DUBLIN--(BUSINESS WIRE)--The "Blockchain IoT Market by Offering (Hardware, Software, and Infrastructure Provider), Application (Smart Contract, Data Security, Data Sharing/Communication, and Asset Tracking & Management), End User, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The blockchain IoT market is projected to be valued at USD 3,021 million by 2024 from USD 113.1 million in 2019; it is expected to grow at a CAGR of 92.92%.
Major factors driving the market growth are increasing adoption of IoT, growing need for IoT security, simplifying business processes and affording transparency and immutability, and increasing focus on operational efficiency.
Further, underlying opportunities for the blockchain IoT market include higher adoption of blockchain solutions for smart contracts and digital identity and rising government initiatives. Major restraints for the market are uncertain regulatory status and higher latency with an increase in the number of nodes. The lack of awareness about blockchain technology and lack of standards pose major challenges to the blockchain IoT market.
"Infrastructure provider segment is expected to hold largest share of blockchain IoT market during forecast period"
The infrastructure provider segment is expected to hold the largest share of the blockchain IoT market during the forecast period. Infrastructure providers offer commutable infrastructure for developing, deploying, and managing enterprise-grade blockchain applications. These providers help enterprises implement blockchain technology and develop solutions to fulfill the increasing need for customer services. Blockchain can synchronize data across multiple entities, thereby building trust and encouraging customers to collaborate. Hence, companies are adopting coexistence as an approach to combine their infrastructure with emerging technologies.
"Among all applications, data security application is expected to hold largest size of blockchain IoT market from 2018 to 2024"
Data security is the major application in the blockchain IoT market; therefore, this application is expected to hold the largest market share during the forecast period. Blockchain can help to overcome the problem of managing and securing data of industrial IoT and operational technology (OT) devices. Using blockchain with IoT stands to benefit applications enormously. Current applications rely on the client-server model to function. The blockchain model would prevent attacks from happening. Since a decentralized database would remove any one point of weakness, attackers would have to target individual nodes on the network instead.
"Blockchain IoT market in APAC is projected to grow at highest CAGR during forecast period"
APAC is expected to be the largest blockchain IoT market during the forecast period. This market is further divided into China, Japan, South Korea, India, and the Rest of APAC. Rest of APAC mainly includes Singapore, Malaysia, Thailand, Australia, and New Zealand. China is the largest market among all APAC countries. China, Japan, South Korea, and India are witnessing growth in blockchain IoT and blockchain start-ups.
Blockchain adoption in developing countries of APAC helps organizations transform their business processes. Blockchain applications with IoT help create transparent and decentralized business processes. The key financial and shipping and trading hubs such as Hong Kong and Singapore provide huge opportunities for the adoption of blockchain in various industry verticals.
IBM Corporation (US), Microsoft Corporation (US), Intel Corporation (US), Amazon.com, Inc. (US), Cisco Systems (US), Ethereum Foundation (Switzerland), The Linux Foundation (US), R3 (US), Filament (Nevada), and KrypC (India) are a few major players in the blockchain IoT market.
- Increasing Adoption of IoT
- Growing Need for IoT Security
- Simplifying Business Processes and Affording Transparency and Immutability
- Increasing Focus on Operational Efficiency
- Uncertain Regulatory Status
- Higher Latency With Increase in Number of Nodes
- Higher Adoption of Blockchain Solutions for Smart Contracts and Digital Identity
- Rising Government Initiatives
- Lack of Awareness About Blockchain Technology
- Lack of Standards
- Cisco Systems
- Ethereum Foundation
- The Linux Foundation
- Xage, Inc.
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