Blockchain IoT Market Development Status, Opportunities, And Growth By Forecast 2028

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Blockchain and IoT both are revolutionary technologies that are changing the world. Blockchain provides a platform for transaction recording and asset tracking in a business network. Combining IoT with the power of blockchain provides a highly trusted and secure platform. It empowers businesses to access and share their data with their private network process safely, with a decentralized management system. Blockchain IoT offers an infinite number of possibilities for transaction systems and digital interaction.

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BLOCKCHAIN IOT MARKET OUTLOOK

Globally, the growing need to secure IoT devices boosts the demand of the blockchain IoT market. Blockchain IoT helps to enhance the trust in IoT data, which drives the demand of the blockchain IoT market. It builds trust in IoT data as each transaction is trusted and recorded with an immutable data chain that cannot be changed.

BLOCKCHAIN IOT MARKET SEGMENTAL OVERVIEW

The study analyses the global blockchain IoT market based on components, applications, end-users and geography.

BLOCKCHAIN IOT MARKET BY COMPONENT

By component, the blockchain IoT market is bifurcated into hardware, software, and services. The hardware segment consists of IoT sensors and crypto-wallets, in which IoT sensors include motion sensors, GPS, temperature sensors, vehicle information and connected devices. Whereas the services segment includes technology advisory and consulting services, deployment and integration services, support and maintenance services.

BLOCKCHAIN IOT MARKET BY APPLICATION

Major applications of blockchain IoT covered in the study are smart contract, security, data sharing, asset tracking and management and others. The smart contracts are stored on the blockchain and are automatically executed when predetermined terms and conditions are met. It eliminates the intermediary's involvement and time loss. The smart contract segment is expected to grow in the future.

BLOCKCHAIN IOT MARKET BY END USER

End-users of blockchain IoT covered in the study are transportation & logistic, healthcare, banking & financial services, government, retail, media and entertainment and insurance. In transportation and logistics sector, blockchain IoT stores all kind of information related such as temperature, position, and arrival time. These immutable blockchain IoT data enhances the trust of involving parties, which fuels the growth of the market.

BLOCKCHAIN IOT MARKET BY KEY PLAYERS

The key competitors of the market   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). and others

BLOCKCHAIN IOT MARKET BY GEOGRAPHY

Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific held the largest share of the Blockchain IoT market. Technological advancements and increasing investments in blockchain IoT drives the growth of the market in the region.

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