The Blockchain IoT market 2020 is presumed to market the dawn of robust growth. Internet of Things (IoT) has gained much popularity since past few years. Its adoption has scaled new heights due to the rising adoption of technologies such as cloud computing, Artificial Intelligence (AI), etc. The integration of blockchain with IoT offers decentralized and scalable environment. Thus, the blockchain IoT market is presumed to augment rapidly over the next couple of years. In the report by Market Research Future MRFR), the global blockchain IoT market is presumed to mark 93.4% CAGR across the review period. The report further reveals that the blockchain IoT market size is likely to increase from USD 124.58 Mn in 2019 to a remarkable valuation by the end of the evaluation period.
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IoT is gaining popularity as enterprises are moving towards technological advancements. With the rising installation of connected devices, the need for developed technology is also likely to increase. Thus, the blockchain IoT market is poised to generate high revenues over the next couple of years. Also, it offers higher degree of security, which is supposed to drive the growth of the blockchain IoT market in the upcoming years. The combination of IoT and blockchain has led to optimum efficiency of resources. This is presumed to drive the augmentation of the blockchain IoT market over the next few years.
The use of the technology across various industries is presumed to impact the blockchain IoT market favorably in the coming years. Rising application of the technology in booming industries such as healthcare, pharmaceutical, construction, etc. is supposed to catapult the blockchain IoT market on upward trajectory. On the contrary, the higher latency, as well as high requirement for power, is prognosticated to restrain the growth of the blockchain IoT market in the foreseeable future.
Some of the blockchain IoT market top companies are Intel Corporation (US), Amazon.com, Inc. (the US), IBM Corporation (US), Microsoft Corporation (US), R3 (US), Cisco Systems (US), Chronicled (US), Filament (Nevada), Ethereum Foundation (Switzerland), KrypC (India), ArcTouch (US), The Linux Foundation (US), and Filament (Nevada).
In February 2020, AGC Inspection (AGCI), a business of pharmaceutical company ACG Group, has announced the launch of its blockchain-based traceability as well as anti-counterfeiting solution for their supply chain.
On the basis of offering, the segments of the blockchain IoT market are software, hardware, and services.
By application, the segments of the blockchain IoT market profiled in the assessment are asset tracking & management, data sharing, data security, smart homes, smart contracts, and others.
Based on end-user, the blockchain IoT market has been segmented into energy and utility, supply chain and logistics, automotive, retail, healthcare, construction, manufacturing, government, and others.
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The geographical evaluation of the blockchain IoT market share has been covered for the following regions – North America, the Middle East & Africa (MEA), Asia-Pacific, Europe, and South America. These players are further assessed on the basis of countries for offering a detailed insight. North America is the largest regional segment of the blockchain IoT market. Technologically advanced infrastructure of the region is facilitation accelerated adoption across industries. This, in turn, is expected to drive the growth of t6he regional blockchain IoT market in the forthcoming years. Among the major sub-segments of the North America region, the U.S. is supposed to lead the regional market through the forecast period.
Asia Pacific is anticipated to grow at the highest rate over the next few years. Increasing popularity of IoT in the region is anticipated to have a favorable impact on the blockchain IoT market demand.
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