The global blockchain Internet of Things (BIoT) market is expected to grow to more than $254 billion by 2026.
A new report by Aftrex Market Research predicts that the global blockchain IoT market will grow to over $254 billion by 2026. Key factors in this growth include reductions in cost, improvements in security and accelerated data exchange. The report named Amazon, IBM, Microsoft, Oracle, Samsung and SAP as key players in the blockchain IoT arena. Blockchain has become attractive to the IoT market because of its ability to reduce the risk of IoT devices being compromised by a single point of security failure. This improved security is opening up new opportunities for technology sales.
The report also predicts that growing automation across the oil and gas, automotive and manufacturing sectors is expected to be a driving force behind the large-scale adoption of blockchain IoT. Retail companies will also make use of it for advertising, customer experience, loyalty ad rewards, payments, and accounting. Blockchain IoT can provide greater transparency and an end-to-end trail.
The Asia-Pacific region is expected to see significant BIoT growth as well. The report predicts a compound annual growth rate of 13.3%, due in part to the rising adoption rates in Australia, China, and Japan. Investments in blockchain technology are also expected to fuel the growth, along with the outsourcing of manufacturing, supply chain and logistics operations to Asia Pacific countries.
Other key data provided in the report includes:
- 5 regions and up to 7 country level segments (additional country analysis can be provided as per clients requirement and feasibility check)
• Market share insights of key industry players
• Market forecasts for 8 years (from 2018 to 2026) of all the segments and sub-segments for every region and country
• Drivers, challenges, constraints, threats, opportunities, and key opportunities analysis
• Company profiles including business overview, financial data, product benchmarking, and strategic initiatives
• Value chain analysis for a thorough understanding of the market eco-system
• Key Market Opportunities, Porters Five Forces, and PESTLE Analysis