Smart contracts and digital identity act as key drivers for growth
The Blockchain IoT Market is estimated to grow from USD 113.1 million in 2019 to reach USD 3,021 million by 2024 and is expected to grow at a CAGR of 92.92%, a recent report from MarketsandMarkets reveals.
Major factors driving the market growth are increasing adoption of IoT, growing need for IoT security, simplifying business processes and affording transparency and immutability, and increasing focus on operational efficiency.
Further, underlying opportunities for the blockchain IoT market include higher adoption of blockchain solutions for smart contracts and digital identity and rising government initiatives.
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