Westford, USA, May 07, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the blockchain IoT market will attain a value of USD 15486.69 million by 2031, with a CAGR of 45.1% during the forecast period (2024-2031). Integration of Blockchain and IoT (Internet of Things) bolsters faster processing and provides enhanced security of data on connected devices. High demand for decentralized systems and the growing adoption of IoT devices are projected to bolster the blockchain IoT market growth.
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Browse in-depth TOC on "Blockchain IoT Market"
- Pages - 197
- Tables - 64
- Figures – 75
Blockchain IoT Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 788.17 million |
| Estimated Value by 2031 | $ 15486.69 million |
| Growth Rate | Poised to grow at a CAGR of 45.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, Product Type, Platform End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Data monetization and data-driven innovations |
| Key Market Drivers | Growing demand for decentralized transparent systems |
High Demand for Custom Software for Blockchain IoT Applications Allowing Software to Dominate Market Growth
Investments in software development by Blockchain IoT providers are increasing at a rapid pace, which is allowing the software segment to hold a high market share. Surging demand for custom software solutions for different Blockchain IoT applications across different industry verticals will crucially help the dominance of this segment.
Evolving Threat Landscape Allowing Data Security to Emerge as Fastest-growing Segment in Market
The rising prevalence of cyberattacks and hacks has led to increased demand for better data security around the world. Blockchain IoT solutions can provide better data security as compared to other technologies as they utilize a decentralized network to store and manage data. Improved transparency, traceability, and data security offered by blockchain IoT solutions help market growth.
Rapid Adoption of Novel Technologies Allows North America to Hold a Substantial Market Share
The developed IT infrastructure of North America coupled with the quick adoption of novel technologies such as blockchain IoT are contributing to the high market share of this region. The presence of key technology companies and the growing acceptance of IoT as well as Blockchain technologies will aid further market expansion. The United States and Canada are forecasted to be the most important markets in this region.
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Blockchain IoT Market Insights:
Drivers
- Growing demand for better data security.
- Rising acceptance of Blockchain and IoT technologies.
- Increasing use of decentralized systems in finance and other sectors.
Restraints
- Concerns regarding scalability of blockchain IoT platforms.
- Complexties in integration with existing infrastructure.
Prominent Players in Blockchain IoT Market
- IBM
- Microsoft
- Intel
- Amazon.com Inc.
- Cisco Systems Inc.
- Huawei Technologies Co. Ltd.
- Oracle Corporation
- SAP SE
- Accenture plc
- PTC Inc.
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Key Questions Answered in Blockchain IoT Market Report
- What drives the global blockchain IoT market growth?
- Who are the leading blockchain IoT providers in the world?
- Where will blockchain IoT demand soar high?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of blockchain IoT systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Blockchain IoT market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Blockchain IoT market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Global Blockchain as a Service Market
Global Fintech Blockchain Market
Global Blockchain in Healthcare Market
Global Decentralized Finance (DeFi) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
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