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The “Blockchain IoT Market – Growth, Trends, and Forecast (2020-2025)” report was added to ResearchAndMarkets.com’s offer.
The blockchain IoT market is expected to record a 40% CAGR over the forecast period, 2020-2025
With the rapid development of communication technologies, the Internet of Things is experiencing exponential growth, both in research and industry, and is moving out of its infancy towards a stage of maturity with the volume of data generated, transmitted and processed. However, it still suffers from pitfalls, such as privacy and security vulnerabilities, which are exploited by blockchain technology’s asymmetric cryptography.
Traditional IoT systems are powered by a centralized topology where data is transmitted from physical devices to the cloud, where data is processed using analytics, and output is received back to the IoT device, but the frequency of devices increasing network limits the scalability of IoT platforms and risks it with vulnerabilities that could compromise the security and privacy of users’ networks.
For example, in 2017, the U.S. Food and Drug Administration (FDA) announced that St. Jude Medical’s implantable cardiac devices are vulnerable to hacks due to vulnerabilities in the IoT-powered transmitter that have been implemented to monitor heart function. patient and check for heart attack. Additionally, some of the notorious IoT attacks include the Mirai Botnet DDoS attack which affected internet service for the entire east coast of America, including Netflix, Reddit, and Twitter.
The blockchain based on decentralized architecture and cryptographic cryptography exploits the IoT platform guaranteeing privacy and security in a peer-to-peer network. However, it requires a lot of computing power, resulting in more overhead and bandwidth lag.
Furthermore, centralized architecture, such as the cloud model that powers traditional IoT, translates into latency, high costs and the risk of single point of failure. Blockchain technologies, on the other hand, provide security protocols and infrastructure that allow billions of IoT devices to have reliable interoperability for both data and commerce.
Financial institutions and other large corporations are usually inherently slow to adopt any new technology, but banks and financial institutions, such as HSBC and Deutsche Bank, are exploring the potential of blockchain technology added with IoT flexibility opens up countless use cases for work intelligently operation, taking advantage of the daily devices equipped with sensors and thus achieving greater efficiency.
Rapid growth in urbanization and government initiatives around the world are driving the demand for smart cities. Smart cities are entitled to problems, such as high data center operating costs, poor IoT security, and equipment maintenance, among others. However, technologies, such as the IoT blockchain, would provide the necessary infrastructure for transaction management, asset monitoring and smart contracts, while ensuring security and transparency and therefore increasing operational efficiency.
For example, smart city developer Hancom Group announced that its 470-acre smart city project, Gapyeong Malang Malang Smart Ecosystem, will incorporate blockchain as a foundation for development.
Main market trends
Smart City end users have an important market share
In recent decades, the world has experienced unprecedented urban growth, mainly due to population growth, resource scarcity and climate change. According to the United Nations, about 54% of people reside in cities, which is expected to reach 66% by 2050. To cope with urban growth, government bodies are focusing on modern technologies, such as IoT, wireless communication and blockchain. with the aim of reducing costs and using resources optimally.
Competitive landscape
The blockchain IoT market is highly competitive thanks to the presence of many large and small players in national and international markets. The market appears fragmented due to the presence of many technological giants. The key strategies adopted by the main 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.
Key topics covered:
1. INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market overview
4.2 Market Driver
4.3 Market Restrictions
4.4 Value chain / Supply chain analysis
4.5 Porter’s five forces analysis
4.6 Assessment of the impact of COVID-19 on industry
5 MARKET SEGMENTATION
5.1 Offer
5.1.1 Hardware
5.1.2 Software
5.1.3 Infrastructure
5.2 Application
5.2.1 Data security
5.2.2 Smart Contracts
5.2.3 Communication of data
5.2.4 Monitoring and management of resources
5.2.5 Other applications
5.3 End User
5.3.1 Production
5.3.2 Energy utility
5.3.3 Transport and logistics
5.3.4 Building management
5.3.5 Retail
5.3.6 Smart City
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Market share of the seller
6.2 Mergers and Acquisitions
6.3 Company profiles
6.3.1 IBM Corporation
6.3.2 Intel Corporation
6.3.3 Microsoft Corporation
6.3.4 Cisco Systems Inc.
6.3.5 Amazon Inc.
6.3.6 Robert Bosch GmbH
6.3.7 The Linux Foundation
6.3.8 KrypC Technologies
6.3.9 Ethereum Foundation
6.3.10 R3 LLC
6.3.11 IoTA
6.3.12 Waltonchain
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, please visit https://www.researchandmarkets.com/r/rt49ro
View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005800/en/
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