Rising adoption of blockchain IoT due to the rapid growth in IoT connectivity across the globe for data sharing is expected to drive market growth. Additionally, increasing operational efficiency among organizations to provide better data transfer security is another growth factor for blockchain IoT market.
Lack of awareness among organizations is the key factor that may hinder market growth over the forecast period. However, interoperability is another key challenging factor that may hamper the growth of this market.
Blockchain IoT Market Segmentation:
On the basis of offerings, the market is segmented into hardware, software, and solutions. The hardware segment is anticipated to further drive the offerings segment in the blockchain IoT market, owing to the growing demand for more secure data transfer among the people that are present in the same network.
Data security dominated the application segment owing to the growing demand for secure data transfer among devices and rising concerns for data theft due to the growing cyber-attacks. As per the study, the data security segment is anticipated to reach $1,377.9 million by the year 2026 at a CAGR of 93.4%.
Based on end-use industries, the market is divided into energy & utility, transportation & logistics, building management, manufacturing, healthcare, wearable & mobile devices, smart cities, and retail among others. The smart cities segment is anticipated to dominate market growth over the forecast period owing to the rising adoption of IoT integration in almost every aspect of day-to-day life.
Asia Pacific blockchain IoT market is witnessing growth over the forecast period and is anticipated to account for $1,459.8 million by 2026, growing at a rate of 94.8%, due to the growth of the Blockchain IoT market in Asia Pacific region. Asia Pacific includes most developing nations such as China, India, and South Korea among others, these economies are anticipated to adopt blockchain IoT on a wider range.
Top Companies Profiled and Recent Developments:
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 a start-up called Kaleido in order to make it easier for users to place their services on blockchain.