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Last Updated : Mar 27, 2019 07:38 PM IST | Source:

Blockchain IoT market to grow at more than 90% CAGR, to reach $3,021 mn by 2024: Report

Smart contracts and digital identity act as key drivers for growth

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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.

Major factors hindering the market growth are uncertain regulatory status and higher latency with an increase in the number of nodes. The lack of awareness about blockchain technology and lack of standards pose major challenges to the blockchain IoT market.

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First Published on Mar 27, 2019 07:34 pm
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