The Blockchain Internet Of Things (BIOT) market is estimated to reach USD 254.31 billion by 2026, according to the latest study by Aftrex Market Research. Various benefits such as accelerated data exchange, enhanced security, and reduced cost are expected to propel the market growth.
BIOT is expected to enhance secure communication and strengthen privacy agreements for companies thereby, driving the adoption of blockchain technology. Moreover, growing automation across various industries such as oil & gas, automotive, and manufacturing is anticipated to enable the large scale adoption of BIOT technology.
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Retail application segment to witness high market growth
Retail companies are expected to implement BIOT in key functional areas such as payments & accounting, loyalty & rewards, and advertising among others. The use of crypto-currencies enables secure cross-border payments and micro-payments. Additionally, BIOT is expected to ease accounting as it would provide retailers with greater transparency through end-to-end data trail.
Asia Pacific region estimated highest growth CAGR from 2018 to 2026
The market across the APAC region is projected to witness an expedited growth of over 13.3% CAGR due to the growing adoption across various countries such as Australia, China, and Japan. Furthermore, investments made in blockchain technology by various financial institutions situated in countries such as Singapore is anticipated to bolster the market growth in the region. Additionally, outsourcing of operations such as manufacturing and supply chain & logistics to Asia Pacific countries is estimated to encourage the market growth of BIOT market.
Key players operating in the market comprise Amazon.com Inc., Celsius Network, Chain Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Samsung Electronics Co., SAP SE, Smartmatic, and Stratumn SAS among others.
For the purpose of this study, Aftrex Market Research has segmented the BIOT market based on application and regions:
Blockchain Internet Of Things (BIOT) Application Scope (Revenue, USD Billion; 2014 – 2026)
- IT & Telecommunications
- Transportation, Supply Chain, & Logistics
Blockchain Internet Of Things (BIOT) Regional Scope (Revenue, USD Billion; 2014 – 2026)
- North America
- Asia Pacific
- Latin America
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