Growing adoption of IoT devices and solutions and increasing use of IoT solutions built on blockchain with smart contracts and Artificial Intelligence (AI) are key factors driving blockchain Internet of Things (IoT) market revenue growth.
Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) — The global blockchain Internet of Things (IoT) market size was USD 0.57 billion in 2022 and is expected to register a rapid revenue CAGR of 43.4% during the forecast period. Increasing adoption of IoT devices and solutions and increasing use of IoT solutions built on blockchain with smart contracts and Artificial Intelligence (AI) are key factors driving market revenue growth.
Growing need for IoT security is another key factor driving revenue growth of the market. IoT is prominent in every aspect of life, from lifestyle and healthcare to industry and automobiles. On the other hand, enabling cybersecurity in IoT is becoming more difficult. There is always a chance of a breach or hack due to the volume of data being processed and transferred. Blockchain is a system in which a network of interconnected computers keeps records of transactions carried out in Bitcoin or other IoT coins.
A current trend in the blockchain Internet of Things (IoT) market is increasing use of blockchain-based solutions for IoT access control. The use of IoT applications and services in daily lives has increased dramatically due to the rapid development of wireless sensor networks, smart devices, and traditional information and communication technologies. IoT systems handle large amounts of data, so this data can be particularly sensitive as it can contain geographic, financial, health and other private information.
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Scalability, processing power, and storage issues in IoT are key factors that may limit market revenue growth. Blockchain is a fascinating emerging field that is attracting a lot of interest from researchers and enterprises. Numerous advantages are offered by the technology, including data security, auditability, autonomy, immutability and transparency. As a result, blockchain is widely used for uses other than cryptocurrency.
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Segment insights
Component Insights:
On the basis of component, the global blockchain Internet of Things (IoT) market is segmented into hardware, software and platform, and services. The software and platform segment accounted for the largest market share in the global blockchain Internet of Things (IoT) market in 2022 due to increasing use of decentralized operation and improved security-driven software and platform segment. An operating system based on blockchain functions as software, which records all commands and transactions of a user’s device. The blockchain technology handles authentication, execution and recording, which serves as the foundation for a blockchain operating system.
Application Insights:
On the basis of application, the global blockchain Internet of Things (IoT) market is segmented into data security, smart contracts, smart homes, data communications, asset tracking and management, and other applications. The smart contracts segment is expected to account for a significant large market share in the global blockchain Internet of Things (IoT) market during the forecast period due to increasing need for smart contracts for automation efficiency and secure transactions. Smart contracts are blockchain-stored programs that execute when specific criteria are met, which can also automate a process so that it only moves forward when certain criteria are met.
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Regional Insights:
North America accounted for the largest market share in the global blockchain Internet of Things (IoT) market in 2022 due to increasing need for blockchain solutions that are energy efficient. Proof-of-work consensus processes in blockchain require an increasing amount of computing power without sacrificing decentralization due to their scalability and resilience. For example, on April 4, 2022, Intel released information about its new Intel Blockscale ASIC, which will provide users with energy-efficient hashing for proof-of-work consensus networks, building on years of research and development (R&D) at Intel.
Europe is expected to register the fastest market growth rate in the global blockchain Internet of Things (IoT) market during the forecast period due to technological advancement initiatives and innovations by major players. For example, on May 18, 2020, SAP partnered with several prominent companies including Capgemini, Deloitte, GrainCorp, HCL Technologies, HERE Technologies, Moog Inc., Natura Cosmeticos SA, NetApp and PeerNova on a blockchain co-innovation initiative.
Scope of research
Report Details
Outcome
Market size in 2022
USD 0.57 billion
CAGR (2023–2032)
43.4%
Revenue Forecast to 2032
USD 20.89 billion
Base year for estimation
2022
Historical data
2019-2021
Forecast period
2023–2032
Quantitative units
Revenue in billion dollars and CAGR in % from 2023 to 2032
Report coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors and Trends
Segments covered
Component, Application, Organization Size, End-Use Industry, and Region
Regional scope
North America, Europe, Asia Pacific, Latin America and the Middle East and Africa
Country Extent
USA, Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and the rest of the Middle East and Africa
Key companies profiled
IBM Corporation, Microsoft Corporation, Intel Corporation, Amazon Web Services, Inc., Huawei Technologies Co., Ltd., Cisco Systems, Inc., SAP SE, Ethereum Foundation, The Linux Foundation, R3, ArcTouch, Waltonchain, Helium, Factom, HYPR Corp, Chronicled, KrypC Technologies, IoTeX, Discovery and IOTA Foundation
Adjustment range
10 hours of free adjustment and expert consultation
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Large companies and competitive landscape
The global blockchain IoT market is quite fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing and introducing more effective blockchain IoT solutions in the market. Some major players included in the global blockchain IoT market report are:
IBM Corporation
Microsoft Corporation
Intel Corporation
Amazon Web Services, Inc.
Huawei Technologies Co., Ltd.
Cisco Systems, Inc.
SAP SA
Ethereum Foundation
The Linux Foundation
R3
ArcTouch
Waltonchain
Helium
Fact
HYPR Corp
Chronicled
KrypC Technologies
IoTeX
Discovery
IOTA Foundation
Strategic Development
On July 21, 2023, Swipelux partnered with IoTeX, a progressive blockchain platform spearheading the integration of IoT and blockchain technologies. Through this collaboration, end users can now purchase IoTeX with a credit or debit card and individuals will find it easier to become a member of the decentralized machine economy that IoTeX aims to establish by joining IoTeX ecosystem. The companies work together to drive Web3 adoption, drive innovation, and create opportunities for individuals and businesses.
On October 12, 2022, Samsung announced the release of Knox Matrix, a new security solution that uses blockchain technology to protect a network of devices, during its developer conference. Samsung has made tremendous advances in mobile device security with its security platform, Samsung Knox.
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For the purpose of this report, Emergen Research has segmented the global blockchain IoT market based on component, application, organization size, end-use industry and region:
IoT sensors
Motion sensors
GPS
Temperature sensors
Vehicle information
Connected devices
Crypto wireless
Software and Platform
Services
Application Outlook (Revenue, Billion USD; 2019-2032)
Organization Size Outlook (Revenue, Billion Dollars; 2019-2032)
End-Use Industry Vertical Outlook (Revenue, Billion USD; 2019-2032)
Regional Outlook (Revenue, Billion Dollars; 2019–2032)
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
China
In the
Japan
South Korea
Rest of APAC
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