Market Definition
The global Blockchain for IoT Market was valued at USD 0.40 billion in 2021 and is predicted to reach USD 12.32 billion by 2030, expanding at a CAGR of 46.5% from 2022-2030.
Blockchain is a circulated record innovation that can integrate with IoT to make machine-to-machine transactions possible. Also, it utilizes a bunch of transactions that are recorded in an information base, confirmed by various sources, and entered in a typical record disseminated across each nod. Moreover, the blockchain's unique data format creates a particular kind of distributed ledger technology (DLT). Furthermore, blockchain stores data in blocks that are linked together and protected by cryptography, unlike traditional databases.
Market Dynamics and Trends
The increasing demand for blockchain technology is due to its exceptional applications such as asset tracking & management across a range of industries including building management, food and beverage, and automotive. Also, factors such as increasing investments and technology adoption to strengthen the defense sector across countries have resulted in greater utilization of blockchain technologies. Moreover, the lower operational costs for implementation and simplification of processes along with transparency and immutability are expected to drive the market growth during the forecast period.
However, the lack in the number of IoT experts along with processing power and storage issues are the factors restraining the growth of the market. On the contrary, increased adoption of blockchain-based IoT solutions using smart contracts and AI are expected to create ample growth opportunities for the market in the coming years. For instance, in February 2023, Blockchain for Energy announced the launch of an inclusive platform that provides access to and enables the development of smart contract solutions in the energy sector. The platform aims to revolutionize the energy industry by leveraging blockchain technology to enhance transparency, security, and efficiency in energy transactions.
Market Segmentations and Scope of the Study
The blockchain for IoT market report is segmented on the basis of offering, organization size, application, end-user, and geography. On the basis of offering, the market is divided into hardware, software, infrastructure, and services. Hardware is further divided into IoT sensors and crypto wallets. IoT sensors are further classified into motion sensors, GPS, temperature sensors, vehicle information, and connected devices. Services are further segmented into technology advisory & consulting services, deployment & integration services, and support & maintenance.
On the basis of organization size, the market is divided into large enterprises and small & medium enterprises (SMEs). On the basis of application, the market is divided into smart contracts, security, asset tracking and management, data sharing, and others. On the basis of end-user, the market is classified into manufacturing, energy & utility, transportation and logistics, building management, retail, healthcare, smart city, smartphones & wearables, and others. The geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Asia Pacific held the lion’s share in the blockchain for IoT market in 2021 and is expected to maintain its dominance during the forecast period. This is attributed to factors such as security and fraud concerns along with the integration of blockchain with IoT that enhances enterprise databases. Also, the rise in demand for blockchain technology in transportation and logistics industries along with its proliferating application in smartphones is expected to drive the market growth in this region.
North America is expected to show a steady rise in the market during the forecast period due to the rapidly increasing adoption of IoT to create smart cities and its increasing applications in the healthcare industry. Moreover, the application of IoT in pharmaceutical industries along with the implementation of blockchain technology in agriculture is expected to drive the blockchain for IoT market growth in this region.
Competitive Landscape
The blockchain for IoT industry comprises various market players such as IBM Corporation, Intel Corporation, Microsoft Corporation, Cisco Systems Inc., Amazon Inc., Robert Bosch GmbH, Huawei Technologies Co., Ltd., KrypC Technologies, Ethereum Foundation, R3 LLC, IOTA Foundation, and Waltonchain among others. These market players are adopting various joint venture strategies and planning the expansion of business across various regions to maintain their dominance in the global market.
Moreover, in April 2022, Intel introduced a new technology called Intel Blockscale, that offers innovative solutions to enhance the efficiency and reliability of blockchain applications. This technology aims to optimize performance, scalability, and security in blockchain networks. Also, in February 2022, Intel launched new chips for blockchain technologies. It includes blockchain applications such as Bitcoin mining and minting NFTs to cash due to the rising usage of cryptocurrencies.
Key Benefits
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The blockchain for IoT market report provides a quantitative analysis of the current market and estimations through 2022-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the blockchain for IoT market including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the global market is provided in the report.
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The competitive analysis of the market players along with their market share in the market
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The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Blockchain for IoT Market Key Segments
By Offering
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Hardware
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IoT Sensors
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Motion Sensors
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GPS
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Temperature Sensors
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Vehicle Information
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Connected Devices
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Crypto-wallets
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Software
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Infrastructure
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Services
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Technology Advisory and Consulting Services
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Deployment and Integration Services
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Support and Maintenance
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By Organization Size
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Large Enterprises
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SMEs
By Application
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Smart Contracts
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Security
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Asset Tracking and Management
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Data Sharing
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Others
By End-User
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Manufacturing
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Energy & Utility
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Transportation and Logistics
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Building Management
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Retail
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Healthcare
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Smart City
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Smartphones & Wearables
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Others
By Geography
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North America
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U.S
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Canada
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Mexico
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Europe
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Germany
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France
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Italy
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Spain
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United Kingdom
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Russia
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Sweden
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Rest of Europe
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Asia-Pacific
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Australia
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China
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India
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Japan
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South Korea
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Indonesia
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Singapore
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Rest of Asia-Pacific
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RoW
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Latin America
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Middle East
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Africa
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