A recently published report has speculated that the blockchain internet-of-things (IoT) industry is set to expand rapidly over the next few years. Spending on the technology is projected to reach more than $3,033 million by 2025.
The report comes from Zion Market Research. It goes by the title of: “Blockchain IoT Market By Component (Hardware, Software, and Services), By Application (Data Security, Data Sharing, Asset Tracking and Management, Smart Contracts, and Others), and By End-Use Industry (Retail, Energy & Utilities, Consumer Electronics, Healthcare, Construction, Transportation, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025.”
It projects that spending on blockchain IoT systems and services will increase globally with different drivers forcing the adoption in different regions. The figure of $3,033 million is up considerably from the researchers’ 2018 figure of $32 million.
Will the United States Lead the Way?
In the USA, computing giants like Microsoft and IBM are projected to drive the proliferation of the technology. The experiments into supply chain monitoring using blockchain by retailers, such as Walmart, will also boost spending on the data sharing innovation over the projection period.
The report states that the Asia Pacific region’s growth in blockchain IoT spending will come from huge manufacturing centers, such as China, using it for supply chain management predominately. Contributing will be initiatives like that of South Korea to create so-called smart cities, with blockchain and IoT tech increasing the transparency and efficiency of the deliverance of public services. Similarly, smart city plans from the UAE and Saudi Arabia are expected to be a driver for growth in the technology across the Middle East.
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Supply Chain Pushing IoT
Elsewhere in the Asia Pacific region, the recent “Make in India” initiative, a drive to promote the nation’s manufacturing sector, is expected to promote foreign investment from regions already advancing rapidly in their experiments with blockchain IoT technology. Again, owing to its application in supply chain management, spending on blockchain IoT product tracking is expected to arrive with the increased foreign investment projected for the country.
Finally, Europe is projected to see massive growth in the blockchain IoT technology sector. By 2025, the researchers behind the paper state that the region will hold a significant share of the global market. Germany, the UK, and France are projected to be the continent’s real centers for innovation with regards the technology in the coming years. Mentioned in the release specifically is the UK National Health Service initiative to provide 30 million patients with care information via a mobile device via a blockchain platform.
What do you think about these blockchain IoT spending projections? Are you surprised at how fast the industry is growing globally?