According to Custom Market Insights (CMI), The Global Blockchain IoT Market Size was valued at USD 138.78 million in 2021 and expected to reach USD 152.8 million in 2022 and is estimated to reach USD 22189 million by the end of 2030 at a CAGR of approximately 73.5% during the forecast period 2022-2030. After dismissal, various organizations are expected to grow in the coming years; the demand for blockchain platforms will also increase to use the IoT. This technology can be used to track a large number of connected equipment. It aims to enhance synchronization and communication in all of these connected devices.
Browse the full “Blockchain IoT Market Size, Trends and Insights By Offering (Hardware, Software, Services), By Application (smart Contracts, Data Security, Data sharing, Asset management and tracking), By End User (Transportation, Health care, Energy and utility, Retail, Manufacturing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/blockchain-iot-market/
Market Dynamics
Drivers
There has been a growth in the demand for Internet of Things devices in recent years; these devices are used in many applications. These devices of use in the vehicle are connectivity, smart city, smart grids, smart transportation, and smart homes. As the demand for the Internet of Things will grow in the coming years, there shall be an increase in the demand for the blockchain IoT as it ensures safety and security. The use of blockchain technology will provide strong protection, and it will also stop illegal access to the devices. The increased integration of blockchain with the Internet of Things devices will help provide robust encryption.
Restraints
Many difficulties are associated with integrating blockchain into the Internet of Things. Scalability is one of the issues that the market will face in the coming years. To have encrypted IoT devices, much power and time will be consumed. Another reason that will hamper the market’s growth is the storage issue. As the Internet of Things and blockchain is our newly developed technologies with many benefits, adopting this technology will take time as there are many security issues and technical problems.
Opportunities
The Internet of Things is used in smart contracts. A public platform of blockchain, which is Ethereum, ‘s a blockchain that makes use of the smart contract. Integrating blockchain and the Internet of Things will be instrumental in providing many benefits to this technology. And this is expected to provide good opportunities for growth in the coming years.
Challenges
The adoption of the blockchain IoT will be less as there is less awareness about its availability. Many industries do not understand the benefits of the use of this technology. It hampers the growth of the market as low investments are made in using these technologies. Its adoption by the companies cannot be estimated, which is another challenge in the market’s growth. Investors do not understand its potential, which will be another challenge for its growth in the coming years.
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Report Highlights
Based on the offerings, the hardware segment is expected to dominate the market in the coming years. The segment has dominated the Blockchain IoT market in the past and will grow at a higher compound annual growth rate in the coming year. The hardware segment is expected to grow in the coming years as it performs different types of tasks for Internet of Things systems. The demand for the hardware segment is expected to grow due to its use in collecting data and sending it to cloud systems.
Based on application, this technology will be used for the data security segment beard the use of the technology in this segment will generate U.S. dollars 1377.9 million in the coming years. As the cases of cyber-attacks have increased in recent years, the fear of data theft will lead to an increased adoption or the increased use of technology in enhancing data security.
This technology will be used on a large scale for the smart city segment. This segment is expected to grow at a compound annual growth rate of 93.9% in the coming years. The revenue generated through this segment will be U.S. $ 639.5 million in the coming years. The demand for smart cities will grow in the coming years due to the use of this technology.
As the manufacturing industries in the Asia Pacific region continue to grow in the coming years, the demand for technology will also increase. The demand for this technology will grow due to the understanding of its benefits, and it will be adopted on a large scale in the healthcare and retail sectors.
Regional Snapshots
Rapid urbanization across the globe has increased in the past decades. As the world’s population is increasing, resources are becoming scarce. The increasing population has also led to a lot of climatic changes. As the urban population is also expected to grow during the forecast period, the governments of various nations are constantly engaging in employing modern technologies like wireless communications, blockchain and IoT to optimally.
Key Players
- IBM (US)
- Microsoft (US)
- Intel (US)
- Amazon Web Services (US)
- Huawei (China)
- Cisco (US)
- SAP (Germany)
- Helium (US)
- Factom (US)
- HYPR (US)
- Chronicled (US)
- Ethereum Foundation (Switzerland)
- The Linux Foundation (US)
- R3 (US)
- Arctouch (US)
- Waltonchain (China)
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