Blockchain IoT Market

Global Blockchain IoT Market is valued at USD 374 Million in 2021 and expected to reach USD 5 Billion by 2028 with a CAGR of 45.1% over the forecast period.

Global Blockchain IoT Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Rapid adoption of blockchain in healthcare sector, increasing government-based smart city initiatives and penetration of blockchain IoT in BFSI are some of the major factors driving the growth of the Global Blockchain IoT Market.

Scope of Global Blockchain IoT Market

Traditional IoT systems have a centralised architecture in which data is transported from physical devices to the cloud, where it is processed using analytics and returned to the IoT device. However, the growing number of network devices limits the scalability of IoT systems and exposes them to vulnerabilities that might endanger users' network security and privacy. Blockchain IoT is a new sector that is being used to safeguard confidential industry-based data. This innovative technique protects data from being accessed from third-party sources. The IoT platform is supplemented by the blockchain, which, due to its decentralised architecture and cryptographic encryptions, guarantees anonymity and security in a peer-to-peer network. Furthermore, centralised designs, such as the cloud architecture used to support conventional IoT, result in delay, high costs, and the danger of a single point of failure. On the other hand, blockchain technologies provide security standards and infrastructure that enable billions of IoT devices to share trustworthy data and commerce. By assuring privacy and security in a peer-to-peer network, the blockchain driven by decentralised architecture and cryptographic encryptions enhances the IoT platform. Blockchain technologies, on the other hand, provide security standards and infrastructure that allow billions of IoT devices to have trustworthy data and commerce interoperability.

The COVID-19 epidemic had hampered the profit trajectory of most of the industry verticals. The epidemic and subsequent lockdowns have had a negative influence on many companies, and a significant delay in technology expenditure is expected in blockchain technology advancement as well. The Internet of Things will be critical to the long-term recovery plans of the post-COVID-19 economy throughout the world, however certain aspects of the Internet of Things will be negatively impacted in the immediate future. Although the present disruption caused by the rampant epidemic will offer problems to the blockchain company in the near term, it will also expose new potential in the medium and long term through new alliances and product launches.

The global blockchain IoT market is segmented based on component, application, end-use industries, organization size, and region & country level. Based on component, the global blockchain IoT market is segmented into services, hardware, and software. Based on application, the market is segmented into data security, asset management and tracking, smart contracts, data sharing, and others. . Based on organization size, the global blockchain IoT market is segmented into large enterprises and SMEs. Based on end-use industries, the global blockchain IoT market is segmented into retail, transportation, smart city, manufacturing, construction, consumer electronics, healthcare, and others

The regions covered in the global Blockchain IoT market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Blockchain IoT is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Blockchain IoT Market Segmentation

By Component:

• Services
• Hardware
• Software

By Application:

• Data Security
• Asset Management And Tracking
• Smart Contracts
• Data Sharing
• Other

By End-Use Industries:

• Retail
• Transportation
• Smart City
• Manufacturing
• Construction
• Consumer Electronics
• Healthcare
• Others

By Organization Size:

• Large Enterprises
• SMEs

Key Players of Global Blockchain IoT Market

Some major key players for the global blockchain IoT market report cover prominent players like

• 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

News

Blockmate Launches Blockchain IoT Platform Registration

On May 25^th 2022, Blockmate Ventures Inc. launched Hivello, a blockchain Internet of Things (IoT) infrastructure expert where blockchain Helium is linked.  It  offers efficient connection to a decentralised IoT network that pays network members. Individuals and property owners may generate passive income by hosting a Hivello hotspot on their property, similar to how a homeowner can rent out a room on Airbnb.

Fetch.ai and Iota entered into a Strategic Partnership to Announce Data Sharing

On June 9^th 2021, Laboratory for Artificial Intelligence Research Fetch.ai inked a collaboration deal  with blockchain network Iota to jointly provide a regulated data sharing environment for linked devices. This decision is anticipated to pave  the way for a significant advancement in Internet of Things (IoT) capabilities. The collaboration enabled industries such as mobility, supply chain logistics, finance, healthcare, and energy to use automatic data exchange across IoT networks. Iota's native Tangle technology will aid in secure payments and device connection.

IBM Corporation invested USD 200 million in the Watson Internet of Things (IoT) which Includes New IoT Capabilities Related to Blockchain

On March 4^th 2021, IBM Corporation committed USD 200 million on the Watson Internet of Things (IoT), including new blockchain-related IoT capabilities. These laboratories may work with IBM's 1,000 engineers, researchers, business specialists, and developers in Munich to create innovations in electronics, automotive, health care, manufacturing, and insurance.

Government Initiative for Smart Cities, Rapid Adoption of Blockchain in Healthcare Sector, and Penetration of Blockchain IoT in BFSI are Some of the Major Factors Driving the Market Growth

Countries throughout the world are adopting modern technology, and the government is constantly investing in AI, cloud computing, IoT, and other digital solutions as part of their efforts to promote smart city programmes. Furthermore, in today's digital environment, individuals have grown to anticipate quick, user-friendly experiences and information. In this digitally linked environment, municipal managers and administrators are under strong pressure to serve people and companies with timely, effective, and cost-effective services. Governments are constantly meeting the demands of citizens and companies in order to advance digital transformation and deliver connected, secure, and dependable services. As a result, the government is investing in the development of smart cities with an aim  to provide the most appealing areas to live and work. For instance, the United States government formulated  a USD 1 trillion bipartisan infrastructure plan in August 2021 to provide communities with new chances for technology and transportation financing, including a grant programme for smart cities technologies. Therefore, the government is employing blockchain IoT to improve activities pertaining to the construction of smart city infrastructure since it can offer a new level of convenience and security for communication and transactions to occur amongst all of the various stakeholders of a smart city. Through the facilitation of peer-to-peer energy generation and consumption, blockchain has the potential to create a more robust environment for the energy business. The city ecosystem can benefit from the usage of blockchain to maximise energy efficiency and enhance energy resource management. Blockchain can also be used to enable Mobility-as-a-Service solutions in smart cities, where citizens can receive additional services such as car-sharing, payments, insurance, and maintenance. As a result, the development of smart cities contributes to the growth of the blockchain IoT market.

Healthcare is currently expanding fast as a result of the rapid development of new technologies such as IoT and wearable devices, which are frequently utilised to assure remote patient monitoring. These gadgets gather real-time data from users, allowing clinicians to see a patient's status in real time. Because data is continually collected, there is no need to do all of the tests when patients visit the hospital. This will cut the cost of doing simple tests and save both the doctor and the patients’ significant time. Blockchain IoT enables remote patient monitoring, which is especially useful for chronic conditions that require continuous monitoring. Blockchain can provide the necessary answer to IoT device security challenges since the data saved on Blockchain is resistant to hacking and manipulation.

Furthermore, the essential qualities of blockchain, such as decentralisation, immutability, efficiency, cost-effectiveness, and security, are leading to an increase in support for the technology's use across the full spectrum of financial services. Fintech businesses are embracing blockchain technology to provide services such as remittances and international payments at reduced costs, faster, and with simpler interfaces than traditional banks. Blockchain IoT enables banks and other financial organisations to better gather data through a network of microsensors and mobile apps. This considerably decreases wait times and improves the services supplied by financial institutions, driving the global growth of the blockchain IoT market.

However, a shortage of skilled personnel to operate the blockchain IoT, as well as data breach and security risks related with Blockchain IoT, may stymie market expansion. Despite this, rising demand for blockchain IoT, smart contracts, and AI, as well as technical improvement, may open up new avenues for industry expansion.

Asia-Pacific is Expected to Capture a Major Share in the Global Blockchain IoT Market

The Asia-Pacific blockchain IoT market is expected to amplify substantially  due  to the region's rapidly expanding infrastructure and manufacturing sectors. Furthermore, growing regional awareness and increased adoption of IoT in different industries such as retail, smart cities, healthcare, among others  are likely to fuel the market's regional development throughout the forecast period.

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• U.K
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 374 Million
Base year considered	2021
Forecast Period CAGR %:	45.1%
Market Size Expected in 2028:	USD 5 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	IBM Corporation, Intel Corporation, Microsoft Corporation, Cisco Systems Inc., Amazon Inc., Robert Bosch GmbH, The Linux Foundation, KrypC Technologies, Ethereum Foundation, R3 LLC, IoTA, and Waltonchain.
Segments Covered	By Component, By Application, By Organization Size, By End-Use Industries.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa