PUNE, India, March 10, 2020 /PRNewswire/ -- As per the study conducted by Research Dive, the Blockchain IoT Market size is anticipated to reach $5,802.7 million by 2026, with a CAGR of 91.5% over projected period.
Market Drivers and Retrains:
Rising adoption of Blockchain IoT due to the rapid growth in the IoT connectivity across the globe for data sharing is expected to drive the market growth. Additionally, increasing operational efficiency among the organizations for providing better data transfer security is another growth factor for blockchain IoT market.
Lack of awareness among the organizations is the key factor that may hinder the market growth over the forecast period. However, interoperability is another key challenging factor that may hamper growth of the blockchain IoT market.
On the basis of offerings, the market is segmented into hardware, software and solutions. Hardware segment is anticipated to further drive the offerings segment in blockchain IoT market, owing to the growing demand for more secure data transferring among the people that are present in the same network.
Data security dominated the application segment owing to the growing demand for secure data transferring among the devices, and rising concerns for data theft due to the growing cyber-attacks. As per the study, data security segment is anticipated to reach $1,377.9 million by the year 2026 at a CAGR of 93.4%.
Based on end-use industries the market is divided into energy & utility, transportation & logistics, building management, manufacturing, healthcare, wearable & mobile devices, smart cities and retail among other. Smart cities segment is anticipated to dominate the market growth over the forecast period owing to the rising adoption of IoT integration with almost every aspect of day to day life.
Asia Pacific Blockchain IoT market is witness to grow over the forecast period, and anticipated to account for $1,459.8 million by 2026, growing at rate of 94.8%, due to the growth of the Blockchain IoT market in Asia Pacific region. Asia Pacific includes most developing nations such as China, India and South Korea among others, these economies are anticipated to adopt blockchain IoT on a wider range.
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 increase their position in the global market. Recent developments in the Blockchain IoT market by Amazon.com joined hands with start-up called Kaleido in order to make it easier for users to place their services on blockchain.
The global Employee Communication Software Market accounted for $527.0 million in 2018 and is anticipated to generate a revenue of $1,197.2 million by 2026.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.