Blockchain in Supply Chain Market Scenario:
According to MRFR, the Global Blockchain IoT Market 2022 was valued at USD 124.58 Million in 2019 and is projected to record a CAGR of 93.4% during the forecast period.
Adoption of the Internet of Things ( IoT) has increased the adoption of diverse advanced technologies such as edge computing, artificial intelligence, cloud computing, and blockchain. Blockchain provides the IoT networks, apps and applications with a decentralized and scalable environment and allows the connected devices to enhance ecosystem security. The IoT provides the various companies with a wide range of opportunities to conduct their operations smartly, and blockchain has immense potential for various industries including BFSI, automotive, manufacturing, and healthcare.
The IoT and blockchain combination has allowed end-users to make their systems efficient. The main driving factors for the growth of the blockchain IoT market are IoT ‘s increasing adoption and the need to improve operational efficiency. Factors expected to generate substantial opportunities for players operating in the market during the forecast period are a growing number of government initiatives for the adoption of blockchain IoT worldwide and its increasing usage in the construction sector. Nonetheless, high processing power and time demands and higher latency with a rise in node numbers are estimated to impede market growth over the forecast period.
The major players in the Global Blockchain IoT Market are Amazon.com, Inc. (the US), IBM Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Cisco Systems (US), R3 (US), Chronicled (US), Filament (Nevada), Ethereum Foundation (Switzerland), KrypC (India), The Linux Foundation (US), ArcTouch (US), Filament (Nevada).
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The global blockchain IoT industry geographic study was carried out for North America, Europe, Asia-Pacific, Middle East & Africa and South America.
Owing to the early adopters of emerging technologies such as IoT and blockchain, North America has the largest market share. The North American market was further split into the US, 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 during the review period. Europe is projected to be the world’s second-largest blockchain IoT market in the predicted time span. The market is expected to grow at a rapid pace in countries like the UK and Germany in the coming few years.
Multiple Factors to Boost Market Growth
The growing demand for data monetization as it enables blockchain and AI technologies for smaller businesses is expected to drive demand for blockchain AI. Furthermore, the increasing usage of cloud-based technologies and the Internet of Things (IoT) is opening up new opportunities for blockchain AI solution providers. Blockchain AI improves data security, boosts trust in robotic decisions, aids in collective decision-making, and decentralizes intelligence. Blockchain AI provides a decentralized and scalable environment for diverse platforms, devices, and applications, as well as allowing connected devices to improve security and operational efficiency in ecosystems.
- The worldwide blockchain in supply chain market can be divided on the grounds of provider, application, vertical, and region.
- On the grounds of the provider, the worldwide blockchain in supply chain market can be divided into middleware providers, infrastructure, protocol providers, and application & solution providers.
- On the grounds of application, the worldwide blockchain in supply chain market can be divided into risk & compliance management, payment & settlement, smart contracts, counterfeit detection, product traceability, and others.
- On the grounds of vertical, the worldwide blockchain in supply chain market can be divided into manufacturing, logistics, healthcare and life sciences, oil and gas, retail and consumer goods, and others.
- On the grounds of the region, the worldwide blockchain in supply chain market can be divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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