IoT and blockchain market size
Business Research Company recently released a comprehensive report on the global Internet of Things (IoT) and Blockchain market size and trend analysis with forecasts from 2024 to 2033. This latest market research report provides a wealth of valuable insights and data, including global market size, regional share, and competitors’ market share. Additionally, it covers current trends, future opportunities, and important data to succeed in the industry.
According to The Business Research Company, the market size of the Internet of Things (IoT) and blockchain has grown rapidly in recent years. It is expected to grow from $866.52 billion in 2023 to $1284.32 billion in 2024, at a compound annual growth rate of 48.2%. Growth during this historic period has been driven by increased government initiatives, increased demand for secure and cost-effective solutions to manage data and transactions, increased investment in IoT and blockchain-based solutions, and IoT security. This is likely due to the increase in needs. Increased mobility and connectivity.
The Internet of Things (IoT) and blockchain market size is expected to grow rapidly in the coming years. It is expected to grow to $6246.02 billion by 2028 at a compound annual growth rate (CAGR) of 48.5%. The growth over the forecast period can be attributed to the growing adoption of cloud computing, rising demand for automation and smart solutions, growing demand for real-time data analytics, and increasing focus on data security and protection. Key trends for the forecast period include technological advancements, edge computing, AI and machine learning integration, blockchain integration, hybrid cloud solutions, and smart contracts.
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Market drivers and trends:
The increasing adoption of cloud computing is expected to continue to drive the growth of the Internet of Things (IoT) and blockchain market. Cloud computing refers to the Internet-based, on-demand delivery of computing services such as servers, storage, databases, networking, software, and analytics. Cloud computing adoption is increasing due to its scalability and flexibility, cost efficiency, and data management capabilities. Cloud computing provides ideal storage and processing power for IoT data and blockchain systems, ensuring effective storage and processing of large amounts of data. Cloud platforms also provide seamless connectivity through APIs (application programming interfaces) and middleware, creating a scalable ecosystem for IoT and blockchain integration. For example, in December 2023, 45.2% of EU companies purchased cloud computing services, according to the European Union Statistics Office, a European-based government agency. This corresponds to an increase of 4.2 percentage points compared to 2021. Therefore, the increasing adoption of cloud computing is driving the growth of the Internet of Things (IoT) and blockchain market.
Leading companies operating in the Internet of Things (IoT) and blockchain market are deploying advanced technologies such as cross-border IoT connectivity platforms to provide global connectivity to IoT devices and drive revenue in the market. Focused on progress. Cross-border IoT connectivity platforms allow businesses to easily deploy and manage IoT devices across borders. The platform leverages technologies such as eSIM (embedded SIM) and strategic alliances with mobile network operators (MNOs). For example, in July 2023, Verizon Business, a US-based telecommunications company, launched Global IoT Orchestration, a cross-border IoT connectivity platform that allows businesses to deploy and centrally manage devices across borders. We have launched the platform. The platform is integrated with Verizon’s ThingSpace IoT management platform, allowing enterprises to manage global IoT deployments from a single pane of glass through a smooth API interface. The platform aims to streamline complex global IoT operations by eliminating the need for multi-carrier contract negotiations and streamlining procurement, legal, security, privacy, and regulatory compliance. The platform uses eSIM localization to simplify cellular connectivity for connected products in the U.S. and abroad.
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• Comprehensive market insights: Stakeholders have access to detailed market statistics, trends, and analysis that help them understand the current and future status of the industry.
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• Competitive Advantage: Detailed competitor analysis and market share information allows stakeholders to identify opportunities to outperform the competition.
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• Global Perspective: The report covers different regions and markets, offering a broad perspective that helps stakeholders expand and succeed in their businesses globally.
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Major key players in the market:
Amazon.com Inc., Google LLC, Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Dell Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation , Mitsubishi Electric Corporation, Honeywell International Inc., SAP SE, Fujitsu, The Hewlett Packard Enterprise Company, Ericsson, NEC Corporation, Cognizant, Infosys Limited, HCL Technologies Limited, Wipro Limited, KrypC Technologies
Key insights for the Internet of Things (IoT) and blockchain market in 2024:
• The Internet of Things (IoT) and blockchain market size is expected to grow rapidly in the coming years. It is expected to grow to $6246.02 billion by 2028 at a compound annual growth rate (CAGR) of 48.5%.
• Adoption of cloud computing to drive expansion of IoT and blockchain market
• Streamline global IoT operations through a cross-border connectivity platform
• North America became the largest region for the Internet of Things (IoT) and blockchain market in 2023
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