The global blockchain Internet of Things (IoT) market is poised to achieve a noteworthy milestone, projected to reach a valuation of USD 12,679.5 Million by 2030. This substantial growth trajectory reflects a Compound Annual Growth Rate (CAGR) of 58.2% spanning the period from 2023 to 2030. Insights gleaned from a fresh report by Grand View Research, Inc. offer invaluable industry perspectives. The ascending adoption of decentralized applications (dApps) within the realm of blockchain IoT is primed to propel market expansion. These dApps, harmoniously fusing the virtues of blockchain and IoT, present pioneering solutions that notably elevate security, transparency, and operational efficiency across diverse sectors. This spate of emergent trends is envisaged to invigorate market augmentation. Moreover, the convergence of blockchain and IoT is orchestrating a paradigm shift in data exchange, transactional credibility, and process automation, consequently fostering the emergence of novel business paradigms and lucrative avenues for growth.
Significant Insights & Discoveries from the Report:
- In 2022, the software & platform component segment seized the lion’s share of the market at 51.6%. This ascendancy is attributed to the escalating assimilation of blockchain IoT solutions.
- The smart contracts application segment emerged as a leader in revenue generation, commanding 30.7% in 2022.
The proliferation of smart contracts’ self-execution and automation capabilities is projected to serve as the impetus behind the segment’s growth. - In 2022, the transportation & logistics vertical segment reigned supreme, amassing 21.8% of revenue. This predominance is fueled by the sector’s prowess in establishing transparent and immutable transaction records.
- Within the panorama of organization size, SMEs held sway, capturing a commanding 60.2% of revenue in 2022. This prominence emanates from the heightened implementation of technology to aid SMEs in aligning with regulatory compliance requisites.
- In 2022, North America assumed the mantle of leadership, securing 34.6% of revenue. This dominance is anticipated to sustain robust expansion through the forecast period, primarily attributable to the presence of pivotal market stakeholders.
Blockchain IoT Market Trajectory & Trends
The escalating cognizance regarding the expansive potential of this technology in various domains—ranging from supply chain management and asset tracking to smart cities, healthcare, and energy management—is set to galvanize market expansion. Numerous corporations concentrate on introducing new offerings and forming strategic partnerships to cater to an expansive customer base and fortify their foothold within the industry. A pertinent example is the collaboration between IoTex, a modular Web3 infrastructure platform, and Google Cloud, a subsidiary of Google LLC, forged in March 2022. This partnership has propelled the global expansion of MachineFi, a decentralized finance (DeFi) platform meticulously tailored for the IoT ecosystem. Notably, the Google Cloud-powered infrastructure augments the security, scalability, and reliability of MachineFi’s services and applications. Such strategic alliances fostered by key market players are poised to propel market growth.
Blockchain IoT Market Categorization
Blockchain IoT Market – Component Outlook
- Hardware
- Software & Platform
- Services
Blockchain IoT Market – Application Outlook
- Data Security
- Smart Contracts
- Asset Tracking & Management
- Others
Blockchain IoT Market – Organization Size Outlook
- SMEs
- Large Enterprises
Blockchain IoT Market – Vertical Outlook
- Transportation & Logistics
- Manufacturing
- Healthcare
- Retail
- Consumer Electronics
- Smart City
- Others
Blockchain IoT Market – Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
List of Key Players in Blockchain IoT Market
- Intel Corporation
- IBM Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
- The Linux Foundation
- Amazon.com, Inc.
- KrypC Technologies
- IoTex
- ArcTouch LLC
- R3 LLC
- Chronicled
