Rising 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. Rising 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.
Increasing 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, it is getting harder to enable cybersecurity in IoT. There is always a chance of a breach or hacking due to the volume of data that is processed and transferred. Blockchain is a system, in which a network of interconnected computers maintains records of transactions conducted 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 utilization of IoT applications and services in daily lives has increased dramatically due to the quick development of wireless sensor networks, smart devices, and traditional information and communication technologies. IoT systems handle large amounts of data, hence this data can be especially sensitive as it can contain geographical, financial, health, and other private information.
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Scalability, processing power, and storage problems in IoT are key factors, which could restrain market revenue growth. Blockchain is a fascinating emerging field that is attracting a lot of interest from researchers and enterprises. Numerous advantages are provided by the technology, including data security, auditability, autonomy, immutability, and transparency. As a result, blockchain is being widely used for uses other than cryptocurrency.
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 largest market share in the global blockchain Internet of Things (IoT) market in 2022 due to increasing use of decentralized operation and enhanced security driven software and platform segment. An operating system based on blockchain operates as software, capturing all commands and transactions from 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 communication, asset tracking and management, and other applications. The smart contracts segment is expected to account for significantly large market share in the global blockchain Internet of Things (IoT) market during the forecast period due to rising need for smart contracts for automation efficiency and secure transactions. Smart contracts are blockchain-stored programs that execute when specific criteria are satisfied, which can also automate a process so that it only moves forward when certain criteria are satisfied.
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Regional Insights:
North America accounted for largest market share in the global blockchain Internet of Things (IoT) market in 2022 due to rising need for blockchain solutions that are energy efficient. Proof-of-work consensus processes in blockchain require an increasing amount of compute power without compromising decentralization due to their scalability and resilience. For instance, April 4, 2022, Intel released information about its new Intel Blockscale ASIC, which will offer users energy-efficient hashing for proof-of-work consensus networks, building on years of Research & 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 progress initiatives and innovations by major players. For instance, on 18 May 2020, SAP collaborated with several prominent companies, including Capgemini, Deloitte, GrainCorp, HCL Technologies, HERE Technologies, Moog Inc., Natura Cosmeticos S.A., 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 USD Billion 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 Middle East & Africa |
| Country Scope | U.S., 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 Rest of Middle East & 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 |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global blockchain IoT market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & 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 SE
- Ethereum Foundation
- The Linux Foundation
- R3
- ArcTouch
- Waltonchain
- Helium
- Factom
- HYPR Corp
- Chronicled
- KrypC Technologies
- IoTeX
- Discovery
- IOTA Foundation
Strategic Development
- On 21 July 2023, Swipelux collaborated with IoTeX, a progressive blockchain platform spearheading the integration of IoT and blockchain technologies. Through this collaboration, end users can now buy IoTeX with a credit or debit card and individuals will find it easier to become a member of the decentralized machine economy that IoTeX seeks to establish by joining IoTeX ecosystem. The companies work together to promote Web3 adoption, foster innovation, and create possibilities for individuals and businesses.
- On 12 October 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 achieved 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 on the basis of component, application, organization size, end-use industry, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Hardware
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- IoT Sensors
- Motion Sensors
- GPS
- Temperature Sensors
- Vehicle Information
- Connected Devices
- Crypto Wireless
- IoT Sensors
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- Software and Platform
- Services
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- Technology Advisory and Consulting Services
- Deployment and Integration Services
- Support and Maintenance
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- Application Outlook (Revenue, USD Billion; 2019-2032)
- Data Security
- Smart Contracts
- Smart Homes
- Data Communication
- Asset Tracking and Management
- Other Applications
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- End-use Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
- Transportation & Logistics
- Manufacturing
- Healthcare
- Energy Utility
- Retail
- Consumer Electronics
- Building Management
- Smart City
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
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- U.S.
- Canada
- Mexico
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- Europe
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- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of APAC
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- Latin America
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- Brazil
- Rest of LATAM
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- Middle East & Africa
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- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
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