price. However, this combination of IoT and blockchain will enhance the secure communication between the devices along with strengthening the privacy agreements these are the key blockchain IoT market drivers.
However, the lack of awareness among the developing nations and uncertainty of regulations will impede the blockchain in IoT market growth.
The software offerings segment held the largest market size in the year 2018 and is projected to grow at a CAGR of 91.1% over the forecast timeframe. However, hardware segment is anticipated to dominate the market over the forecast period, growing at a CAGR of 93.6%. hardware segment is majorly driven due to the growing data transition among the people of the same network.
On the basis of application segment, data security application accounted for 22% share in the year 2018, valued for $7.0 million and is anticipated to grow at a highest CAGR of 93.4%. this is majorly due to the increasing concerns for data theft owing to the number of cyber-attacks taking place across the globe.
End-use segment in blockchain IoT market is categorized into energy & utility, transportation & logistics, manufacturing, building management, healthcare, retail, wearable & mobile devices and smart cities among others. Smart cities segment is expected to grow at a highest CAGR of 93.9% accounting for $639.4 million over the forecast period. Smart city market leaders are implementing blockchain as a major platform that are associated with different services to eliminate security breaches, provide seamless transactions, track data, and encouraging public services. Smart cities incorporate IoT technology with almost everything that is related to our day to day life, with the rapid technological advancements smart cities will soon become the reality. In order to keep the personal data sake blockchain is being implemented in IoT services in smart cities as well.
Asia-Pacific Blockchain in IoT market is anticipated to grow rapidly during the projected period, and is anticipated to reach $1459.8 million by the end of 2026, at a growth rate of 94.8%. This is majorly due to the rapid growth taking place in infrastructure and manufacturing sectors in various developing countries such as India, China and South Korea. The North America blockchain in IoT market dominated the global blockchain IoT market in 2018. This region will witness market growth 90.1% and is anticipated to reach $1,746.5 million by 2026.
Blockchain IoT market players are Intel Corporation, Ethereum Foundation, KrypC, R3, Filament, Cisco Systems, IBM Corporation, and Microsoft Corporation among others. These manufacturers are continuously increasing their efforts on R&D activities, as it will help to increase their position in the global market. Recent developments in the Blockchain IoT market by Amazon.com joined hands with start-up called Kaleido in order to make it easier for users to place their services on blockchain.
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