According to the market insights, Blockchain IoT Market is expected to reach USD 3,021 million by 2024, at a growing CAGR of 92.92 percent. Rising adoption if IoT (Internet of Things), increasing demand for IoT security, interpreting business processes and affording transparency and immutability, and increasing focus on operational efficiency is predicted to drive the market growth. The opportunities for the Blockchain IoT market reportedly comprise higher adoption of Blockchain-powered solutions for smart contracts and digital identity and rising government initiatives.
However, vague regulatory status and higher latency with an increase in the number of nodes are major factors that slow down the market growth. Additionally, a lack of awareness regarding Blockchain technology could pose major challenges in the path of Blockchain IoT market growth. The Blockchain IoT is majorly utilized for asset tracking and management applications, among all applications. Both applications are significant in tracking and managing physical assets and the performance of equipment in the manufacturing space. Hence, protection of physical assets like plants, machinery, and fleet are the backbone of manufacturing operations, wherein these physical assets assist in making sure the integrity of assets that is the main concern of any enterprise.
On the other end, transportation and logistics are expected to hold the largest market share in the Blockchain IoT market. Because, the blockchain technology supports transportation and logistics end users by tracking freights, providing secure transactions, and verifying user identities through single sign-on and multi-factor authentication. On the region front, North America is a major contributor among all regions, in that way it’s predicted to hold the largest market size in Blockchain IoT, in the next 5 years. Owing to the presence of key market players is the main factor in accelerating market growth in the region.