SkyQuest Predicts Significant Growth in Blockchain IoT Market by 2031

Summary:

WESTFORD, Mass., June 26, 2024 /PRNewswire/ — The global Blockchain IoT Market, valued at USD 418.66 million in 2022, is projected to grow from USD 630.79 million in 2023 to USD 16753.39 million by 2031, at a CAGR of 50.67% from 2024 to 2031, according to SkyQuest.

Blockchain IoT integrates decentralized servers and blockchain networks to create secure, tamper-proof records of data generated and shared by IoT devices. The market is segmented by component, application, organization size, and industry vertical. Key segments include hardware, software, and services, with software being crucial for blockchain IoT solutions. The hardware segment will grow due to the demand for specialized components, while the services segment is expected to be highly profitable in the long term.

Key market applications include smart contracts, data security, data sharing/communication, and asset management and tracking. The transportation and logistics industry will be vital for blockchain IoT growth, emphasizing asset monitoring. The need for secure data storage and transfer, coupled with rising IoT device adoption and the development of smart cities, will drive market expansion.

SkyQuest highlights that investing in the services sub-segment is a long-term strategy, while the software and hardware segments offer lucrative opportunities. Market players should track developments in blockchain and IoT technologies to fully leverage market potential.

For further details, contact Jagraj Singh at SkyQuest Technology.

Contact:
Jagraj Singh, SkyQuest Technology, 1 Apache Way, Westford, Massachusetts 01886, USA, (+1) 351-333-4748, Email