A report has been published recently that wildly speculates about the blockchain internet of things. The report states that the internet of things IoT, Industry is set to face a rapid expansion spread out over the next few years. It is projected that the total amount of expenditure on technology is set to reach a little above $3033 million by the year 2025.
The research and report were conducted by Zion Market Research. It is entitled blockchain IoT market by components (hardware, software, and services), by application (data-security, data-sharing, asset tracking, and manage smart contracts and others) and by end-use industry (retail, energy and utilities, consumer electronics, Healthcare, construction, transportation manufacturing, and others): global industry perspective comprehensive analysis and forecast 2018-2025.
The report sets spending on blockchain internet of things systems and services to increase globally with several drivers influencing the adoption of the system in different regions. The overall figure of USD 3033 million has gone up considerably from the researcher’s 2018 value, which was set at USD 32 million.
Is the United States the power to lead the way?
In the United States of America major computing giants, Microsoft and IBM have been speculated and projected to drive the proliferation of the technology and its advancement. The experiments tapping into supply chain monitoring by using blockchain via retailers, including Walmart, is also set to boost spending on the data-sharing innovation over the set projected period.
The report similarly projects that Asia-pacific regions growth in blockchain IoT and its spending will thrive majorly from massive manufacturing centers such as China. These centers have been known to use it for supply chain management predominantly. In addition, seeming to project the spending will be initiatives like that of South Korea to create the famed smart cities, which will employ blockchain and IoT technology to increase the transparency and efficiency of the deliverance of public services.
The United Arab Emirates and Saudi Arabia are also on the bandwagon of setting up a smart city with plants that are expected to drive the growth and development in the technology of blockchain all across the Middle East. Supply chain usage of IoT in other areas in the Pacific region of Asia like the recent “Made in India” initiative has also been seen as a driver that will promote Blockchain preference by the Nation’s manufacturing sector and Industry. These sectors are expected to encourage foreign investment from regions that are already rapidly advancing and experimenting with the blockchain internet of things technology. Following its application in supply chain management, the expenditure and spending on blockchain products and their tracking are expected to bring with it the increased foreign investment projected for the country.
Finally and equally important, Europe is also projected to undertake and undergo massive growth and development in the blockchain internet of the things technology sector. It is estimated that by the year 2025, the researchers behind the paper have posited, the region of Europe will be a significant and integral player in terms of their share of the global market as far as the blockchain internet of things technology is concerned. Germany and the United Kingdom and France are similarly projected to be the region’s major centers for innovations concerning the technology of blockchain internet of things in the coming years. The report by Zion market research underlies explicitly that the United Kingdom’s National Health Service, an initiative to avail Healthcare to above 30 million patients via the use of a mobile device is set to rely upon the blockchain technology platform and technology slowly, and as such will be a significant driver for the projected spending in the blockchain technology.