Market Synopsis
Blockchain and IoT (Internet of Things) are two rapidly evolving technologies that have the potential to revolutionize many industries by creating new opportunities for secure and efficient data management and resource optimization. The combination of blockchain and IoT can create a decentralized network of devices that can share information without the need for intermediaries, facilitating secure and transparent peer-to-peer transactions.
Blockchain IoT Market Share is projected to exceed USD 128.6 Billion by the end of 2030, with a CAGR of 92.30% during 2022-2030
When blockchain and IoT are combined, they can enable secure and auditable tracking of data from IoT devices. This tracking capability can provide greater visibility into supply chains, enhance the security of IoT networks, improve data integrity, and reduce the risk of data breaches. The use of blockchain in IoT can also enable machine-to-machine payments, providing companies with new revenue streams and reducing transaction costs.
Some of the use cases for blockchain and IoT include supply chain management, energy management, asset tracking, and smart city projects. Startups and companies are actively developing solutions in this area, and many established vendors are integrating blockchain and IoT capabilities into their offerings.
Market highlights
Adoption of the Internet of Things (IoT) has increased the adoption of diverse advanced technologies such as edge computing, artificial intelligence, cloud computing, and blockchain. Blockchain provides the IoT networks, apps and applications with a decentralized and scalable environment and allows the connected devices to enhance ecosystem security.
The IoT provides the various companies with a wide range of opportunities to conduct their operations smartly, and blockchain has immense potential for various industries including BFSI, automotive, manufacturing, and healthcare. The IoT and blockchain combination has allowed end-users to make their systems efficient. The main driving factors for the growth of the blockchain IoT market are IoT 's increasing adoption and the need to improve operational efficiency.
Factors expected to generate substantial opportunities for players operating in the market during the forecast period are a growing number of government initiatives for the adoption of blockchain IoT worldwide and its increasing usage in the construction sector. Nonetheless, high processing power and time demands and higher latency with a rise in node numbers are estimated to impede market growth over the forecast period.
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Market Segmentation
The Global Blockchain IoT Market has been analyzed based on End User, Application, Offering, and Region.
Based on the Offering, the global blockchain IoT market has been divided into software, hardware, and services.
Based on the Application, the global blockchain IoT market has been segmented into smart homes, data sharing, data security, asset tracking management, smart contracts, and others.
On the basis of the End User, the global blockchain IoT market has been segmented into the supply chain and logistics, retail, automotive, construction, manufacturing, government, healthcare, energy and utility, and others
Regional Analysis
The global blockchain IoT industry geographic study was carried out for North America, Europe, Asia-Pacific, Middle East Africa and South America.
Owing to the early adopters of emerging technologies such as IoT and blockchain, North America has the largest market share. The North American market was further split into the US, Canada, and Mexico. The United States accounted for a considerable share of the market, followed by Canada and Mexico.
Due to the adoption of IoT technology across various industry verticals, Asia-Pacific is expected to be the fastest-growing regional market during the review period. Europe is projected to be the world's second-largest blockchain IoT market in the predicted time span. The market is expected to grow at a rapid pace in countries like the UK and Germany in the coming few years.
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Key Dashboard
The major players in the Global Blockchain IoT Market are Amazon.com, Inc. (the US), IBM Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Cisco Systems (US), R3 (US), Chronicled (US), Filament (Nevada), Ethereum Foundation (Switzerland), KrypC (India), The Linux Foundation (US), ArcTouch (US), Filament (Nevada).
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