Global Blockchain IoT Market Size By Component, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Blockchain IoT Market Size By Component, By Application, By Geographic Scope And Forecast
Blockchain IoT Market Size And Forecast
Blockchain IoT Market size was valued at USD 224.76 Million in 2024 and is projected to reach USD 9632.1 Million by 2031, growing at a CAGR of 70% during the forecast period 2024-2031.
Global Blockchain IoT Market Drivers
The market drivers for the Blockchain IoT Market can be influenced by various factors. These may include
Security Concerns As IoT devices proliferate, it is crucial to ensure security. The decentralised and immutable ledgers provided by blockchain technology improve the security of data and IoT devices.
Data Integrity And Trust Keeping data trustworthy and intact is essential as IoT devices produce enormous volumes of data. Data reliability and authenticity are guaranteed by the transparent and impenetrable nature of blockchain technology.
Interoperability Smooth communication and integration between various IoT systems and devices depend on their capacity to communicate with one another. Blockchain makes interoperability easier by offering a standardised platform for safe and effective device-to-device communication.
Cost Reduction Businesses can save money by using blockchain technology to simplify a number of IoT ecosystem operations, including device authentication, data sharing, and transactions.
Regulatory Compliance When implementing IoT, compliance with rules and regulations is crucial, particularly in sectors like supply chain and healthcare. Blockchain’s transparent and auditable structure makes it easier for businesses to comply with regulations.
Supply Chain Optimization Blockchain-enabled IoT solutions offer better transparency, traceability, and efficiency in supply chain management by enabling real-time tracking of goods, automated smart contracts, and secure data sharing among stakeholders.
Edge Computing By enabling data processing and analysis at the network’s edge, edge computing and blockchain improve Internet of Things capabilities by lowering latency and bandwidth consumption while maintaining data confidentiality and privacy.
Smart Contracts Self-executing contracts with the conditions of the agreement directly entered into code can be executed with the help of blockchain technology. By automating transactions and processes in Internet of Things networks, this functionality lowers the need for manual involvement and any errors.
Data Monetization Through data markets and decentralised applications (DApps), blockchain technology gives owners of Internet of Things (IoT) devices the security and control to monetize their data.
Emerging Use Cases The adoption of blockchain technology in the IoT field is driven by the rise of novel use cases like IoT-enabled asset tracking, predictive maintenance, autonomous vehicles, and smart cities.
Global Blockchain IoT Market Restraints
Several factors can act as restraints or challenges for the Blockchain IoT Market. These may include
Regulatory Uncertainty Laws pertaining to Internet of Things and blockchain technologies are still developing. Investors and businesses may hesitate if they don’t know how new technologies will be controlled and governed.
Scalability Challenges The enormous volume of data produced by Internet of Things devices presents scaling challenges for blockchain technology. It is possible that the blockchain network won’t be able to support the growing number of IoT devices.
Compatibility It can be difficult to guarantee compatibility across various IoT devices and blockchain networks. Inadequate standardisation and incompatibilities could impede these technologies’ smooth incorporation.
Security Issues Although blockchain technology comes with built-in security features like immutability and cryptographic verification, there are still security holes, particularly where IoT and blockchain meet. Cyberattacks directed towards blockchain networks or IoT devices have the potential to jeopardise data confidentiality and integrity.
Cost Putting blockchain technology into practice can be expensive, particularly for Internet of Things applications that use a lot of devices. For certain organisations, the costs related to blockchain infrastructure, such as processing power, storage, and network bandwidth, may be unaffordable.
Complexity Specialised knowledge and experience are needed to integrate blockchain with Internet of Things platforms. Businesses may find adoption difficult due to the complexities involved in managing IoT devices and the setup and upkeep of blockchain networks.
Energy Consumption Proof-of-work (PoW) consensus algorithms, which are frequently employed in blockchain networks such as Ethereum and Bitcoin, require a substantial amount of energy. This energy-intensive procedure could not be viable in the long run, particularly for Internet of Things devices with constrained power supplies.
Privacy Concerns In Internet of Things applications that handle sensitive data, the transparency and immutability of blockchain technology may pose a challenge to privacy regulations. Many organisations face the difficulty of balancing the advantages of blockchain technology with the requirement to preserve user privacy.
Global Blockchain IoT Market Segmentation Analysis
The Global Blockchain IoT Market is Segmented on the basis of Component, Application, And Geography.
Blockchain IoT Market, By Component
Hardware This includes IoT sensors, crypto-wallets, and other devices that collect and store data.
Software And Platform This includes the software that runs the blockchain network and the platforms that allow users to interact with the network.
Services This includes the services that are needed to deploy and maintain a blockchain IoT system, such as consulting, integration, and support.
Blockchain IoT Market, By Application
Data Security Blockchain can be used to secure data by creating a tamper-proof record of transactions. This can be helpful for applications such as supply chain management and healthcare, where it is important to ensure that data is not tampered with
Asset Tracking And Management Blockchain can be used to track the movement of assets, such as goods, vehicles, and people. This can help to improve efficiency and transparency in supply chains.
Smart Contracts Smart contracts are self-executing contracts that can be used to automate business processes. Blockchain can be used to store and execute smart contracts, which can help to reduce costs and improve efficiency.
Blockchain IoT Market, By Geography
North America Market conditions and demand in the United States, Canada, and Mexico.
Europe Analysis of the Blockchain IoT Market in European countries.
Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
Middle East And Africa Examining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The key players in the Blockchain IoT Market are
Microsoft
Intel
The Linux Foundation
IBM
KypC
Cisco Systems
Amazon
IoTEX
Ethereum Foundation
Filament
Huawei
SAP
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
Â
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Microsoft, Intel, The Linux Foundation, IBM, KypC, Amazon, IoTEX, Ethereum Foundation, Filament
SEGMENTS COVERED
By Component, By Application, And By Geography
CUSTOMIZATION SCOPE
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