Industry Trends, Share, Key Players, Size, Forecast to 2027 – Company
Blockchain in Supply Chain Market Scenario:
According to the MRFR, the Global IoT blockchain market 2020 was valued at USD 124.58 million in 2019 and is expected to register a CAGR of 93.4% during the forecast period.
The adoption of Internet of Things (IoT) has increased the adoption of various advanced technologies such as edge computing, artificial intelligence, cloud computing and blockchain. Blockchain provides IoT networks, applications and applications with a decentralized and scalable environment and enables connected devices to improve the security of the ecosystem. The IoT offers different businesses a wide range of opportunities to conduct their operations intelligently, and blockchain has immense potential for various industries including BFSI, automotive, manufacturing, and healthcare.
The combination of IoT and blockchain has enabled end users to make their systems efficient. The major driving factors for the growth of the IoT blockchain market are the growing adoption of IoT and the need to improve operational efficiency. The factors that are expected to generate substantial opportunities for the players operating in the market over the forecast period are an increasing number of government initiatives for the adoption of IoT blockchain globally and its increasing usage in the construction. Nevertheless, high processing power and time demands and higher latency with increasing number of nodes are estimated to hamper the market growth over the forecast period.
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Major Players of Global IoT Blockchain Market are Amazon.com, Inc. (US), IBM Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Cisco Systems (US) United States), R3 (United States), Chronicled (United States), Filament (Nevada), Ethereum Foundation (Switzerland), KrypC (India), The Linux Foundation (United States), ArcTouch (United States), Filament (Nevada).
Several factors to drive the growth of the market
The growing demand for data monetization as it enables blockchain and AI technologies for small businesses is expected to drive the demand for blockchain AI. Additionally, the increasing use of cloud-based technologies and the Internet of Things (IoT) opens up new opportunities for blockchain AI solution providers. Blockchain AI improves data security, builds trust in robotic decisions, helps collective decision-making, and decentralizes intelligence. Blockchain AI provides a decentralized and scalable environment for various platforms, devices, and applications, while enabling connected devices to improve security and operational efficiency across ecosystems.
- The global blockchain in supply chain market can be divided based on vendor, application, vertical, and region.
- On the basis of vendor, the global blockchain in supply chain market can be divided into middleware vendors, infrastructure vendors, protocol vendors, and application and solution vendors.
- Application-wise, the global blockchain in supply chain market can be divided into risk and compliance management, payment and settlement, smart contracts, counterfeit detection, product traceability, and others.
- On the basis of vertical, the global blockchain in supply chain market can be divided into manufacturing, logistics, healthcare & life sciences, oil & gas, retail, and consumer goods, etc.
- Based on region, the global blockchain in supply chain market can be divided into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
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The geographical study of the Global IoT Blockchain Industry was carried out for North America, Europe, Asia-Pacific, Middle East & Africa and South America.
Due to early adopters of emerging technologies such as IoT and blockchain, North America holds the largest market share. The North American market was then divided between the United States, Canada and Mexico. The United States accounted for a considerable share of the market, followed by Canada and Mexico.
Due to the adoption of IoT technology across various industry verticals, Asia-Pacific is expected to be the fastest growing regional market over the forecast period. Europe is expected to be the world’s second largest blockchain IoT market in the forecast period. The market is expected to grow at a rapid pace in countries like UK and Germany over the next few years.
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