The blockchain IoT market is anticipated to reach a market value of US$3 billion by 2024, up from US$113M in 2019, according to a new report.
The Blockchain IoT Market by Offering, Application, End User and Geography Global Forecast to 2024 report expects the market to grow at a CAGR of 92.92 per cent.
A growing need for IoT security, transparency, operational efficiency and simplifying business processes are the major factors driving market growth in blockchain IoT.
Underlying opportunities for blockchain IoT include the increased adoption of blockchain solutions for smart contracts and digital identity, as well as government initiatives, with data security applications to predicted to hold the largest size of the blockchain IoT market.
Uncertainty surrounding regulation will remain a growth barrier.