The increasing penetration of IoT connected devices will raise the demand for blockchain globally
By 2027, the global blockchain IoT market is expected to reach $9,070 million, compared to $37.4 million in 2018, boosting at a CAGR of 60.6%.
The study unveiled that IoT connected devices would have surpassed the installed bases from 7 billion in 2018 to 21.5 billion in 2025. Although, IoT still faces difficulty in solving security and privacy issues due to its traditional architecture. Due to the fact that the cases of a data breach are increasing, enterprises are forced to think about the launch of a new model or architecture.
The global blockchain IoT market is highly competitive owing to the appearance of new players and startups. For example, a blockchain solution provider for IoT called Filament announced the launch of the new Blocklet Foundation Kit in April 2019. The kit will provide users with smart contract functions along with the help in generating IoT blockchain transactions.
According to the data, the growth of blockchain IoT in the Asia Pacific region is mainly attributed to the favorable economic situations. At the same time, North America held a considerable share in the global blockchain IoT market. That’s due to the presence of global IoT leaders along with prior adoption of blockchain solutions in the region, the research found.