Market Synopsis
According to MRFR, the Global Blockchain IoT Market Companies 2022 was valued at USD 124.58 Million in 2019 and The Market growth is projected as 93.4% in the forecast period 2025. The report focuses on IOT Blockchain companies growth, market share, size, competition level, key pricing structure, and major key developments in the market.
Market highlights
Adoption of the Internet of Things ( IoT) has increased the adoption of diverse advanced technologies such as edge computing, artificial intelligence, cloud computing, and blockchain. Blockchain provides the IoT networks, apps and applications with a decentralized and scalable environment and allows the connected devices to enhance ecosystem security. The IoT provides the various companies with a wide range of opportunities to conduct their operations smartly, and blockchain has immense potential for various industries including BFSI, automotive, manufacturing, and healthcare. The IoT and blockchain combination has allowed end-users to make their systems efficient. The main driving factors for the growth of the blockchain IoT market are IoT ‘s increasing adoption and the need to improve operational efficiency. Factors expected to generate substantial opportunities for players operating in the market during the forecast period are a growing number of government initiatives for the adoption of blockchain IoT worldwide and its increasing usage in the construction sector. Nonetheless, high processing power and time demands and higher latency with a rise in node numbers are estimated to impede market growth over the forecast period.
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Key Dashboard
The major players in the Global Blockchain IoT Market are Amazon.com, Inc. (the US), IBM Corporation (US), Intel Corporation (US), Microsoft Corporation (US), Cisco Systems (US), R3 (US), Chronicled (US), Filament (Nevada), Ethereum Foundation (Switzerland), KrypC (India), The Linux Foundation (US), ArcTouch (US), Filament (Nevada).
Growth Drivers and Main Barriers
Blockchain has emerged as a blessing for IoT security for a number of reasons. The chief reason is that the blockchain technology is public, which means that all those that are part of the network can see the blocks as well as the transactions. The second reason why blockchain is proving to be an asset for IoT is that it is decentralized, which means that no one authority can approve the transactions, which eliminates the Single Point of Failure (SPOF) weakness.
Furthermore, blockchain provides high security with elevated encryption standards, which lowers the chances of issues that can be faced by the IoT technology. Therefore, the mounting need for product tracking solutions can boost the growth of the blockchain IoT market. Some significant benefits offered by the blockchain technology includes less paperwork and subsequently fewer delays in transport, few manual errors, quick identification of products and reduced transportation cost.
A surge in the number of government initiatives promoting the adoption of blockchain IoT across various regions and the rising use of the technology in the construction industry can give rise to several lucrative opportunities for the vendors that are active in the global market.
Blockchain IoT Market Trends
Blockchain technology has managed to take over the financial system in recent years and holds a high potential to renovate the retail supply chains. Blockchain IoT offers a host of benefits including less chances of fraud, vast and enlarged clarity, heightened productivity, excellent safety, and augmented customer support. This kind of security can be massively helpful for retailers who are striving to reduce issues associated with control and blocking of copyright claims.
Therefore, the increasing adoption of the blockchain technology for transactions in the retail sector can be a prominent trend in the blockchain IoT market.
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Market Segmentation
By Hardware:
- IoT sensors
- Temperature sensors
- Motion sensors
- GPS
- Connected devices
- Vehicle information
- Crypto wallets
By Software:
- Technology
- Consulting service
- Integration services
- Support and maintenance
By Applications:
- Smart contracts data sharing
- Tracking application
- Communication
- Asset management
By Organization:
- Small-medium size organisation
- Large scale orgnsiations
By Vertical:
- Energy and utilities
- Retail
- Healthcare
- Logistics
- Transportation
- Smart city
- Wearable device
Regional Analysis
The global blockchain IoT industry geographic study was carried out for North America, Europe, Asia-Pacific, Middle East & Africa and South America.
Owing to the early adopters of emerging technologies such as IoT and blockchain, North America has the largest market share. The North American market was further split into the US, Canada, and Mexico. The United States accounted for a considerable share of the market, followed by Canada and Mexico.
Due to the adoption of IoT technology across various industry verticals, Asia-Pacific is expected to be the fastest-growing regional market during the review period. Europe is projected to be the world's second-largest blockchain IoT market in the predicted time span. The market is expected to grow at a rapid pace in countries like the UK and Germany in the coming few years.
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