Global Blockchain IoT Market 2024 – 2033

Reports Description

According to Custom Market Insights (CMI), The Global Blockchain IoT Market Size was valued at USD 138.78 million in 2021 and expected to reach USD 152.8 million in 2022 and is estimated to reach USD 22189 million by the end of 2030 at a CAGR of approximately 73.5% during the forecast period 2022-2030. As there has been an increased demand for the Internet of Things, the market for blockchain IoT is expected to grow in the coming year.

The demand for blockchain IoT is expected to grow in the coming years to ensure the security of IoT and provide better efficiency in operations. There is a growing demand for the Internet of Things worldwide as these devices are used to transfer data to private blockchain networks. It helps in ensuring the security of its transactions. The demand for this technology will continue to grow in the coming years as it helps share information between partners in the most secure way.

The outbreak of COVID-19 pandemic has affected all industries across the world. Online businesses have bloomed during the pandemic. The demand for various online platforms has increased during the pandemic. Various sectors like manufacturing, life sciences, healthcare, automotive, transport, retail and banking and financial sectors made use of the Internet to provide all consumer services. As many lockdowns were imposed across various nations, the supply chains were disrupted, due to which the manufacturing of the hardware components was affected.

The hospital sector had a good demand for this technology even during the pandemic. Diversifying Internet of Things ecosystems has created more demand for designing various devices for the Internet of Things. Many difficulties are associated with aligning blockchain technology with these devices. Another factor that will hamper the market’s growth in the coming years is the large amount of data collected through sensor networks. The encryption of all of this data will lead to increased use of processing power, and it will also consume much time. These factors will hamper the growth of the market in the long run. Apart from the large pool of available data, storing all this data is another challenge.

The devices that are used do not support the storing of a large amount of data. These devices are in the emerging phase and do not have great computational power. As these technologies are emerging technologies, the adoption of these technologies is another challenge that will hamper the market the growth as there are some glitches with the technology and some concerns with security. In many areas across the globe, the awareness regarding the benefits of using this technology will be one more challenge that will hamper the market’s growth.

The awareness regarding its use in different sectors is less. Many end-user industries do not know the use of blockchain with the Internet of Things. And due to this, these end-user industries would not invest in the technology. Currently, the growth of this market is uncertain, and its potential is also unknown to investors and entrepreneurs. Due to this, market growth will be hampered.

Growth Factors

The demand for this technology is expected to grow in the coming years as all the transactions made through this technology are recorded. These transactions are extremely secure, and the data is blocked to prevent security breaches. This technology has been beneficial as it provides immutable data where no alterations can be made.

Only more data can be added. All of these benefits will drive market growth in the coming year. It helps in performing various functions regarding the transfer of data. It helps in analyzing the data and managing the data and also helps in the customization of data required for the partners as well as the clients. In recent years, this technology has grown in the transportation sector. Moving various goods with the help of transportation has been a complex process.

The priorities of different consumers are different, and to meet these demands, the transportation sector has adopted this technology in recent years. Much information regarding the deliveries can be stored with the help of these devices. All the information regarding the temperature at which the goods need to be stored, the position, the status of the packages that need to be delivered, and the arrival times will be available on the platform. Immutable blockchain will help increase the trust of the parties in the data. All of these factors will help in efficient transportation. This technology has played an important role in ensuring various products’ regulatory compliance and safety. It helps track various components That go into automobiles, aircraft and other products.

The use of this technology helps in providing an easy and secure platform for sharing information with the manufacturers as well as the agencies that regulate the business. This technology will also grow for tracking the maintenance records of various machines. This technology offers a Ledger for keeping a record of the elevators and the different types of engines. It also helps store and record operational records, which are extremely important in compliance with government bodies. These factors will drive the market growth for the blockchain IoT in the coming years.

Segmental Insights

Blockchain IoT market segment based on the Offerings

Based on the offering, the hardware fragment is expected to have a larger market share in the coming years. It is expected to grow at a compound annual growth rate of 93.6% during the forecast period and dominate the market in the coming years. As many tasks performed with this technology depend on the hardware used, the market for the hardware segment will continue to grow in the coming years. Fetch data from a source and transfer it to the desired location of cloud systems will lead to an increased demand for hardware. Constant research and development in the field have led to the introduction of better devices that are more efficient. There has also been an increased amount of investments made for providing innovative devices in the market.

The software segment is also expected to grow well during the forecast period. It will grow well due to this technology’s increased adoption of software. This segment will show a compound annual growth rate of 91% in the coming year.

Blockchain IoT market segment based on application

Based on the application of this technology, the data security segment is expected to have the largest market share in the coming years. This technology’s growing demand for data security will increase in the coming years. As many industries use this technology, they seek security to enhance the functioning of the business. This segment is expected to show a compound annual growth rate of 93.4% during the forecast period.

The revenue generated through this segment is expected to be U.S. dollar 1377.9 million, more than any other segment that will grow during the forecast period. As the cases of cyber-attacks have grown in recent years, the users of this technology are concerned about their data security. Data theft is a challenge in the market’s growth; therefore, there shall be an increased demand for data security in the coming years. As this technology is extremely beneficial in addressing the concerns of various companies regarding the security and safety of their data stored on the cloud, the market will continue to grow in the coming years. the smart contract segment is also expected to grow well in the coming years. There is an increased demand for this technology in managing and tracking assets.

Managing the physical assets of any company is an extremely important role in the market’s growth. This technology helps enhance the performance of any industry as it examines the performance of this machinery.

Blockchain IoT market segment based on the End User

Based on the end-user of this technology, the smart city segment is expected to grow well in the coming years period the demand for this technology in the development of smart cities will increase and grow at a compound annual growth rate of 93.5% in the coming years. A good amount of revenue will also be generated due to the use of this technology in developing smart cities. It is expected to be U.S. dollars 639.4 million, which will be the maximum compared to any other segment’s growth. As many advantages are provided due to blockchain technology, the market will grow in the coming years. Smart connectivity is one of the features that will lead to market growth in the coming years.

Report Scope

Regional Insights

In the past, the North American region has dominated the market with the largest market share. The Asia Pacific region is expected to grow well in the coming years. As the end-user industries are aware of the benefits associated with using this technology, there shall be increased adoption in many sectors of the Asia Pacific region. This technology shall be in great demand in retail healthcare manufacturing and smart cities. Asia Pacific region is expected to grow with a compound annual growth rate of 94.8% in the coming years. It will also generate U.S. dollars 1459.8 million as revenue during the forecast period. Rapid industrialization is one of the factors that will drive the Blockchain IoT market growth in the coming years.

The growth of the manufacturing sectors and the infrastructures will be instrumental in the market’s growth in the coming years. Many people in the region are increasing the use of this technology due to the benefits associated with its use.

Key Players

• IBM (US)
• Microsoft (US)
• Intel (US)
• Amazon Web Services (US)
• Huawei (China)
• Cisco (US)
• SAP (Germany)
• Helium (US)
• Factom (US)
• HYPR (US)
• Chronicled (US)
• Ethereum Foundation (Switzerland)
• The Linux Foundation (US)
• R3 (US)
• Arctouch (US)
• Waltonchain (China)
• KrypC (India)

Recent Developments

• Thai Reinsurance Company and IBM collaborated in the year 2021 to launch Insurer Network which is a platform for smart contracts which will be provided by the IBM Cloud. This collaboration will help Thai Re to improve its efficiency as well as the speed of various contracts.

Segments covered in the report

By Offering

• Hardware
• Software
• Services

By Application

• smart contracts
• Data security
• Data Sharing
• Asset management and tracking

By End User

• Transportation
• Health care
• Energy and utility
• Retail
• Manufacturing
• Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America