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

Global Blockchain IoT Market size was valued at USD 418.66 Million in 2022 and is poised to grow from USD 2.64 Billion in 2023 to USD 16753.39 Million by 2031, growing at a CAGR of 50.67% 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.