New York, USA, Nov. 04, 2020 (GLOBE NEWSWIRE) — As per a latest report published by Research Dive, the global blockchain IoT market is expected to garner $5,802.7 million and rise at a CAGR of 91.5% during the forecast period from 2019 to 2026. The North America market for blockchain in IoT is expected to play a dominant role in the global market, growing at a CAGR of 90.1% over the forecast period. The dominance of tis region is majorly attributed to increasing adoption of blockchain IoT in various sectors such as healthcare and retail.
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The increasing adoption of IoT by various end-use industries such as energy & utility, healthcare, retail, and others is the major factor expected to bolster the growth of the global blockchain IoT market over the forecast period. In addition, a rapid growth in adoption of blockchain services for digital identity is estimated to create massive growth opportunities for the global market by 2026. However, the lack of acceptance and awareness regarding blockchain technology is predicted to hamper the market growth in the near future.
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Key Segment Findings of the Market:
The report segments the global blockchain IoT market into Offerings, Application, End-Use, and Region.
• By offerings, the hardware segment is anticipated to grow at the highest CAGR with 93.6% in the forecast period, owing to the tasks performed by the hardware in the IoT systems, such as fetching the data from the source location and delivering it to the cloud systems.
• By application, the asset tracking and management segment valued for $8.3 million and is predicted to hold a notable share in the market during the forecast period. This is mainly because asset tracking and management with the help of blockchain plays a significant role in managing, tracking, and examining physical assets & the performance of machinery on the manufacturing floor.
• By end-use, the energy and utility segment is estimated to be most lucrative and account for $639.4 million by the end of 2026. This is majorly due to rising adopting of blockchain by smart cities owing to its several advantages such as smart connectivity.
• By region, The Asia Pacific market for blockchain IoT is estimated to witness rapid growth throughout the forecast period owing to the immensely growing infrastructure and manufacturing sectors in various countries of the region such as China, India, and South Korea.
Major Market Players
2. Microsoft Corporation
4. Intel Corporation
5. IBM Corporation
6. Cisco Systems
7. The Linux Foundation
10. Ethereum Foundation
Further, the report summaries various aspects of these key players such as financial performance, recent strategic moves & developments, SWOT analysis, and product portfolio.
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These players are majorly focusing on technological advancements, mergers, acquisitions, novel product launches, and geographical expansion to obtain a strong position in the global market. For instance, in October 2019, IBM launched IBM Sterling, which is a new blockchain-based supply chain service. The new Sterling Supply Chain Suite, through the use of open APIs allows distributors, retailers, and manufacturers to integrate their own data and networks.
The report also summarizes many significant aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments in the market. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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