According to a study, Global Blockchain IoT Market, by Research Dive, the global Blockchain IoT market size is expected to account for $ 5.80 Billion by the end of 2026, registering 91.5% CAGR over the forecast period.
Blockchain and IoT are improving the efficiency of the supply chain by eliminating the middleman functioning, due to which transactions are getting completed much faster with a lower price. However, this combination of IoT and blockchain will enhance secure communication between the devices and strengthen privacy agreements. These are the key blockchain IoT market drivers.
However, the lack of awareness among developing nations and uncertainty of regulations will impede the growth of blockchain in the IoT market.
The software offerings segment held the largest market size in 2018 and is projected to grow at a CAGR of 91.1% over the forecast timeframe. However, the hardware segment is anticipated to dominate the market over the forecast period, growing at a CAGR of 93.6%. The hardware segment is majorly driven due to the growing data transition among the people of the same network.
Based on the application segment, data security applications accounted for a 22% share in 2018, valued at $7.0 million and are anticipated to grow at the highest CAGR of 93.4%. This is majorly due to the increasing concerns for data theft due to the number of cyber-attacks taking place across the globe.
An end-user segment in the blockchain IoT market is categorized into energy & utility, transportation & logistics, manufacturing, building management, healthcare, retail, wearable & mobile devices and smart cities, among others. The smart cities segment is expected to grow at the highest CAGR of 93.9%, accounting for $639.4 million over the forecast period. Smart city market leaders are implementing blockchain as a major platform associated with different services to eliminate security breaches, provide seamless transactions, track data, and encourage public services. Smart cities incorporate IoT technology with almost everything related to our day-to-day life; with rapid technological advancements, smart cities will soon become a reality. To keep personal data safe, blockchain is also being implemented in IoT services in smart cities.
Asia-Pacific Blockchain in the IoT market is anticipated to grow rapidly during the projected period. It is expected to reach $1459.8 million by the end of 2026 at a growth rate of 94.8%. This is majorly due to the rapid growth in infrastructure and manufacturing sectors in various developing countries such as India, China and South Korea. The North American blockchain in the IoT market dominated the global blockchain IoT market in 2018. This region will witness market growth of 90.1% and is anticipated to reach $1,746.5 million by 2026.
Blockchain IoT market players are Intel Corporation, Ethereum Foundation, KrypC, R3, Filament, Cisco Systems, IBM Corporation, and Microsoft Corporation, among others. These manufacturers are continuously increasing their efforts on R&D activities, as it will help to improve their position in the global market. Recent developments in the Blockchain IoT market by Amazon.com joined hands with a start-up called Kaleido to make it easier for users to place their services on blockchain.