According to Research Dive, an Indian market research organization, the worldwide blockchain IoT sector would likely generate $5.802 billion in sales by 2026. As a result, between 2019 and 2026, the compound annual growth rate (CAGR) is expected to be 91.5 percent.
According to the announcement:
“As per the analysts of Research Dive, rising implementation of the internet of things (IoT) in various end-use industries and the growing necessity for streamlining business processes and IoT security across the globe are the major factors anticipated to accelerate the growth of the global market over the forecast period.”
The research also stated that widespread digital identity and blockchain-based smart contract services would boost industrial development.
Asset tracking and management to maximize income
According to Research Dive, asset tracking and management were critical in managing physical assets and assessing machinery performance from a production standpoint. As a result, throughout the projection period, this category is predicted to be the most lucrative.
On the other hand, the hardware sector is expected to grow at a rate of 93.6 percent. This is because the hardware in IoT networks collects data from the source site and transmits it to cloud services, which execute the required functions.
The rise of smart cities is expected to enhance this industry, bringing in $639.4 million in revenue.
Microsoft Corporation, KrypC, Intel Corporation, Amazon.com, Cisco Systems, IBM Corporation, and the Linux Foundation are major market participants.
Meanwhile, high immutability and safe decentralization are expected to propel the blockchain-as-a-service (BaaS) industry to $15.8 billion by 2026.
Smart contracts, payment systems, and decentralized apps have been developed using blockchain-as-a-service tools and services by small and medium businesses.
Furthermore, the BaaS industry is projected to benefit from the high cryptocurrency acceptance rate and significant investments in blockchain-based initiatives by countries like Japan, the United Kingdom, and the United States.