The global blockchain IoT market size is projected to grow from USD 258 million in 2020 to USD 2,409 million by 2026, at a Compound Annual Growth Rate (CAGR) of 45.1% during the forecast period. The growing need for IoT security, simplified processes supported with transparency and immutability, and high adoption of blockchain-based IoT solutions using smart contracts and AI is expected to surge demand for blockchain IoT market globally. • By component, the software and platform segment to grow at a higher CAGR during the forecast period
The software for blockchain IoT connects network-based requests placed by users for accessing backend data to the network.The blockchain software components consist of node application, consensus mechanism, virtual machines, and shared ledger.
Blockchain helps cumulate technical and business information, fraud detection results, and user behavior data with the rest of the enterprise architecture via real-time demand tools.Software tools help visualize insights for quick and simple data gathering and enhanced predictive capabilities.
A blockchain software integrated with IoT ensures secure device communication.The blockchain IoT platform is expected to witness wide adoption during the forecast period as an increasing number of enterprises of all sizes are realizing the benefits offered by this platform.
The blockchain IoT software helps enterprises carry out complex tasks in a decentralized digital economy to avert risks, enable secure transactions, and optimize their daily operations, leading to reduced operational costs. This need for increased efficiency and security is expected to drive the adoption of the blockchain IoT market in the future.
By application, the asset tracking and management segment to register the highest growth rate during the forecast period Merging IoT with blockchain can not only increase operational efficiency but also ensures a more secure environment.The symphony of IoT and blockchain technology is tremendously contributing to the growth of industries, such as healthcare, transportation, energy and utilities, and supply chain management in asset tracking and management.
Asset management is primarily used for planning assets, improving real-time communication, monitoring asset condition, and proactively managing enterprise assets.The blockchain-backed IoT asset tracking and management application drives transparency along clients’ supply chains.
The combined power of IoT and blockchain helps detect patterns, malfunctions, and anomalies to optimize processes, faster transaction processing, enhanced supply chain traceability, and cost-efficiency.
Asia Pacific to register the highest growth rate during the forecast period Asia Pacific (APAC) has witnessed an advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global Blockchain IoT market during the forecast period.The Blockchain IoT market in Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period.
APAC countries are increasingly investing in blockchain IoT projects.The region comprises emerging economies, such as ANZ, China, Japan, Singapore, and rest of APAC countries.
With the proliferation of IoT in the APAC region, security and fraud concerns have risen; the integration of blockchain with IoT would enhance enterprise databases’ trust and security.Enterprises in the APAC region are embracing blockchain technologies.
Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies, political transformation, and the growing digitalization, which is expected to have a significant impact on the business community and drive the blockchain IoT market growth. • By Company Type: Tier 1 – 24%, Tier 2 – 20%, and Tier 3 – 56% • By Designation: C-level – 38%, D-level – 28%, and Others – 34% • By Region: North America – 65%, Europe – 20%, Asia Pacific – 12%, RoW – 3%
Key and innovative vendors in the Blockchain IoT market include IBM (US), Microsoft (US), Intel (US), Amazon Web Services (US), Huawei (China), Cisco (US), SAP (Germany), Ethereum Foundation (Switzerland), The Linux Foundation (US), R3 (US), Arctouch (US), Waltonchain (China), Helium (US), Factom (US), HYPR (US), Chronicled (US), KrypC (India), IoTeX (Singapore), Discovery (Malta), Iota (Germany), Atonomi (US), Xage (US), Ambrosus (Estonia), NetObjex (US), and Grid+ (US).
Research Coverage The market study covers the Blockchain IoT market size across segments.It aims at estimating the market size and the growth potential of this market across different segments by technology, by component, by application, by deployment mode, by organization size, by vertical, and by region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report The report will help the market leaders/new entrants with information on the revenue numbers’ closest approximations for the overall Blockchain IoT market and its sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.
Our reports have been used by over 10K customers, including:
The data integration market size to grow from USD 11.6 billion in 2021 to USD 19.6 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. Various factors such as rise in big data technologies and cloud computing technologies, increasing amount of on-cloud data and incapability of traditional data management...
The digital transformation market size to grow from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. Various factors such as increasing spending on marketing and advertising activities by enterprises, changing landscape of customer intelligence to drive the...
In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Fax Services Market Report The fax services market by revenue is expected to grow at a CAGR of 11.03% during the period 2022–2027. Fax services have evolved significantly over the past two decades, and organizations are still using around...
The Management Decision Market is expected to register a CAGR of 15.26% over the forecast period 2021 - 2026. The outbreak of COVID-19 has caused immense secondary effects on many economies. Some companies are seeing shutdowns of their supply chains, while others face extreme demands, leading to disrupted workforces and changed communication...
The global asset performance management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period, to reach USD 4.0 billion by 2026 from USD 2.5 billion in 2021. Key factors that are expected to drive the growth of the market are the rising demand to meet regulatory compliance and reporting...
The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020. Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global...
The global data discovery market size to grow from USD 7.0 billion in 2020 to USD 14.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations,...
The global business rules management system market size would grow from USD 1.0 billion in 2020 to USD 1.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. The growth of the business rules management system market can be attributed to reduced dependency on IT teams for writing business rules and...
The NAND flash memory market is expected to register a CAGR of 11.27%, during the forecast period (2020 - 2025). The current macro trends of AI and machine learning, mobility, and connectivity are favorable to the NAND markets and expected to increase its share in the semiconductor market. - With the rise of PCs and smartphones, NAND...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.