USD 418.66 Million
Blockchain IoT Market Size, Share, Growth Analysis, By Component, By Application(Smart Contracts, Data Security, Data Sharing/Communication, Asset management and tracking), Organization Size, Industry Vertical, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2041 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
124
|Figures:
77
Blockchain IoT Market Insights
Blockchain IoT Market size was valued at USD 418.66 Million in 2022 and is poised to grow from USD 630.79 Million in 2023 to USD 16753.39 Million by 2031, at a CAGR of 50.67% during the forecast period (2024-2031).
The Blockchain IoT market is rapidly evolving, driven by the convergence of two transformative technologies: It reviews the existing and emerging technologies of blockchain and the Internet of Things (IoT). This market is expected to grow at a considerable pace because of the growing usage of IoT devices in many domains and the need for better, more secure, and more efficient methods to store and manage data. Blockchain can be defined as a distributed and secure ledger system for IoT systems that have improved security measures in their context. It covers important aspects like security, privacy, and data authenticity, which are vital in IoT across various applications, including smart cities, supply chain, healthcare, and cars. Blockchain with IoT helps in sharing and processing data in real time, smoothening the functioning with smart contracts and bring down the costs of operations significantly.
Leading industry players in the Blockchain IoT market are setting up strategic alliances and developing new business models to capitalize on the emerging opportunities. Currently, several companies such as IBM, Microsoft, and Cisco among others are at the forefront in the development of efficient blockchain systems that are specific to IoT environments. These are supposed to manage the tremendous amounts of data that are expected to be produced by IoT devices, and also ensure proper integration and protection of data. Furthermore, the emergence of new startups in the market that offer specific Blockchain IoT solutions is giving a competitive and innovative edge to the industry. Market demand and the introduction of organic regulatory frameworks that will help the market define its growth trajectory will also enhance the market development process which will help overcome the key issues of its further development, namely, the problem of scalability and the integration of innovative solutions. As organizations come to appreciate the advantages that blockchain IoT brings, the market for this technology will inevitably see strong growth, and new and sophisticated applications will appear across most industries.
US Blockchain IoT Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Software & Platform
Fastest Growth
Services
Growth Rate
50.67% CAGR
Blockchain IoT Market ($ Bn)
Country Share for North America Region (%)
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Blockchain IoT Market Segmental Analysis
Blockchain IoT Market is segmented based on component, application, organization size, industry vertical and region. On the basis of component, global market is segmented into hardware, software & platform and services. Based on application, global market is segmented into smart contracts, data security, data sharing/communication, asset management & tracking, and others. Based on organization size the market is segmented into SMEs, and large enterprises. Based on industry vertical the market is segmented into energy & utilities, transportation & logistics, manufacturing, building management, healthcare, retail, wearable & mobile devices, smart city, and others. Based on region, global market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Blockchain IoT Market Analysis by Component
Among the three segments of the components in the Blockchain IoT market, the software & platform segment is expected to cover the largest market share. This dominance is underpinned by the fact that blockchain platforms and software are crucial for organizing IoT networks and facilitating trusted data sharing and exchanges between participants. Due to the integration of IoT and blockchain platforms, the market segment that provides improved functionalities, interoperability and scalability of the platforms designed for IoT applications is indispensable for companies and developers.
However, the services segment is expected to witness the fastest growth rate. This growth is driven by the rising necessity of professional services including consulting, integration, and support needed from businesses that are establishing and deploying blockchain IoT solutions. When such technologies are adopted, professionals are needed to provide solutions to the challenges that arise when developing blockchain IoT systems that are secure and efficient to enable organizations to achieve their set goals. The increasing demand for continuous support and maintenance services, which is the primary thrust behind this segment, fuels the growth even more.
Blockchain IoT Market Analysis by Organization Size
Of the two segments, large Enterprises are expected to dominate the Blockchain IoT market in terms of the maximum market share. This is driven primarily by the fact that many people use IoT devices frequently in large office complexes that are characteristic of large high-tech organizations. The combination of blockchain with IoT in large enterprises adds greater value by providing robust security and transparency besides increasing operational effectiveness, and therefore there will be increased usage. Therefore, large enterprises possess a greater market share in the Blockchain IoT market due to their extensive business activities across various industry verticals and greater adoption of technological solutions.
The SMEs segment is expected to be the largest segment in the cloud-based customer engagement management market, which is expected to grow at a higher CAGR during the forecast period. Since the number of SMEs is on the rise globally, IoT gadgets deployment also grows, which in turn requires blockchain technology to support secure functionality. This increased use of IoT and blockchain solutions by SMEs shows that the sector is steadily moving to be a great part of the Blockchain IoT market and has the potential for rapid growth.
Blockchain IoT Market By Component
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Blockchain IoT Market Regional Insights
Based on region, Blockchain IoT Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. North America dominated the Blockchain IoT Market by region due to the early adoption of new technologies and the availability of the latest technology infrastructure. North America is expected to gain prominence due to the presence of major technology players, including IBM, Microsoft, and Cisco, and the high adoption of IoT and blockchain technology in various industries such as healthcare, manufacturing, and transportation.
The Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period due to the influx of technology companies and increased investment in IoT technology, smart city projects, government initiatives, and expanding urban population. The Asia-Pacific region is expected to experience significant growth in the global market, driven by the increasing adoption of IoT devices and the growing demand for secure data exchange in various industries such as retail, healthcare, and transportation
Blockchain IoT Market By Region
- Largest
- Fastest
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Blockchain IoT Market Dynamics
Blockchain IoT Market Drivers
Rising Adoption of IoT Devices
- The Rising IoT device connectivity spread across the globe is a major factor positively impacting the Blockchain IoT market. Today, there are nearly 15 million Internet of Things (IoT) connected devices globally, however, there are predictions that this figure could reach 55. 7 billion by 2025. The increasing usage of IoT devices has led to the need for efficient data management to be safe and secure, thereby promoting blockchain technology. Therefore, as IoT ecosystems progress, it is important to secure and protect the integrity of data, which is a major factor that drives the Blockchain IoT market. This is a testament to the increasing symbiotic relationship between the IoT and Blockchain, where demand for smart and connected devices has rapidly increased.
Rising Smart Cities Worldwide
- The Blockchain IoT market globally is significantly augmented by smart city projects across the world. These projects consist of several smart changes like intelligent transportation systems, smart parking, waste, and water management; all of these involve countless IoT devices. The Internet of Things (IoT) has been widely used in many sectors for its convenience, which requires blockchain technology for safe and effective data management; therefore, it fuels the market for Blockchain IoT. For instance, in India, smart city plans led to the expansion of the connected IoT devices from 200 million to two billion. 7 billion by 2020. Likewise, smart city projects across the world will promote the use of IoT devices at a similar rate, thus creating a healthy environment for Blockchain IoT market.
Blockchain IoT Market Restraint
High Implementation Costs
- The biggest challenge of integrating blockchain with IoT is that it comes at a high cost for infrastructure and development along with regular maintenance, which may be a problem for small organizations. These costs include the purchase of sophisticated machines and moulds, software development, and technical support services which may exert pressure on limited financial resources. Also, the recruitment of professional staff to oversee the management and efficiency of these systems is also costly. Consequently, the cost structure of blockchain IoT solutions may put pressure on small companies, which could hinder them from implementing and sustaining blockchain IoT solutions and prevent them from using security, transparency, and efficiency improvements that are produced by such solutions. The financial implication is also another factor that has continued to hinder the growth of Blockchain IoT.
Regulatory and Compliance Challenges
- Lack of comprehensive policies and reforms for regulation of blockchain technology and its applications are the major restraints for blockchain IoT market. Owing to this, companies are sceptical when it comes to investing in blockchain IoT solutions because a change in regulations presents uncertainties that may not be easily addressed. These uncertainties are not only legal but operational as well and that is why companies do not go in full scale to embrace blockchain with their IoT systems. This lack of clear guidelines means that Blockchain IoT is not yet widely used: organisations wish for firmer legal foundations before they invest heavily.
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Blockchain IoT Market Competitive Landscape
Blockchain IoT Market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of Blockchain IoT Market .
For example, in 2021, Thai reinsurance businesses and IBM Insurance Company's network will launch a platform for smart contracts powered by the IBM Cloud. This collaboration will help Thai Railways to increase its efficiency and speed of execution of various contracts.
Blockchain Iot Market Top Player's Company Profiles
- IBM
- Microsoft
- Intel
- 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)
- Xage (US)
- Ambrosus (Estonia)
- NetObjex (US)
Blockchain Iot Market Recent Developments
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In March 2024 XL Axiata, a leading converged operator in Indonesia with over 57.5 million subscribers, has partnered with Cisco, the worldwide leader in technology, to introduce a cloud-delivered IoT Connectivity Management Platform through IoT Connectivity+ Product by XL Axiata to help customers in Indonesia innovate and scale their IoT businesses securely.
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In January 2024 Casper Labs, the enterprise blockchain software and services provider, and IBM Consulting announced that they will work to help clients leverage blockchain to gain greater transparency and auditability in their AI systems. Together, Casper Labs and IBM Consulting plan to develop a new Casper Labs solution, designed with blockchain and built leveraging IBM watsonx.governance, that establishes an additional analytics and policy enforcement layer for governing AI training data across organizations.
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In March 2023, OBORTECH is utilizing blockchain and IoT to create a fully digital ecosystem that links supply chain participants and removes technical inconsistencies that prevent effective data exchange.
Blockchain IoT Key Market Trends
- Data security is one of the most important limitations for devices and services deployed in the metropolitan metropolis, which, when combined with blockchain's decentralized platform, ensures public trust and thus promotes market growth. Also, government projects around the world are beginning to recognize the potential of blockchain as it provides the necessary infrastructure for transaction management and guarantees transparency and security, both of which are key trends in smart city development.
Blockchain IoT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our Blockchain IoT Market analysis, North America dominated the market by region due to the early adoption of new technologies and the availability of the latest technology infrastructure. The Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period, due to the influx of technology companies and increased investment in IoT technology, smart city projects, government initiatives, and expanding urban population. One of the major factors that hamper the growth of the market is scalability, which involves handling large amounts of data collected by large networks of sensors.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 418.66 Million |
| Market size value in 2031 | USD 16753.39 Million |
| Growth Rate | 50.67% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain IoT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain IoT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain IoT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain IoT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain IoT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain IoT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Blockchain IoT Market Report Snapshots
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