Blockchain IoT Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The blockchain IoT market is expected to register a CAGR of 40% over the forecast period, 2021 - 2026. With the rapid development of communication technologies, the Internet of Things is experiencing exponential growth, both in research and industry, and is getting out of its infancy to a maturity phase with the volume of data generated, transmitted, and processed. However, it still suffers from pitfalls, such as privacy and security vulnerabilities, that are leveraged by the asymmetric cryptography of the blockchain technology.
Key HighlightsThe blockchain IoT market is highly competitive owing to the presence of many large and small players in the domestic as well as international markets. The market appears to be fragmented due to the presence of many technological giants. Key strategies adopted by the major players are product innovations and mergers and acquisitions. Some of the major players in the market are Cisco Systems Inc., Google Inc., IBM Corporation, and Microsoft Corporation, among others.
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