According to a study, Global Blockchain IoT Market by Research Dive, the global Blockchain IoT market size is expected to account for $ 5.80 Billion by the end of 2026, registering 91.5% CAGR over the forecast period.
Global Blockchain IoT Market Insight and Outlook 2026
Blockchain and IoT together are improving the efficiency of supply chain majorly by eliminating the middle man functioning, due to which transactions are getting completed in a much faster way with a lower price. However, this combination of IoT and blockchain will enhance the secure communication between the devices along with strengthening the privacy agreements these are the key blockchain IoT market drivers.
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However, the lack of awareness among the developing nations and uncertainty of regulations will impede the blockchain in IoT market growth.
Blockchain IoT Market Segmentation by Offering
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Blockchain in IoT Market Drivers
The software offerings segment held the largest market size in the year 2018 and is projected to grow at a CAGR of 91.1% over the forecast timeframe. However, hardware segment is anticipated to dominate the market over the forecast period, growing at a CAGR of 93.6%. hardware segment is majorly driven due to the growing data transition among the people of the same network.
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Blockchain IoT Market Segmentation by Application
- Smart Contracts
- Data Security
- Data Sharing
- Asset Tracking and Management
On the basis of application segment, data security application accounted for 22% share in the year 2018, valued for $7.0 million and is anticipated to grow at a highest CAGR of 93.4%. this is majorly due to the increasing concerns for data theft owing to the number of cyber-attacks taking place across the globe.