Global Blockchain IoT Market is valued approximately at USD 59.42 million in 2019 and is anticipated to grow with a healthy growth rate of more than 90.33% over the forecast period 2020-2026. The market growth is primarily driven by increasing adoption of internet of things along with the rising emphasis on enhancing operational efficiency. Additionally, growth in initiatives taken by government and surging utility of blockchain solutions for digital identity and smart contracts are further likely to propel the growth of the market. However, uncertain regulatory status and lack of awareness about blockchain technology are expected to hamper the market growth. One reason for such a rise in the industry is worldwide IoT networking for data sharing. At the same time, service offering greater protection in data transfer often helps to increase the adoption of this technology. The growing acceptance of blockchain payment technology in the retail sector is expected to drive the blockchain IoT market over the forecast timespan. Blockchain technology is used by many retailers and manufacturers to streamline their processes and reduce extra overheads. Additionally, the implementation of both blockchain and IoT is helping retailers monitor products and avoid product manipulation. Blockchain provides security with improved levels of encryption that remove the challenges IoT faces. The growing demand for product monitoring solutions is thus also driving the IoT blockchain market. Major benefits of blockchain technology are less paperwork leading to less transportation delays, lower shipping costs, few manual errors and fast product recognition.
The regional analysis of Global Blockchain IoT market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Over the coming years, the Asia Pacific region is projected to see significant growth in the global IoT blockchain industry. China is projected to generate enormous demand for blockchain solutions, particularly from its manufacturing sector. Owing to the growing investment made for retail IoT solutions, the European blockchain IoT market is projected to hold a large share globally. Top retailers are focused on using blockchain-based IoT technologies to optimize their retail services to clients.
Major market player included in this report are:
The Linux Foundation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Asset Tracking & Management
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 20198
Forecast period – 2020 to 2026
Target Audience of the Global Blockchain IoT Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers