According to a report by Indian market research firm Research Dive, the global blockchain IoT sector is expected to generate sales of $ 5.802 billion by 2026. Therefore, an average annual growth rate (CAGR) of 91.5% is recorded in the forecast period from 2019 until 2026.
According to the announcement:
According to Research Dive analysts, the increasing implementation of the Internet of Things (IoT) in various end-user industries and the growing need to streamline business processes and IoT security around the world are the most important factors that will accelerate the growth of the global market Forecast period. “
The report also noted that the significant rollout of digital identity and blockchain services for smart contracts would fuel the growth of this market.
Asset tracking and management to get the most revenue
Research Dive confirmed that inventory tracking and management played a critical role in managing physical assets and verifying machine performance from a manufacturing perspective. Hence, this segment is expected to be the most profitable during the forecast period.
For the hardware sector, on the other hand, a CAGR of 93.6% is expected. This is because the hardware in IoT networks takes on tasks like collecting data from the source location and transferring it to cloud systems, where the required roles are performed.
The growth of smart cities is expected to fuel this market with revenues of $ 639.4 million.
Prominent players in the market are Microsoft Corporation, KrypC, Intel Corporation, Amazon.com, Cisco Systems, IBM Corporation, and the Linux Foundation.
Meanwhile, it is speculated that the Blockchain-as-a-Service (BaaS) market will hit $ 15.8 billion by 2026, fueled by high immutability and secure decentralization.
Small and medium-sized businesses have used blockchain-as-a-service tools and services to develop smart contracts, payment systems and decentralized applications.
In addition, the high rate of adoption of cryptocurrencies and notable investments in blockchain-based projects by nations such as Japan, the UK and the United States are expected to improve the BaaS sector.
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