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’s growth to more than $254 billion by 2026. Critical players in the blockchain arena include Amazon, IBM, Microsoft, Oracle, Samsung, and SAP.
The IoT market has embraced blockchain because it reduces the risk that IoT devices might become compromised through a single point of entry failure. The improved security that blockchain provides has opened up new opportunities for technology sales. Other factors driving this growth include:
- Cost reductions
- Security improvements in security
- Accelerated data exchange.
Additional Key Findings
Other driving forces behind large-scale adoption of Blockchain IoT may include automation growth across the oil & gas, automotive, and manufacturing sectors. Retail companies will use it for:
- Customer experience management
- Loyalty ad rewards
- Greater transparency from end-to-end
See also: Blockchain may remake the internet, once the bugs are worked out
Experts predict that the Asia-Pacific region will also see significant BIoT growth, including a CAGR of 13.3%, due partly to rising adoption rates in Australia, China, and Japan. Blockchain technology investments should also fuel growth, complementing the outsourcing of manufacturing, supply chain, and logistics operations to Asia Pacific countries.
The report provided other information that includes:
- 5 key regions and up to 7 country level segments
- Market share insights of key industry players
- 8 years of market forecasts (2018 – 2026) of each region/ country’s segments and sub-segments
- Drivers, challenges, constraints, threats, and opportunities analyses
- Company profiles including business overviews, financial data, product benchmarking, and strategic initiatives
- Value chain analysis of the market ecosystem
- Market opportunities, Porters Five Forces, and PESTLE Analysis