Tracking and synchronization between IoT-based devices, transaction processing, and immutability of the history of smart devices are the features that blockchain technology provides for IoT. With the increasing need for processing speed, transparency and simplification, blockchain has created new opportunities and competitive advantages for smart devices. Apart from this, it seems that due to the fact that blockchain is in its early stages, the activities in this market do not have the necessary scalability at the moment, but in the coming years we will witness significant market growth.
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Market / Industry segment of IOT blockchain
|Base Year||Market size(M$)||Duration(YEAR)||CAGR(%)||Source Name|
|2019||124.58||6||93.40%||Market research future|
|2019||113.1||5||92.92%||Market and market|
|2018||32||7||91.40%||Zion market research|
|2019||2470||6||69.40%||PR news wire|
Influencing factors that changes market size of IOT blockchain
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of IOT blockchain
1. Technology advancement
2. The need for IOT security
3. Simplification of business processes
1. Lack of specialized workforce
2. Cyber attacks
This market may also be threatened by following risks:
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of IOT blockchain may also be threatened by following risks:
- Technology risk
- Stage of business
- Funding risk
- Exit value risk