According to a new report, the Blockchain IoT Market is estimated to grow from $113.1 million (£86.36m) in 2019 to reach $3.021 billion (£2.31bn) by 2024.
According to the report, Blockchain IoT Market by Offering, Application, End User, and Geography – Global Forecast to 2024, published by B2B research company, MarketsandMarkets, it is expected to grow at a CAGR of 92.92%.
Major factors driving the market growth are 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 factors hindering the market growth 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.
Blockchain IoT market
Asset tracking and management for Blockchain IoT to grow at highest CAGR during forecast period. Among all applications, the Blockchain IoT is majorly used for asset tracking and management applications. Asset tracking and management of integrated software is instrumental in tracking and managing physical assets and the performance of equipment on the manufacturing floor.
Protection of physical assets such as plants, machinery, and fleet are the backbone of manufacturing operations.
These physical assets help in ensuring the integrity of assets, which is the top-most priority of any enterprise. Managing and monitoring the integrity of assets or transactions is easy, and if a change is necessary, a new digital fingerprint can be generated and validated.
Transportation and logistics is expected to hold largest market size in Blockchain IoT market
Among all end users, the transportation and logistics to hold the largest market size in the Blockchain IoT market. The Blockchain technology helps transportation and logistics end users by tracking freights, offering secure transactions, and validating user identities through single sign-on and multi-factor authentication.
Thus, with these unique offerings from Blockchain-focused solution providers, the demand for Blockchain IoT solutions in transport and logistics is expected to increase in the near future.