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Alternative Market Briefing

Blockchain IoT market to reach $3.02bn by 2024: Study

Wednesday, March 27, 2019

Laxman Pai, Opalesque Asia:

The blockchain IoT market is estimated to grow from $1.13bn in 2019 to reach $3.02bn by 2024 and 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, said a market report by MarketsandMarkets.

"Further, underlying opportunities for the blockchain IoT market include higher adoption of blockchain solutions for smart contracts and digital identity and rising government initiatives," said the report.

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.

North America is among the major contributors to the blockchain IoT market, and the US accounted for the largest share of the market in North America in 2018.

The global blockchain IoT market is dominated by North America as the region is an early adopter of the blockchain. North America is the most advanced region in terms of technology adoption and infrastructure.

The presence of key market players here is the main factor driving the growth of the North American blockchain industry. Organizations in this region are gradually moving toward the adoption of blo......................

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