According to BlueWeave Consulting, The Global Blockchain IoT Market is expected to grow with a significant rate during the forecast period 2019-2025, owing to higher adoption of blockchain solutions for smart contracts and digital identity. The growing automation across various industries such as oil & gas, automotive, the retail industry for key functional areas such as payments & accounting, loyalty & rewards, and advertising among others and manufacturing will foster the global Blockchain IoT Market in the forecast period.
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Moreover, the major factor driving market growth is a surge in use of crypto-currencies enables secure cross-border payments and micro-payments coupled with providing retailers with greater transparency through end-to-end data trail. Furthermore, increasing government initiatives for blockchain based IoT, growing need for IoT security, coupled with process transparency and rising focus on operational efficiency will accelerate the growth of the Blockchain IoT market.
Rising application of Blockchain IoT to improving the accuracy, speed, and scale of supply chains is an area many organizations and potential to redefine quality management, compliance, traceability and Manufacturing Intelligence will contribute to Blockchain IoT market growth during the forecast period
On the basis of Offering, the Blockchain IoT market has been segmented into Hardware, Software, and Infrastructure Provider. Hardware segment dominates the global Blockchain IoT Market owing to its features such extraction of data from a open-source at the edge of IoT and send it to cloud from where the data is driving business value and empower new revenue models. Infrastructure Provider is driven by its applications such as enterprises implementing blockchain technology and develop solutions to fulfill the increasing need for customer services.
On the basis of Application, the Blockchain IoT market has been segmented into Smart Contract, Data Security, Data Sharing/Communication, and Asset Tracking & Management. By application, Smart Contract segment will lead the market due to its benefits such as providing security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Asset Tracking & Management is driven by tracking and managing physical assets and the performance of the equipment on the manufacturing floor.
On the basis of region, the Blockchain IoT market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world Blockchain IoT market over the forecast period owing to the presence of key market players coupled with adoption of blockchain IoT in delivering enhanced customer experience. The Asia Pacific market will foster by Blockchain adoption in developing countries in Asia-Pacific and adoption of blockchain IoT by different organizations.
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Companies such as IBM Corporation, Microsoft Corporation, Intel Corporation, Amazon.com, Inc., Cisco Systems, Ethereum Foundation, The Linux Foundation, R3, Filament, Ambrosus, Atonomi , Factom, Intel, Iota, Waltonchain, Xage, Inc. and KrypC are the key players in the global Blockchain IoT market.
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