Blockchain IoT Market highlights
According to a report published by MRFR, the Blockchain IoT Market is envisioned to generate a revenue of USD 124.58 Million and rise at a CAGR of 93.4% during the estimated timeframe from 2020 to 2027. As per our analysts, with the rising implementation of IoT by various end-use industries, the blockchain IoT market is predicted to experience a remarkable growth during the analysis period. Besides, the growing necessity of IoT for providing security and streamlining businesses all across the globe to improve work efficiency is expected to foster the growth of the market over the forecast period.
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Adoption of the Internet of Things ( IoT) has increased the adoption of diverse advanced technologies such as edge computing, artificial intelligence, cloud computing, and blockchain. Blockchain provides the IoT networks, apps and applications with a decentralized and scalable environment and allows the connected devices to enhance ecosystem security. The IoT provides the various companies with a wide range of opportunities to conduct their operations smartly, and blockchain has immense potential for various industries including BFSI, automotive, manufacturing, and healthcare. The IoT and blockchain combination has allowed end-users to make their systems efficient. The main driving factors for the growth of the blockchain IoT market are IoT‘s increasing adoption and the need to improve operational efficiency. Factors expected to generate substantial opportunities for players operating in the market during the forecast period are a growing number of government initiatives for the adoption of blockchain IoT worldwide and its increasing usage in the construction sector. Nonetheless, high processing power and time demands and higher latency with a rise in node numbers are estimated to impede market growth over the forecast period.
Blockchain IoT Market Report Scope:
|Revenue Forecast in 2027:||USD 124.58 Million|
|Growth Rate:||CAGR of 93.4% from 2020 to 2027|
|Forecast Period:||2020 -2027|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
Blockchain IoT Market Segmentation
The report has divided the market into various segments based on hardware, software, applications, organization, vertical and region.
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The Blockchain IoT Market share is projected to increase in regions like North America, Asia Pacific (APAC), the Middle East & Africa, South America and Europe.
North America is set to maintain its winning streak throughout the review period, since the region is largely filled with numerous established companies. Blockchain IoT Market demand in the region is increasing rapidly, given the lucrative opportunities in the form of the high adoption rate of blockchain solutions for smart contract as well as digital identity applications and the surge in government initiatives.
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The fastest market expansion can be noted by APAC in the following years, with China poised to generate massive demand for blockchain solutions due to its thriving manufacturing sector. Growing investments in retail IoT solutions by top retailers and their increasing focus on using the technology to boost their retail services can favor the regional market.
Blockchain IoT Market Key Players
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