The Global Blockchain IoT Market size is expected to reach $11.9 billion by 2030, rising at a market growth of 57.2% CAGR during the forecast period.
Due to the substantial number of ongoing smart city projects throughout the world, the smart city segment seeks profitable possibilities for the blockchain IoT solutions in the near future, thereby, the smart city segment is anticipated to capture approximately 1/5thshare of the market by 2030. Digital Catapult, Sidewalk Labs LinkNYC, Green City Solutions' CityTree, Telensa Smart Parking, and many other notable smart city initiatives are among those currently in operation around the globe. Some of the factors impacting the market are the escalating Need for IoT Security, growing acceptance of blockchain IoT solutions that use smart contracts and AI, and processing power, storage, and scalability issues.
A compelling solution for IoT security is provided by blockchain, which provides strong protection against data theft and unauthorized access to IoT devices. Utilizing blockchain for IoT data storage ensures additional security, strong encryption, and transparency so that only those with permission can access the IoT network. As a result, enterprises that utilize Internet of Things (IoT) sensors depend more on blockchain technology to improve the security of their IoT assets. Smart contracts allow parties to establish terms and circumstances to increase confidence and clarify whether a contract can be enforced. Smart contract technology when paired with blockchain IoT offers several advantages. For instance, Biz4Intellia's Intellia IoT smart contract solution utilizes one of the best blockchain and IoT combinations with tailored smart contracts. Smart contracts prevent contract manipulation, the sensors mounted on goods monitor information in real-time as specified in smart contracts, and parties are promptly notified in case of breaches. These benefits of smart contracts are the major factor supporting wide adoption of blockchain IoT solutions that use smart contracts and AI, thereby leading to market expansion.
However, data processing delays, higher transaction costs, and a generally bad user experience can all be caused by scalability problems. Effective scalability is critical for a blockchain IoT solution to handle enormous transactions and interactions between IoT devices. Nevertheless, numerous blockchain networks require substantial computational resources for transaction validation and distributed ledger maintenance. IoT devices generate a vast amount of data, which can quickly contribute to an explosion in storage requirements. Hence, those mentioned above technological and security issues prevent their wider implementation, which ultimately negatively impacts the market’s growth.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, Cisco Systems, Inc., The Linux Foundation, KrypC Technologies, IoTeX, ArcTouch LLC (AKQA Group) (WPP plc), and R3 LLC.
Due to the substantial number of ongoing smart city projects throughout the world, the smart city segment seeks profitable possibilities for the blockchain IoT solutions in the near future, thereby, the smart city segment is anticipated to capture approximately 1/5thshare of the market by 2030. Digital Catapult, Sidewalk Labs LinkNYC, Green City Solutions' CityTree, Telensa Smart Parking, and many other notable smart city initiatives are among those currently in operation around the globe. Some of the factors impacting the market are the escalating Need for IoT Security, growing acceptance of blockchain IoT solutions that use smart contracts and AI, and processing power, storage, and scalability issues.
A compelling solution for IoT security is provided by blockchain, which provides strong protection against data theft and unauthorized access to IoT devices. Utilizing blockchain for IoT data storage ensures additional security, strong encryption, and transparency so that only those with permission can access the IoT network. As a result, enterprises that utilize Internet of Things (IoT) sensors depend more on blockchain technology to improve the security of their IoT assets. Smart contracts allow parties to establish terms and circumstances to increase confidence and clarify whether a contract can be enforced. Smart contract technology when paired with blockchain IoT offers several advantages. For instance, Biz4Intellia's Intellia IoT smart contract solution utilizes one of the best blockchain and IoT combinations with tailored smart contracts. Smart contracts prevent contract manipulation, the sensors mounted on goods monitor information in real-time as specified in smart contracts, and parties are promptly notified in case of breaches. These benefits of smart contracts are the major factor supporting wide adoption of blockchain IoT solutions that use smart contracts and AI, thereby leading to market expansion.
However, data processing delays, higher transaction costs, and a generally bad user experience can all be caused by scalability problems. Effective scalability is critical for a blockchain IoT solution to handle enormous transactions and interactions between IoT devices. Nevertheless, numerous blockchain networks require substantial computational resources for transaction validation and distributed ledger maintenance. IoT devices generate a vast amount of data, which can quickly contribute to an explosion in storage requirements. Hence, those mentioned above technological and security issues prevent their wider implementation, which ultimately negatively impacts the market’s growth.
Component outlook
By component, the market is classified into hardware, software & platform, and services. In 2022, the hardware segment held the highest revenue share in the market. It involves the widespread use of IoT devices and growing numbers of people adopting peer-to-peer communication. This is primarily because of IoT system hardware's functions, such as obtaining data from the source site and transmitting it to the cloud system where the required tasks are performed.
Application Outlook
Based into application, the market is categorized into data Security, smart contracts, asset tracking & management and others. The asset tracking & management segment acquired a substantial revenue share in the market in 2022. Organizations can optimize their supply chain operations, prevent counterfeiting, reduce costs, and assure compliance & regulations with increased visibility. Throughout the projection period, these attributes are anticipated to promote segment expansion. Furthermore, owing to the real-time tracking & traceability of assets across the supply chain, supply chain efficiency will increase.Organization Size Outlook
On the basis of organization size, the market is divided into SMEs and large enterprises. The SMEs segment garnered a significant revenue share in the market in 2022. The expansion of this market segment can be attributed to the implementation of solutions that assist SMEs in meeting regulatory compliance requirements. Blockchain technology's transparent and auditable features enable SMEs to maintain accurate records, ensure data privacy, and demonstrate compliance with industry standards, will likely accelerate segment’s expansion throughout the projection period.Vertical Outlook
By vertical, the market is bifurcated into transportation & logistics, manufacturing, healthcare, retail, consumer electronics, smart city, and others. The healthcare segment projected a prominent revenue share in the market in 2022. The solutions' capacity to efficiently track and trace pharmaceutical products across the supply chain is credited with expanding the healthcare segment. This capability ensures the authenticity and origin of drugs, thereby reducing counterfeit drug issues, minimizing the risk of medication errors, and ultimately improving patient safety, which is expected to contribute to the expansion of the healthcare segment.Regional Outlook
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. Retailers, technology providers, and startups have collaborated in the region to create innovative blockchain IoT solutions in supply chain management, product traceability, and customer engagement. The regional market is further witnessing growth as a result of significant acceptance of blockchain IoT solutions that use contracts and AI.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, Cisco Systems, Inc., The Linux Foundation, KrypC Technologies, IoTeX, ArcTouch LLC (AKQA Group) (WPP plc), and R3 LLC.
Strategies Deployed in the Market
- Jul-2023: AWS is adding capabilities to its Amazon Managed Blockchain (AMB) with Access and Query. The added features broaden AMB's ability to help developers smoothly interact with public blockchains to create scalable solutions rapidly and securely. Moreover, AMB Access delivers a new serverless portfolio for non-mining, full blockchain nodes, and AMB Query offers standardized and formatted blockchain data from various blockchains.
- Jun-2023: R3 launched Corda, the new iteration of the Corda blockchain platform, The launch would offer better availability, interoperability, and scalability with other DLT networks. The launch enhances security, optimization for scalability, and easier development to make it simple for developers to create Corda applications.
- May-2023: The Linux Foundation joined hands with Meta, a global IT company. The alliance aims to launch LF Connectivity, an open-source project focused on developing technologies to boost growing network and connectivity applications. Additionally, The LF Connectivity would work to enhance digital transformation.
- Jan-2023: Amazon came into partnership with Ava Labs, a next-generation blockchain platform. This partnership aims to help scale blockchain adoption across businesses, governments, and institutions. Furthermore, this partnership would make it simple for individuals to launch and manage nodes on Avalanche while also aiming to provide the network with better strength and flexibility for developers.
- Apr-2022: Intel introduced Intel Blockchain ASIC, a Blockscale to power up to 580 GH/s hash rate. The launched product aims to provide energy-efficient hashing for proof-of-work consensus networks. Moreover, Intel's specialization in cryptography, hashing techniques, and ultra-low voltage circuits makes it feasible for blockchain applications to enhance their computing power without compromising on sustainability.
- Jun-2021: IBM acquired Envizi, a provider of data and analytics software for environmental performance management. Following this acquisition, IBM would on IBM's emerging investment in AI-powered software, consisting of IBM Maximo asset management solutions, IBM Environmental Intelligence Suite, and IBM Sterling supply chain solutions to help businesses create more resilient and sustainable operations and supply chains.
- Oct-2020: IBM Corporation partnered with ClearBlade, an edge computing software company. This partnership aims to provide autonomous edge computing and IoT solutions. Additionally, the alliance would help enterprise customers build out complete edge computing solutions for transportation, healthcare, manufacturing, and other industries.
- Oct-2020: IBM collaborated with R3, an enterprise software company. This collaboration aims to broaden options for clients scaling blockchain technology while offering their best levels of compliance, performance, and data privacy.
- Oct-2019: IBM announced the launch of Sterling Supply Chain Suite, a new supply chain service based on its blockchain platform and open-source software. The launched Sterling Supply Chain Suite enables distributors, manufacturers, and retailers to combine their data and networks and also those of their suppliers - onto a Hyperledger-based blockchain to track and trace parts and products.
- Jul-2019: Microsoft teamed up with AT&T Communications, a global telecommunication company. Under this collaboration, both companies would apply technologies consisting of AI, Cloud, and 5G to improve people's lives and work in the future.
Scope of the Study
Market Segments Covered in the Report:
By Application
- Smart Contracts
- Data Security
- Asset Tracking & Management
- Others
By Vertical
- Transportation & Logistics
- Consumer Electronics
- Manufacturing
- Healthcare
- Retail
- Smart City
- Others
By Component
- Software & Platform
- Hardware
- Services
By Organization Size
- Large Enterprises
- SMEs
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Amazon.com, Inc.
- Intel Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
- The Linux Foundation
- KrypC Technologies
- IoTeX
- ArcTouch LLC (AKQA Group) (WPP plc)
- R3 LLC
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 5. Global Blockchain IoT Market by Application
Chapter 6. Global Blockchain IoT Market by Vertical
Chapter 7. Global Blockchain IoT Market by Component
Chapter 8. Global Blockchain IoT Market by Organization Size
Chapter 9. Global Blockchain IoT Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- IBM Corporation
- Amazon.com, Inc.
- Intel Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
- The Linux Foundation
- KrypC Technologies
- IoTeX
- ArcTouch LLC (AKQA Group) (WPP plc)
- R3 LLC
Methodology
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