The global IoT market will grow from $157B in 2016 to $457B by 2020, attaining a Compound Annual Growth Rate (CAGR) of 28.5%. Bain predicts B2B IoT segments will generate more than $300B annually by 2020, including about $85B in the industrial sector.
Combining blockchain’s distributed ledger framework with the Internet of Things’ (IoT) proven real-time monitoring and tracking capability is redefining supply chains. Blockchain shows potential for increasing the speed, scale, and visibility of supply chains, eliminating counterfeit-goods transactions while also improving batching, routing and inventory control. Blockchain’s shared, distributed ledger architecture is becoming a growth catalyst for IoT’s adoption and commercial use in organizations. Blockchain and IoT are defining the future of supply chains based on the initial success of Proof of Concept (POC) pilots focused on the logistics, storage and track-and-trace areas of supply chains across manufacturing.