The global blockchain internet-of-things (IoT) market will be worth $5.8 billion by 2026, according to a new study.
- The study by Research Dive projects a compound annual growth rate (CAGR) of 91.5% from 2018, when the market was valued at $32 million.
- The ability of smart devices that communicate over the internet to improve supply-chain efficiencies by using blockchains and removing intermediaries will allow transactions to be completed quicker and for a lower price, Research Dive concluded.
- The segment projected for the fastest growth is smart cities with a CAGR of 93.9%, accounting for $639.4 million by 2026. With smart cities expected to use IoT technology in all aspects of daily life, blockchain technology would be employed to secure the personal data used by IoT devices.
- The region that will see the most growth throughout the period according to the report is Asia-Pacific, with a CAGR of 94.8% to reach nearly $1.46 billion by 2026. The North American blockchain IoT market is projected to see CAGR of 90.1% to be worth nearly $1.75 billion, according to the study.
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