Blockchain IOT Market- Extensive R&D activities fuel the growth

Blockchain IOT

The Internet of Things (IoT) adoption has increased the adoption of various advanced technologies such as cloud computing, artificial intelligence, edge computing, and blockchain. Blockchain provides a decentralized and scalable environment to the IoT platforms, devices, and applications and allows the connected devices to enhance security in the ecosystems. The IoT provides a wide number of opportunities for the various businesses to run their operations smartly and blockchain has tremendous potential for various industries including BFSI, automotive, manufacturing, and healthcare. Combining the IoT and blockchain has enabled the end-users to make their systems efficient. The major driving factors for the growth of the blockchain IoT market are the growing adoption of IoT and the need to enhance operational efficiency. A growing number of government initiatives for the adoption of blockchain IoT across the world and its increasing use in the construction industry are factors expected to create significant opportunities for players operating in the market during the forecast period. However, high processing power and time requirements and higher latency with an increase in the number of nodes are expected to hamper the market growth during the forecast period.

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The global blockchain IOT market size was valued at USD 113.3 million in 2019 and projected to reach USD 6.49203E million at a CAGR of 93 % over the forecast period. This analytical report has been aggregated based on various factors such as global market size, market shares, recent trends, technological adoption, and latest industry developments in the market. This report has been prepared by using various effective infographics that help in understanding the market easily.

The following factors are driving or encouraging global blockchain IOT market growth:

Different driving factors of the global blockchain IOT market growth are rising adoption of IoT,  increasing need for IoT security, simplifying business processes and affording transparency and immutability, and growing focus on operational efficiency. Moreover, underlying opportunities for market growth include extensive adoption of blockchain solutions for smart contracts and digital identity and growing government initiatives.

Blockchain in IoT is one of an emerging use case in the blockchain. It is used to prevent all the confidential data of industries. This new technology helps in keeping the data away from external threats. With continuous changes taking place among industries and generation of a vast amount of data, use of blockchain and IoT is rising.

Rise in the adoption of IoT within different industries to secure the data and upsurge in need to ensure adequate operational efficiency is growing is driving the growth of blockchain IoT market. Nevertheless, greater supportive government ecosystem is expected to benefit players operating in the blockchain IoT market.

Leading Players are

  • IBM Corporation (US)
  • Microsoft Corporation (US)
  • R3 (US)
  • Filament (Nevada)
  • com, Inc. (US)
  • Cisco Systems (US)
  • Ethereum Foundation (Switzerland)
  • The Linux Foundation (US)
  • KrypC (India)
  • Intel Corporation (US)

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