New York, USA, February 22, 2023 (GLOBE NEWSWIRE) — According to the latest report published by Research Dive, the global blockchain IoT market is expected to rise to a stable CAGR of 91.5%and thus receives an income of $5,802.7 million of 2026. This comprehensive Research Dive report presents a brief overview of the current framework of the blockchain IoT market, including its priority features such as growth drivers, growth opportunities, restraints, and obstacles during the forecast period 2019-2026. The report also includes all the crucial market figures to help new entrants understand the market easily.
The dynamics of the market
Drivers: Increasing infrastructure and manufacturing sector across the globe, especially in the developing countries, is predicted to be the primary growth driver for the blockchain IoT market during the forecast period. Additionally, benefits provided by blockchain for IoT, such as reduced risk of collusion and tampering, reduced costs, etc., are expected to drive the market further.
Possibilities: Increasing implementation of IoT by various end-use industries is predicted to offer many growth opportunities to the market during the forecast period. Moreover, increasing necessity of IoT security and streamlining of business process worldwide is expected to increase the growth rate of the market.
Limitations: However, lack of awareness regarding blockchain technology may limit the growth of the blockchain IoT market during the forecast period.
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Segments of the market
The report has fragmented the blockchain IoT market into segments based on offering, application, end-use, and region.
Offer: Hardware The sub-segment should be the most lucrative
Based on supply, the hardware sub-segment is expected to have the highest growth rate of 93.6% by 2026. The important task performed by the hardware in the IoT systems, such as retrieving the data from the source location and delivering it to the cloud systems is expected to contribute to the growth of this sub-segment.
application: Asset tracking and management Sub-segment to be Loud Profitable
By application, the asset tracking and management sub-segment of the blockchain IoT market accounted for $8.3 million in 2018 and is expected to continue on this growth trajectory by 2026. The important role played by asset tracking and management in the management and tracking of physical assets and to examine the performance to machinery is predicted to be the primary growth driver of the sub-segment during the forecast period.
End–Use: Smart cities Subsegment to have a significant Market share
By end-use, the smart cities sub-segment is expected to hold a dominant share and register a revenue of USD 639.4 million by 2026. Increasing implementation of IoT in smart cities is expected to contribute to the growth of this sub-segment.
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To sayone– The Pacific Ocean The region must be the most dominant
By regional analysis, the blockchain IoT market in the Asia Pacific region is predicted to grow rapidly in the timeframe 2019-2026. Increasing awareness among people and increasing use of IoT in various sectors such as healthcare and retail are expected to be the major growth drivers for the market in this region.
Prominent market players
Some leading players in the blockchain IoT market are
- CreepC
- IBM Corporation
- R3
- Microsoft Corporation
- Cisco Systems
- Filament
- Amazon.com Inc.
- The Linux Foundation
- Ethereum Foundation
- Intel Corporation
These players formulate a number of business strategies such as mergers, acquisitions and collaborations to gain a dominant position in the market.
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For example, in June 2022, WISeKey International Holding, a leading cybersecurity company, announced the launch of a security product designed to secure the supply chain management of critical goods. Developed by WISeSat and FOSSA with the Casper blockchain, this product aims to provide security by harnessing the utility of IoT devices.
Finally, this comprehensive report also summarizes many important aspects of the global market, including product portfolio, recent strategic developments, financial performance of the key players, and SWOT analysis.
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