Blockchain IoT Global Market Report 2022: Sector to Reach $25.56 Billion by 2030 at a 60.6% CAGR
DUBLIN, Jan. 25, 2023 /PRNewswire/ -- The "Blockchain IoT Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
Key Market Insights
Rising Concern for Data Security expected to spur the demand for Blockchain IoT Market
On the other hand, blockchain distributed ledger technology provides distributed and decentralized security system that is hard to break. Architectural limitations of IoT prevents it from making intelligent security decisions, therefore blockchain solution for IoT can open up lucrative opportunities in the field of cyber-security. In addition, businesses that rely on complex and expensive data have shown a preference shift towards blockchain IoT solutions for their data security.
Smart City Segment expected to witness the Fastest Growth during the Forecast Period
Market leaders operating in smart city projects leverage blockchain IoT solutions for overcoming the security-breach and privacy-related issues in different smart city solutions. For the same, many IoT solution providers for the smart city projects have joined hands with blockchain players to provide relevant solutions. For instance, in November 2019, Obyte, a Distributed Ledger Technology (DLT) platform has signed a partnership agreement with Bosch Connectory to explore smart city solution.
Key Players & Competitive Landscape:
Significant Opportunity for the New Entrants to invade in the Global Blockchain IoT Market.
The global blockchain IoT market is a nascent market, but still highly competitive owing to the presence of several established blockchain players such as IBM Corp., Microsoft Corp., Oracle Corp., and many others. In addition, the market provides lucrative opportunities for new entrants to establish its strong footprint in the global market by accurately leveraging the power of IoT with blockchain.
List of Companies Covered:
Key questions answered in this report
Key Topics Covered:
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