Dublin, April 26, 2019 (GLOBE NEWSWIRE) -- The "Blockchain IoT Market by Offering (Hardware, Software, and Infrastructure Provider), Application (Smart Contract, Data Security, Data Sharing/Communication, and Asset Tracking & Management), End User, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The blockchain IoT market is projected to be valued at USD 3,021.0 million by 2024, growing at a CAGR of 92.92% during the forecast period.
Blockchain and IoT are both poised to be world-changing technologies, and they are just at the beginning of their adoption curve. Blockchain is designed as a basis for applications that involve transaction and interactions. These can include applications that support specific IoT processes. Blockchain technology can improve not just compliance in IoT but also IoT features and cost-efficiency. Currently, any failure in an IoT ecosystem exposes multiple devices, huge amounts of highly personal data, supply chain partners, and the community as a whole. Such security flaws typically revolve around 3 areas: authentication, connection, and transaction. By using blockchain to manage access to data from IoT devices, an attacker would have to bypass an additional layer of security that is underpinned by some of the most robust encryption standards available.Major drivers for the market's growth are the increasing adoption of IoT, growing need for IoT security, simplifying business processes and affording transparency and immutability, and increasing focus on operational efficiency. Further, underlying opportunities for the blockchain IoT market include higher adoption of blockchain solutions for smart contracts and digital identity and rising government initiatives. Major restraints for the market are uncertain regulatory status and higher latency with an increase in the number of nodes. The lack of awareness about blockchain technology and lack of standards pose major challenges to the blockchain IoT market.IBM Corporation (IBM, US), Microsoft Corporation (Microsoft, US), Intel Corporation (Intel, US), Amazon.com Inc. (Amazon, US), Cisco Systems (Cisco, US), Ethereum Foundation (Ethereum, Switzerland), The Linux Foundation (Linux, US), R3 (R3, US), Filament (Filament, US), IoTex (IoTex, Singapore), Factom (Factom, US), IOTA Foundation (IOTA, Germany) and KrypC (KrypC, India) are a few major players in the blockchain IoT market.
Key Topics Covered:
1 Introduction2 Research Methodology3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in Blockchain IoT Market 4.2 Blockchain IoT Market for Software, By Application 4.3 Blockchain IoT Market for Smart City, By Region 4.4 Blockchain IoT Market in APAC, By Application and Country 4.5 Blockchain IoT Market, By Geography5 Market Overview 5.1 Introduction 5.2 Market DynamicsFull story available on Benzinga.com