2020 Blockchain IoT Market Next Big Thing | Major Giants are Ethereum Foundation, The Linux Foundation, Filament 02-03-2020 10:43 AM CET | IT, New Media & Software
According to IDC, 20% of all IoT implementations will enable 2019 blockchain-based solutions. Blockchain provides a scalable, decentralized environment for IoT devices, platforms, and applications. Banks and financial institutions such as ING, Deutsche Bank and HSBC are undertaking PoC to validate blockchain technology. In addition to financial institutions, a large number of companies have planned to discover the potential of blockchain. On the other hand, the Internet of Things (IoT) opens up countless opportunities for companies to perform smart operations. All devices around us are now equipped with sensors and cloud. Therefore, the combination of these two technologies can make systems efficient
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Blockchain IoT market is expected to rise by registering a healthy CAGR of 92.10% reaching 77.39 billion in the forecast period of 2020-2029.
Few of the major competitors currently working in global blockchain IoT market are IBM Corporation, Microsoft, Intel Corporation, Amazon., Cisco Systems, Ethereum Foundation, The Linux Foundation, Filament, Factom, Waltonchain and Xage Security, Inc.
With blockchain, IoT devices can improve security and ensure transparency of IoT ecosystems.
Blockchain IoT Market Scope and Market Size
Blockchain IoT market has been segmented on the basis of offering, application and end user.
The major growth factor attributing to blockchain IoT market is growing adoption of IoT technology in most of the industries.
On the basis of offering, the blockchain IoT market is segmented into hardware, software and infrastructure provider. The software segment is the dominating segment with largest market share in the forecast period.
On the basis of application, the blockchain IoT market is segmented into smart contract, data security, data sharing and asset tracking & management. The Data security segment is the dominating segment with the largest market share in the forecast period.
Based on end user, the blockchain IoT market is segmented into transportation & logistics, energy & utility, manufacturing, building management, healthcare, retail, wearable and mobile devices, smart city and others. Market for smart cities is expected to grow at highest CAGR in the forecast period.
Country Level Analysis of Blockchain IoT Market
On the basis of region, the blockchain IoT market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
North America is expected to grow at the highest growth rate in the forecast period 2020 to 2029 and U.S. is the dominating country with largest market share in this region due to organization in this region rapidly moving towards the blockchain IoT technology.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
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Blockchain IoT Market Drivers:
o Increasing adoption of IoT is expected to drive the market growth.
o Rising need for IoT security is driving the market growth.
o Simplification of business processes drives the market growth.
Blockchain IoT Market Restraints:
o Uncertain status of regulatory hindering the market growth.
o Higher expectancy with increase in number of nodes hampering the market growth.
Key Developments in the Market: In December 2019, Infosys has announced launch of blockchain-powered distributed applications for government services, insurance and supply chain management domains. These application can be seamlessly integrated with the existing systems and IoT devices. This launch will extend the product portfolio as well as market size of the company.
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Global blockchain IoT market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of blockchain IoT market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Blockchain IoT market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated and global presence. Blockchain IoT market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
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