Blockchain IoT Market Size, Share, And Growth Report 2032

Blockchain IoT Market: Size

The global Blockchain IoT market size was worth around USD 1.03 billion in 2023 and is predicted to grow to around USD 29.46 billion by 2032 with a compound annual growth rate (CAGR) of roughly 45.1% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Blockchain IoT market on a global and regional level.

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Blockchain IoT Market: Overview

Blockchain IoT refers to the integration of blockchain technology with the Internet of Things (IoT), creating a secure and decentralized framework for IoT devices to communicate and transact with each other. IoT involves interconnected devices that collect and exchange data, such as sensors, smart appliances, and industrial machines. However, IoT systems can face issues like security vulnerabilities, data privacy concerns, and centralized control.

By incorporating blockchain, a distributed ledger technology, into IoT, several of these challenges can be addressed. Blockchain enhances security by providing tamper-proof records and ensuring that transactions between devices are transparent and traceable. It also eliminates the need for centralized intermediaries, allowing devices to autonomously interact in a decentralized network. Key applications of Blockchain IoT include supply chain management, smart cities, autonomous vehicles, healthcare, and energy management.

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Blockchain IoT Market: Segmentation

The study provides a crucial view of the blockchain IoT market by segmenting it based on application, component, end-use industry, and region. All the segments of the blockchain IoT market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The application segment of the blockchain IoT market is fragmented into smart contracts, data security, asset tracking and management, data sharing, and others. Data security is expected to grow considerably over the estimated timeline, owing to the rising concerns for data theft due to a growing number of cyber-attacks.

By end-use industry, the blockchain IoT market includes retail, energy and utilities, consumer electronics, healthcare, construction, transportation, manufacturing, and others. The transportation segment is estimated to hold a substantial market share in the future, owing to the increasing adoption of blockchain solutions to track products in-transit.

Blockchain IoT Market: Report Scope

Blockchain IoT Market: Regional Analysis

The regional segment comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe. 

The Asia Pacific region is anticipated to witness notable growth in the global blockchain IoT market over the upcoming years. China is projected to generate a huge demand for blockchain solutions, particularly by its manufacturing sector. The European blockchain IoT market is expected to hold a significant share globally, owing to the increasing investments made for retail IoT solutions. Top retailers are focusing on utilizing IoT with blockchain technology to leverage their retail services offered to customers.

Blockchain IoT Market: Competitive Players

Some prominent players of the blockchain IoT market are:

• Microsoft
• Cisco Systems
• Intel
• Amazon.com
• IBM
• The Linux Foundation
• Ethereum Foundation
• R3
• KrypC
• IoTEX

The Global Blockchain IoT Market is segmented as follows:

Global Blockchain IoT Market: Component Analysis

• Hardware
• Software
• Services

Global Blockchain IoT Market: Application Analysis

• Data Security
• Data Sharing
• Asset Tracking and Management
• Smart Contracts
• Others

Global Blockchain IoT Market: End-Use Industry Analysis

• Retail
• Energy and Utilities
• Consumer Electronics
• Healthcare
• Construction
• Transportation
• Manufacturing
• Others

Global Blockchain IoT Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa