Future Analysis For Blockchain in Supply Chain Market Companies Forecast By 2020 – 2027
Blockchain in Supply Chain Market Companies Scenario:
According to MRFR, the Global Blockchain IoT Market 2020 was valued at USD 124.58 Million in 2020 and is projected to
record a CAGR of 93.4% during the forecast period.
Adoption of the Internet of Things ( IoT) has increased the adoption of
diverse advanced technologies such as edge computing, artificial intelligence,
cloud computing, and blockchain. Blockchain provides the IoT networks, apps and
applications with a decentralized and scalable environment and allows the
connected devices to enhance ecosystem security. The IoT provides the various
companies with a wide range of opportunities to conduct their operations
smartly, and blockchain has immense potential for various industries including
BFSI, automotive, manufacturing, and healthcare.
The IoT and blockchain combination has allowed end-users to make their
systems efficient. The main driving factors for the growth of the blockchain
IoT market are IoT 's increasing adoption and the need to improve operational
efficiency. Factors expected to generate substantial opportunities for players
operating in the market during the forecast period are a growing number of
government initiatives for the adoption of blockchain IoT worldwide and its
increasing usage in the construction sector. Nonetheless, high processing power
and time demands and higher latency with a rise in node numbers are estimated
to impede market growth over the forecast period.
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Competitive Outlook:
The major players in the
Global Blockchain IoT Market are Amazon.com, Inc. (the US), IBM Corporation
(US), Intel Corporation (US), Microsoft Corporation (US), Cisco Systems (US),
R3 (US), Chronicled (US), Filament (Nevada), Ethereum Foundation (Switzerland),
KrypC (India), The Linux Foundation (US), ArcTouch (US), Filament (Nevada).
Multiple Factors to Boost
Market Growth
The growing demand for data
monetization as it enables blockchain and AI technologies for smaller
businesses is expected to drive demand for blockchain AI. Furthermore, the
increasing usage of cloud-based technologies and the Internet of Things (IoT)
is opening up new opportunities for blockchain AI solution providers.
Blockchain AI improves data security, boosts trust in robotic decisions, aids
in collective decision-making, and decentralizes intelligence. Blockchain AI
provides a decentralized and scalable environment for diverse platforms,
devices, and applications, as well as allowing connected devices to improve
security and operational efficiency in ecosystems.
Segmentation:
· The worldwide Blockchain in
Supply Chain Market Companies can be divided on the grounds of provider,
application, vertical, and region.
· On the grounds of the
provider, the worldwide Blockchain in Supply Chain Market Companies can be
divided into middleware providers,
infrastructure, protocol providers, and application & solution providers.
· On the grounds of application,
the worldwide Blockchain in Supply Chain Market Companies can be divided into
risk & compliance management,
payment & settlement, smart contracts, counterfeit detection,
product traceability, and others.
· On the grounds of vertical,
the worldwide Blockchain in Supply Chain Market Companies can be divided into
manufacturing, logistics, healthcare and life sciences, oil and gas, retail and consumer goods, and
others.
· On the grounds of the region,
the worldwide Blockchain in Supply Chain Market Companies can be divided
into North America, Europe,
Asia-Pacific, and the Rest of the World (RoW).
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Regional
Analysis:
The global
blockchain IoT industry geographic study was carried out for North America,
Europe, Asia-Pacific, Middle East & Africa and South America.
Owing to the
early adopters of emerging technologies such as IoT and blockchain, North
America has the largest market share. The North American market was further split
into the US, Canada, and Mexico. The United States accounted for a considerable
share of the market, followed by Canada and Mexico.
Due to the
adoption of IoT technology across various industry verticals, Asia-Pacific is
expected to be the fastest-growing regional market during the review period.
Europe is projected to be the world's second-largest blockchain IoT market in
the predicted time span. The market is expected to grow at a rapid pace in
countries like the UK and Germany in the coming few years.
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