The worldwide blockchain IoT market is expected to offer a revenue of $5.802 billion by 2026 according to Research Dive’s study.
According to reports, the hardware sub-sector is likely to grow exponentially with a CAGR (compound annual growth rate) of 93.6% in the forecast period. Pertinacious tasks of the hardware in the IoT systems are likely to speed up the growth of the blockchain market’s sub-segment during the analysis period.
Moreover, vast opportunities are ready to create the constant technological advancements in the blockchain ecological system. For example, smart cities may be going to have a CAGR of 39.9%. The reason is that blockchain causes convenient data tracking, seamless transactions and reduces security breaches through IoT.
Further, management and asset tracking are important in the machinery supervision on the manufacturing floor. As a result, this factor might be going to generate further growth in the IoT. A few of the key players in the blockchain IoT market include Amazon.com, IBM Corporation, Ethereum Foundation, Cisco Systems, Intel Corporation and Microsoft Corporation.
For instance, in 2019, IBM revealed its purpose to provide a blockchain and IoT solution to restrict drone theft. This idea was working because drones can steal packages instead of rescuing them.
Thus, IBM saw it fit to include an IoT altimeter. Moreover, the altimeter could track the package’s information like attitude. It can also store it on a blockchain platform.
