Blockchain Meets IoT: Blockchain IoT Market Set to Soar Past USD 10678.4 Million by 2030
The global Blockchain IoT market size is expected to reach USD 10678.4 million by 2030 and exhibit a CAGR of 45% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increased need for data security and privacy, growing demand for transparent and traceable supply chains, rising adoption of IoT devices and applications, and expansion of blockchain infrastructure and service providers are fueling the market’s growth.
Westford, USA, June 26, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global blockchain IoT market research, increased adoption of hybrid blockchain solutions, integration of blockchain with edge computing and AI technologies, the emergence of interoperability protocols for blockchain IoT systems, focus on scalability and transaction throughput, growth of consortiums and partnerships for industry-specific blockchain IoT solutions, exploration of tokenization and cryptocurrency use cases in IoT ecosystems, development of blockchain IoT platforms and frameworks, are the trends that aid in the market’s growth
Browse in-depth TOC on “Blockchain IoT Market”
- Pages – 247
- Tables – 64
- Figures – 75
Blockchain IoT is a combination of blockchain and the Internet of Things. It uses blockchain to secure and manage IoT data. Blockchain is a distributed ledger technology that can be used to create a tamper-proof data record. This makes it ideal for securing IoT data, which is often sensitive and valuable. It has the potential to revolutionize the way we interact with the world around us. It can be used to create a more secure and transparent supply chain, track the movement of goods and people, and to provide a more reliable and efficient way to manage connected devices.
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Prominent Players in Blockchain IoT Market
- IBM
- Microsoft
- Intel
- Amazon Web Services (AWS)
- Huawei
- Cisco
- SAP
- Ethereum Foundation
- The Linux Foundation
- R3
- Arctouch
- Waltonchain
- Helium
- Factom
- HYPR
- Chronicled
- KrypC
- IoTeX
- Discovery
- Iota
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Software Component Demand to Grow Substantially in the Forecast Period
Software components dominated the global market as they enabled the integration, management, and functionality of blockchain technology within IoT applications. Blockchain software provides the necessary infrastructure for storing, securing, and validating transactions and data within the IoT ecosystem. It facilitates the creation and execution of smart contracts, ensures consensus among network participants, and enables decentralized and transparent data sharing.
Supply Chain Management is the Leading Application Segment
In terms of application, supply chain management is the leading segment as the blockchain technology combined with IoT can revolutionize supply chain management by providing end-to-end transparency, traceability, and security. It enables efficient tracking of goods, verification of authenticity, and prevention of counterfeit products. The need for streamlined supply chain operations and increased consumer trust in product provenance is driving the adoption of blockchain IoT solutions in this segment.
North America is the leading Market Due to the Well-established Blockchain and IoT Infrastructure
Region-wise, North America is one of the largest growing markets with a huge emphasis on blockchain and IoT Infrastructure. The region benefits from a robust ecosystem of technology companies, research institutions, and a favorable regulatory environment. The United States has witnessed widespread adoption of blockchain IoT applications across various industries, including supply chain management, healthcare, and financial services. The United States has witnessed widespread adoption of blockchain IoT applications across various industries, including supply chain management, healthcare, and financial services.
A recent report thoroughly analyzes the major players operating within the Blockchain IoT market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Blockchain IoT.
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Key Developments in Blockchain IoT Market
- In February 2023, IBM and Bosch announced a partnership to develop blockchain-based solutions for the Internet of Things.
- In March 2023, Intel and Helium announced a joint venture to develop blockchain-based solutions for the Internet of Things.
Key Questions Answered in Blockchain IoT Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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