[Tech] IoT Market Overview and Status
Hello! everyone! It’s a ReapChain! Today’s topic is the IoT Market Overview and Status
1.1 Global IoT Market Status
The growth of the IoT market is accelerating due to the development of communication technologies such as IoT networks and 5G and the expansion of the infrastructure. Also, as cyber-attacks targeting IoT systems are becoming a reality, and the damages from the attack are increasing, the IoT security market is also rapidly growing.
The global IoT market will grow by 12.8% annually from 2016 to 2022 to reach $1.2 trillion in 2022, and by 2030, it will be a $3.1 trillion of a vast market. The IoT embedded system market will reach $83.9 billion by 2023, and the global market size of IoT devices and service platforms will be $1.1 billion. Total IoT security spending amounted to $1.5 billion in 2018, with a high annual growth rate of 27.9%.
1.2 The Need for Blockchain in the IoT Industry
With the rapid development of hardware and network-related IoT technologies in recent years, the importance of data integrity, system security, and device control in the IoT industry are increasing.
Blockchain technology is emerging as a solution in the IoT field because blockchain technology has advantages such as distributed data structure, cryptography theory and security technology, and consensus technology that is hard to manipulate and change data.
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