DUBLIN – Key Market Insights
Rising Concern for Data Security expected to spur the demand for Blockchain IoT Market
The global blockchain IoT market value surged from US$ 105.3 Mn in the year 2021 to US$ 25,560.3 Mn in 2030, with a CAGR of 60.6% during the forecast from 2022 to 2030.
Increasing deployment of Internet of Things (IoT) devices worldwide has triggered a sense of data security. Traditional architecture of client-server is vulnerable to security breach due to single-point security intelligence.
On the other hand, blockchain distributed ledger technology provides distributed and decentralized security system that is hard to break. Architectural limitations of IoT prevents it from making intelligent security decisions, therefore blockchain solution for IoT can open up lucrative opportunities in the field of cyber-security. In addition, businesses that rely on complex and expensive data have shown a preference shift towards blockchain IoT solutions for their data security.
Offering Analysis
Hardware Segment predicted to grow at a Substantial Rate
Hardware analyzed as the most opportunistic segment during the forecast period. The lucrative growth of the segment is mainly due to increasing use cases of blockchain IoT in redefining business models and increasing their productivity platforms. Blockchain hardware picks data from the edge of IoT and transfers it to cloud that helps in driving business values and empowering them. However, software segment anticipated to hold substantial share over the forecast period due to increasing investment by major market players.
End-user Analysis
Smart City Segment expected to witness the Fastest Growth during the Forecast Period
Smart city segment seeks lucrative opportunity for the blockchain IoT solution in the near future owing to significant number of on-going smart city projects in different parts of the world. Some of the top smart city projects operating across the world are Digital Catapult, Sidewalk Labs LinkNYC, Green City Solutions’ CityTree, Telensa Smart Parking, and many others.
Market leaders operating in smart city projects leverage blockchain IoT solutions for overcoming the security-breach and privacy-related issues in different smart city solutions. For the same, many IoT solution providers for the smart city projects have joined hands with blockchain players to provide relevant solutions. For instance, in November 2019, Obyte, a Distributed Ledger Technology (DLT) platform has signed a partnership agreement with Bosch Connectory to explore smart city solution.
Key Players & Competitive Landscape:
Significant Opportunity for the New Entrants to invade in the Global Blockchain IoT Market.
The global blockchain IoT market is a nascent market, but still highly competitive owing to the presence of several established blockchain players such as IBM Corp., Microsoft Corp., Oracle Corp., and many others. In addition, the market provides lucrative opportunities for new entrants to establish its strong footprint in the global market by accurately leveraging the power of IoT with blockchain.
List of Companies Covered:
- IBM Corporation
- Microsoft Corporation
- Intel Corporation
- Amazon.com Inc.
- Cisco Systems Inc.
- Ethereum Foundation
- The Linux Foundation
- R3 LLC
- Filament
- KrypC Technologies
Market Segmentation
Offering
- Hardware
- Software
- Infrastructure Provider
Application
- Data Security
- Smart Contacts
- Asset Tracking and Management
- Data Communication/Sharing
- Others (real-time workforce tracking, and workforce management)
End-user
- Transportation and Logistics
- Energy and Utility
- Manufacturing
- Retail
- Building Management
- Smart City
- Healthcare
- Wearable and Mobile Devices
- Others (food, pharmaceuticals, mining, agriculture, construction, and real estate)
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Blockchain IoT market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Blockchain IoT market?
- Which is the largest regional market for Blockchain IoT market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Blockchain IoT market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Blockchain IoT market worldwide?
Source: Research and Markets
