Market Research Future Insights
Blockchain and IoT (Internet of Things) can be combined to create a secure, decentralized system that enables peer-to-peer transactions between connected devices. This combination of blockchain and IoT has wide-ranging potential applications in many industries, such as finance, healthcare, agriculture, manufacturing, and transportation.
According to MRFR analysis, the global Blockchain IoT Market is expected to register a CAGR of 93.4% from 2020 to 2027 and hold a value of over ~USD 124.58 Million by 2027. The blockchain IoT market is a merger of blockchain and IoT technology that has gained traction with the rapid development of technology and the communication network. Additionally, the blockchain, fueled by regionalized networks and cryptographic encryption, leverages the IoT platform through a peer-to-peer network to safeguard openness and security.
Blockchain can provide a secure and reliable way to track the data generated by IoT devices, making it easier to monitor and manage them. Additionally, blockchain is able to provide a secure and reliable platform for executing smart contracts between IoT devices, allowing for automated transactions and data exchange. This can help to reduce inefficiencies, enhance security, and improve trust between different stakeholders.
The increase in the number of IoT devices and IoT connections that are vulnerable to cybercrimes has stimulated the adoption of blockchain technology. Some of the aids of blockchain IoT comprises accelerated data change, low costs, augmented privacy, and efficient supply chain, logistics, and insurance.
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The blockchain IoT market around the world has been suffering an upsurge owing to growing cybersecurity threats. Additionally, lockdown and temporary closure of all businesses and the international, as well as domestic borders, have had a vast impact on the daily welfare. The growing use of digital technology for smart contracts, data communication, asset tracking, management, and others has pushed the growth of the market amidst the pandemic.
North America dominates the blockchain IoT market, due to the existence of key players, such as IBM Corporation, Intel Corporation, Amazon.com, Inc., Cisco Systems, The Linux Foundation, R3, and Filament, among others. Additionally, the high acceptance of modern IoT drives regional market growth. Further, the financial constancy of the countries in the region unlocks many doors for new investments and has augmented the adoption of the latest IoT devices.
Asia-Pacific is expected to showcase colossal growth in the blockchain IoT market on account of the high acceptance of technology, favorable government initiatives, and growing investments in the ICT sector. Singapore is the major user of blockchain technology in terms of cross-border payments and the financial and healthcare sectors. Government Initiatives to Boost the Acceptance of Blockchain Drives Asia-Pacific’s Market Growth
The global Blockchain IoT Market has been segmented into Offering, Application, and End-User
Based on Offering, the global Blockchain IoT Market has been segmented into Hardware, Software, and Services
Based on Application, the global Blockchain IoT Market has been segmented into Data Sharing, Smart Homes, Data Security, Smart Contracts, Asset Tracking and Management, and Others
Based on End-User, the global Blockchain IoT Market has been segmented into Supply Chain and Logistics, Automotive, Healthcare, Manufacturing, Retail, Construction, Government, Energy and Utility, and others
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Some of the key market players are Ethereum Foundation (Switzerland), Filament (Nevada), KrypC (India), The Linux Foundation (US), ArcTouch (US), Filament (Nevada)., Intel Corporation (US), IBM Corporation (US), Amazon.com Inc. (US), Microsoft Corporation (US), Cisco Systems (US), R3 (US), and Chronicled (US)
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