According to a research report "Blockchain IoT Market by Component (Hardware (IoT Sensors & Crypto-Wallets), Software and Platform, and Services), Application (Smart Contract, Security, and Asset Tracking and Management), Organization Size, Vertical, and Region - Global Forecast to 2026", published by MarketsandMarkets, the global blockchain IoT market size is projected to grow from USD 258 million in 2020 to USD 2,409 million by 2026, at a Compound Annual Growth Rate (CAGR) of 45.1% during the forecast period. The growing need for IoT security, simplified processes supported with transparency and immutability, and high adoption of blockchain-based IoT solutions using smart contracts and AI is expected to surge demand for blockchain IoT market globally.
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By component, the software and platform
segment to register the highest growth rate during the forecast period
The software for
blockchain IoT connects network-based requests placed by users for accessing
backend data to the network. The blockchain software components consist of node
application, consensus mechanism, virtual machines, and shared ledger.
Blockchain helps cumulate technical and business information, fraud detection
results, and user behavior data with the rest of the enterprise architecture
via real-time demand tools. Software tools help visualize insights for quick
and simple data gathering and enhanced predictive capabilities. A blockchain
software integrated with IoT ensures secure device communication. The
blockchain IoT platform is expected to witness wide adoption during the
forecast period as an increasing number of enterprises of all sizes are
realizing the benefits offered by this platform. The blockchain IoT software
helps enterprises carry out complex tasks in a decentralized digital economy to
avert risks, enable secure transactions, and optimize their daily operations,
leading to reduced operational costs. This need for increased efficiency and
security is expected to drive the adoption of the blockchain IoT market in the
future.
Based on vertical, the building management to
grow at the highest CAGR during the forecast period
The building management segment is
expected to increasingly adopting blockchain IoT solutions. With the help of
blockchain, smart home devices become immutable and safe from cyberattacks.
Blockchain also enables building owners to securely enable other parties to
access specific areas and devices without giving them access to everything.
Increasing marketplace efficiency is advantageous in facility management too.
The blockchain is a secure way to automate transactions and transfer data. It
has changed the way buildings are being operated. By using the blockchain in
automation, it provides facility management services, equipment warranties,
indoor occupancy tracking, and track of spaces available. Therefore, the
building management segment registers the highest growth rate during the
forecast period.
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North
America to hold the largest market share during the forecast period.
North
America has several prominent market players delivering Blockchain IoT
solutions to all end-users in the region. The US and Canada both have strong
economic conditions and are expected to be major contributors to the Blockchain
IoT markets growth. The geographical presence, significant Research and
Development (R & D) activities, partnerships, and acquisitions and mergers
are the major factors for deploying Blockchain IoT and services.
Market
Players
Key
and innovative vendors in the Blockchain IoT market include IBM (US), Microsoft
(US), Intel (US), Amazon Web Services (US), Huawei (China), Cisco (US), SAP
(Germany), Ethereum Foundation (Switzerland), The Linux Foundation (US), R3
(US), Arctouch (US), Waltonchain (China), Helium (US), Factom (US), HYPR (US),
Chronicled (US), KrypC (India), IoTeX (Singapore), Discovery (Malta), Iota
(Germany), Atonomi (US), Xage (US), Ambrosus (Estonia), NetObjex (US), and
Grid+ (US).
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