By 2026, the global blockchain market in the IoT segment is expected to grow at a CAGR of 91.5% and reach $ 5.8 bln. The study was conducted by Research Dive company. The growing implementation of blockchain in IoT around the world will contribute to the growth of the blockchain market as a whole. Improving operational efficiency among organizations to provide better data security is another factor of growth.
One of the growth catalysts mentioned in the study is the development of the market and the increase in the number of devices connected to the Internet of Things. Another reason why the study expects the growth of the blockchain market in IoT is the need to protect against cyber attacks and, as a result, data theft.
The study also presents factors that prevent market growth. For example, a lack of awareness among organizations is a key factor that can prevent market growth within the forecast period. Additionally, interoperability is another key complex factor that can impede the growth of the blockchain market for the Internet of Things.
Image courtesy of The Blockchain Land