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Blockchain IoT data security

Rising Concern for Data Security expected to spur the demand for Blockchain IoT Market

The global blockchain IoT market value surged from US$ 105.3 Mn in the year 2021 to US$ 25,560.3 Mn in 2030, with a CAGR of 60.6% during the forecast from 2022 to 2030. Blockchain IoT data security

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The increasing deployment of Internet of Things (IoT) devices worldwide has triggered a sense of data security. The traditional architecture of client-server is vulnerable to security breaches due to single-point security intelligence.

On the other hand, blockchain distributed ledger technology provides distributed and decentralized security system that is hard to break. Architectural limitations of IoT prevents it from making intelligent security decisions, therefore blockchain solution for IoT can open up lucrative opportunities in the field of cyber-security. In addition, businesses that rely on complex and expensive data have shown a preference shift towards blockchain IoT solutions for their data security.


Hardware Segment predicted to grow at a Substantial Rate Blockchain IoT data security

Hardware was analyzed as the most opportunistic segment during the forecast period. The lucrative growth of the segment is mainly due to increasing use cases of blockchain IoT in redefining business models and increasing their productivity platforms. Blockchain hardware picks data from the edge of IoT and transfers it to the cloud which helps in driving business values and empowering them. However, the software segment is anticipated to hold a substantial share over the forecast period due to increasing investment by major market players.

Smart City Segment expected to witness the Fastest Growth during the Forecast Period

Smart city segment seeks a lucrative opportunity for the blockchain IoT solution in the near future owing to a significant number of ongoing smart city projects in different parts of the world. Some of the top smart city projects operating across the world are Digital Catapult, Sidewalk Labs LinkNYC, Green City Solutions’ CityTree, Telensa Smart Parking, and many others.

Market leaders operating in smart city projects leverage blockchain IoT solutions for overcoming the security-breach and privacy-related issues in different smart city solutions. For the same, many IoT solution providers for smart city projects have joined hands with blockchain players to provide relevant solutions. For instance, in November 2019, Obyte, a Distributed Ledger Technology (DLT) platform has signed a partnership agreement with Bosch Connectory to explore smart city solutions.


Significant Opportunity for New Entrants to invade the Global Blockchain IoT Market

The global blockchain IoT market is a nascent market, but still highly competitive owing to the presence of several established blockchain players such as IBM Corp., Microsoft Corp., Oracle Corp., and many others. In addition, the market provides lucrative opportunities for new entrants to establish a strong footprint in the global market by accurately leveraging the power of IoT with blockchain.

List of Companies Covered:

  • IBM Corporation
  • Microsoft Corporation
  • Intel Corporation
  • Amazon.com Inc.
  • Cisco Systems Inc.
  • Ethereum Foundation
  • The Linux Foundation
  • R3 LLC
  • Filament
  • KrypC Technologies

 

 

 

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