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Potential impact of novel coronavirus on blockchain IOT Market

Time : 16/07/2022 Author : 0o7x9c Click : + -
        With the emergence of covid-19 crisis of covid-19, the world is struggling with health pandemic and economic emergency, which has almost affected the income of trillions of dollars. According to researchdive's global blockchain IOT market research, by the end of 2026, the global blockchain IOT market is expected to reach $5.8 billion, with a compound annual growth rate of 91.5% in the forecast period. Blockchain and the Internet of things jointly eliminate the function of intermediaries, which greatly improves the efficiency of the supply chain, because intermediaries can complete transactions faster and at a lower price. However, this combination of the Internet of things and blockchain will enhance secure communication between devices and strengthen privacy protocols, which are key blockchain IOT market drivers.
        According to statistics, the field of software products accounted for a relatively large market size in 2018, and is expected to grow at a compound annual growth rate of 91.1% within the forecast time. However, it is expected that the hardware sector will dominate the market during the forecast period, with a CAGR of 93.6%. The hardware segment is mainly due to the growing data conversion between the same network personnel. Divided by application fields, data security applications accounted for 22% of the share in 2018, valued at $7million, and are expected to grow at the highest compound annual growth rate of 93.4%. This is mainly due to the increasing concern about data theft caused by the number of cyber attacks worldwide.
        The end use of blockchain IOT market is subdivided into energy and utilities, transportation and logistics, manufacturing, building management, health care, retail, wearable and mobile devices, smart cities, etc. The smart city segment is expected to grow at the highest compound annual growth rate of 93.9%, reaching $639.4 million in the forecast period. Market leaders in smart cities are using blockchain as the main platform associated with various services to eliminate security vulnerabilities, provide seamless transactions, track data and encourage public services. Smart city almost connects the Internet of things technology with our daily life, and with the rapid development of technology, smart city will soon become a reality.
        In order to retain personal data, blockchain technology is also implemented in the Internet of things services of smart cities. It is expected that the Asia Pacific blockchain in the Internet of things market will grow rapidly in the forecast period, and it is expected to reach $1.498 billion by the end of 2026, with a growth rate of 94.8%. This is mainly due to the rapid growth of infrastructure and manufacturing in many developing countries such as India, China and South Korea. The North American blockchain in the IOT market dominated the global blockchain IOT market in 2018. The market growth in this region will reach 90.1%, which is expected to reach US $1746.5 million by 2026. Blockchain IOT market participants include Intel, Ethereum foundation, krypc, R3, filiment, Cisco, IBM and Microsoft.
        These manufacturers will continue to increase their R & D activities, which will help increase their position in the global market. In addition, Amazon's latest development in the blockchain IOT market has worked with a start-up called kaleido to make it easier for users to place their services on the blockchain.
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