According to Research Dive, investments in the global blockchain-based Internet of Things (IoT) device market will continue to grow, with market size reaching $ 5.8 billion by 2026.
Researchers predict a further 91.5% compound annual growth rate for the blockchain IoT device market, which is the rate that the market has grown since 2018, when it was estimated at $ 32 million. and at a lower price.
The fastest growing market segment will be smart cities with an average annual growth rate of 93.9% – the market segment value will reach $ 639.4 million by 2026. Smart cities will use IoT technology in all aspects of everyday life, so blockchain will be used to protect the personal data used by devices.
The most active growth in the use of IoT devices on the blockchain will occur in the Asia-Pacific region – an average annual growth rate of 94.8%, and the market in the region will increase to $ 1.46 billion by 2026. Most of the growth will come from the rapid expansion of infrastructure and manufacturing in developing countries such as India, China and South Korea.
The North American blockchain IoT device market will grow at a CAGR of 90.1% and reach $ 1.75 billion in five years. Research Dive researchers note that despite the wide range of benefits of technology, market growth is hampered by a lack of blockchain awareness.
According to research firm ReportLinker, the market for blockchain-based identity applications will also grow by $ 3.58 billion over the next four years.