USD 418.66 Million
Blockchain IoT Market Size, Share, Growth Analysis, By Components(Hardware, and Services), By Application(Data Security, and Smart Contracts), By Organization Size(SMEs, and Large Enterprises), By Vertical(Transportation and Logistics, and Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2041 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
124
|Figures:
77
Blockchain IoT Market Insights
Global Blockchain IoT Market size was valued at USD 329.64 Million in 2022 and is poised to grow from USD 490.83 Billion in 2023 to USD 11860.2 Million by 2031, growing at a CAGR of 48.9% in the forecast period (2024-2031).
Increasing adoption of blockchain and IoT device integration increases security through decentralized and tamper-proof data storage and communication, which is expected to drive market growth. With the rapid development of communication technology, IoT (Internet of Things) is gaining momentum in research and industry. It goes from infancy to adulthood driven by the amount of data generated, transmitted and processed.
Information IoT systems are powered by centralized topologies, where data is transferred from physical devices to the cloud, where analytics are used to process the data by sending the output back to the IoT devices. However, the increase in network access frequency limits the scalability of IoT platforms and puts them at risk of vulnerabilities that will ultimately compromise the security and privacy of users’ networks.
Powered by a decentralized architecture and cryptographic encryption, Blockchain uses the IoT platform to ensure privacy and security in a peer-to-peer network but requires high computing power, resulting in high bandwidth overhead and latency.
The online ecosystem is quite diverse. There are many challenges in building IoT devices that are compatible with blockchain technology. Scalability, which requires processing large amounts of data generated by a wide array of sensors, is one of the key challenges facing the IoT. The processing power and time required to charge all IoT devices in a blockchain-based ecosystem is as expected. Another key challenge with blockchain systems that place the ledger at the edge node is storage. IoT smart devices at the edge currently cannot store large amounts of data or handle large amounts of computing power.
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
Global Blockchain IoT Market ($ Bn)
Country Share for North America Region (%)
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Blockchain IoT Market Segmental Analysis
The Global Blockchain IoT Market is segmented by Component, Organization Size, Application, Vertical, and region. Based on Component, the market can be segmented into Hardware (IoT Sensors (Motion Sensors, GPS, Temperature Sensors, Vehicle Information, Connected Devices), Crypto-wallets), Software and Platform and Services (Technology Advisory and Consulting Services, Deployment and Integration Services, Support and Maintenance). Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Application, the market can be segmented into Smart Contracts, Security, Data Sharing/ Communication, Asset Tracking and Management and Others. Based on Vertical, the market is segmented into Energy and Utilities, Transportation and Logistics, Manufacturing, Building Management, Healthcare, Retail, Wearable and Mobile Devices, Smart City and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by Vertical
The transportation and logistics segment recorded the largest revenue share at 21.8% by 2022, and the same trend is expected to continue during the forecast period. The increase is due to its record-setting characteristics, a transparent and unchanging set of tasks and events in the transportation and logistics ecosystem. With the help of up-to-date and accurate information about the situation, companies involved in transportation and logistics can improve their performance in business. These characteristics are expected to side species have improved over the forecast period.
The healthcare segment is expected to grow at the fastest pace at a CAGR of 61.6% during the forecast period. The growth of the healthcare segment is attributed to the ability of solutions to track and accurately analyze medication use throughout the supply chain. This capability ensures the authenticity and origin of medications, thereby reducing cases of counterfeit medications, reducing the risk of medication errors, and ultimately increasing patient safety, which is expected to boost the healthcare segment.
Analysis by Organization Size
The small and medium enterprises (SMEs) segment recorded the highest revenue share of 60.2% by 2022 and is expected to continue the same trend over the forecast period. The transparent and auditable nature of blockchain technology enables SMEs to create accurate records, ensure data privacy and demonstrate compliance with industry regulations.
The large enterprise segment is expected to grow at a substantial CAGR of 57.8% during the forecast period owing to the growing need to provide security, efficiency, transparency and traceability among others. Blockchain IoT a decentralized and transparent ledger that ensures proper storage and sharing of data among authorized participants. This increases data integrity and allows large companies to make more informed and data-driven decisions. Such assets are expected to drive segment growth over the forecast period.
Global Blockchain IoT Market By Organization Size (%)
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Blockchain IoT Market Regional Insights
North America accounted for the largest revenue share at 34.6% by 2022 and is expected to grow significantly during the forecast period. One of the most important factors driving the growth of the market in this segment is the presence of major players such as IBM Corporation, Microsoft Corporation, Amazon.com, Inc., and Cisco Systems, Inc. Also, the segment is at the forefront of adopting emerging technologies, including blockchain and IoT, which contribute to its growth.
The Asia-Pacific region is expected to witness significant growth over the forecast period, driven by increasing entry of technology companies into the region, investments in IoT technologies, smart city systems, government initiatives and cities due to increasing growth rates. Rapid urbanization and provincial government initiatives are feeding the demand for smart cities. Smart cities have the chance to have problems, such as high data center operating costs, poor IoT security, and device security. But technologies like blockchain IoT will provide essential services for network management, asset tracking and smart contracts to ensure security and transparency, thereby increasing business efficiency.
Global Blockchain IoT Market By Geography
- Largest
- Fastest
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Blockchain IoT Market Dynamics
Blockchain IoT Market Drivers
Enhanced Security and Data Integrity
- One of the major drivers of the Blockchain IoT market is the improved security and data integrity offered by blockchain technology. Using a decentralized and tamper-proof ledger, blockchain ensures that IoT data is secure, verifiable and resistant to unauthorized alteration. This capability is essential for applications where data integrity and security are paramount, such as healthcare, finance, and supply chain management.
Improved Transparency and Traceability
- Blockchain technology provides an immutable record of transactions and transactions, greatly improving the transparency and traceability of IoT systems. This feature is particularly useful in industries such as logistics and manufacturing, where sourcing and tracking navigation are important. The ability to trace from source to destination ensures accountability and helps comply with regulatory requirements.
Restraints
Scalability Issues
- Despite the advantages, blockchain technology faces significant scalability challenges. As the number of IoT devices and connections increases, the blockchain network can become congested, leading to slower connection times and higher costs. These scalability issues may hinder the widespread adoption of blockchain in the IoT no method, especially for high throughput and low latency in situations where the demand exists.
Increased Implementation Costs
- The initial costs associated with implementing blockchain technology in IoT systems can be prohibitive, especially for small and medium enterprises (SMEs). These costs include specialized hardware, software development, and integration of blockchain into existing IoT systems. Furthermore, the need for skilled personnel to control and maintain blockchain systems increases overall costs, creating a barrier to entry for many organizations.
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Blockchain IoT Market Competitive Landscape
The blockchain IoT market is highly dynamic and competitive, with leading technology companies, startups and industry-specific players vying for dominance. The competition stems from the need to deliver secure, transparent and efficient IoT solutions by integrating blockchain technology. The landscape is characterized by strategy, collaboration, acquisition and innovation. IBM Blockchain is focused on developing platforms and solutions that seamlessly interact with IoT devices and networks. Their strategy includes leveraging their extensive cloud services and AI capabilities to improve IoT solutions.
Blockchain Iot Market Top Player's Company Profiles
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Cisco Systems Inc.
- Amazon Inc.
- Robert Bosch GmbH
- The Linux Foundation
- KrypC Technologies
- Ethereum Foundation
- R3 LLC
- IoTA
- Waltonchain
Blockchain Iot Market Recent Developments
- In February 2023, Conflux Networks partnered with China Telecom to develop blockchain-based SIM cards. Conflux Network, a blockchain protocol, will produce blockchain-based SIM cards in partnership with China Telecom, one of the country’s largest wireless providers, with an estimated 390 million users.
- In November 2022, China's national blockchain infrastructure, Xinghuo Blockchain Infrastructure and Facility, and Malaysia's digital services provider MY EG, Services Berhad (MyEG) signed an agreement to acquire and operate an "international supernode", while Beijing expand its international blockchain.
- May 2022 - IBM partnered with Web3 to create a digital native experience, accelerating and evolving the future of business blockchain. Hybrid enterprise blockchain solutions can help businesses achieve new business outcomes, such as premium security, privacy, auditable compliance, competitive advantage protection and market flexibility can help the company gain a competitive edge benefit. With reduced friction, reduced costs and efficiencies, a single source of truth is visible to all involved members in real time.
Blockchain IoT Key Market Trends
- Enhancing Environmental Monitoring in Rapidly Urbanizing Cities: Over the past few decades, the world has experienced unprecedented urbanization, mainly due to population growth, resource scarcity and climate change with around 54% living in cities according to the UN, which can increase to 66% by 2050. Focus on modern technologies such as blockchain. Providing a sustainable environment is one of the key characteristics of smart cities. With the rapid development of industrial cities, it is important to monitor environmental indicators. A key challenge in environmental monitoring is the collection of real-time data using reliable and accurate monitoring tools. The significant role played by smart city platforms is likely to benefit the market expansion during the forecast period.
Blockchain IoT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global blockchain IoT market is growing exponentially, driven by the convergence of two revolutionary technologies: blockchain and the Internet of Things (IoT) This industry promises to provide security, transparency and efficiency in roles in different industries. The decentralized and immutable nature of blockchain increases the security of IoT networks and reduces vulnerabilities to hacking and data breaches. Blockchain ensures a transparent and unalterable record of transactions, creating trust among stakeholders in the IoT ecosystem. The Blockchain IoT market is poised for significant growth, with widespread adoption expected across various industries. The integration of these technologies will create a secure, transparent and efficient IoT ecosystem, which will drive innovation and transform business operations globally.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 329.64 Million |
| Market size value in 2031 | USD 11860.2 Million |
| Growth Rate | 48.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| 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 |
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| 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.
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