Blockchain IoT Market: Security Drives USD 16753.39 Million Surge by 2031| SkyQuest Technology
WESTFORD, Mass., June 26, 2024 /PRNewswire/ — According to SkyQuest, the global Blockchain IoT Market size was valued at USD 418.66 Million in 2022 and is poised to grow from USD 630.79 Million in 2023 to USD 16753.39 Million by 2031, at a CAGR of 50.67% during the forecast period (2024-2031).
Blockchain IoT refers to the use of decentralized servers and Blockchain networks to create secure and tamper-proof records of data generated and shared by IoT devices. Advancements in Internet of Things (IoT) technologies and growing acceptance of Blockchain technology are also forecasted to benefit blockchain IoT market growth. The global blockchain IoT market is segmented into component, application, and region.
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Blockchain IoT Market Overview:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$ 630.79 Million |
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Estimated Value by 2031 |
$ 16753.39 Million |
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Growth Rate |
Poised to grow at a CAGR of 50.67% |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Million) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Component, Application, Organization Size and Industry Vertical |
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Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Rising Adoption of IoT Devices |
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Key Market Drivers |
Rising Smart Cities Worldwide |
Segments covered in Blockchain IoT Market are as follows:
- Component
- Hardware, Software & Platform, and Services
- Application
- Smart Contracts, Data Security, Data Sharing/Communication, Asset management and tracking, and Others
- Organization Size
- SMEs, and Large Enterprises
- Industry Vertical
- Energy and Utilities, Transportation and Logistics, Manufacturing, Building Management, Healthcare, Retail, Wearable and Mobile Devices, Smart City, and Others
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Blockchain IoT is a More Software Critical Affair
Software plays a vital role in enabling blockchain IoT solutions and this is why most blockchain IoT providers are focusing on this sub-segment. Growing investments in the development of novel blockchain IoT software solutions to help satiate the demand for better and secure IoT data storage and transfer solutions will help this segment boost market growth.
The rising need for specialized hardware components that are suited for optimal utilization of Blockchain and IoT technologies will bolster market development via the hardware sub-segment. Demand for better sensors, transmitters, and network components are controlling blockchain IoT market growth via the hardware sub-segment. Meanwhile, the services segment is projected to emerge as highly lucrative by the end of the forecast period when blockchain IoT adoption starts reaching its actual potential. Established blockchain IoT companies will benefit the most from the services segment but new companies can also penetrate this segment through unique offerings in the long run.
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Smart Professional Robots to Bring in Most Revenue for Blockchain IoT Manufacturers
Asset tracking and management is a key application for blockchain IoT companies. Growing emphasis on managing and tracking physical assets in different industry verticals owing to rising crime rates and issues of robberies and break-ins will help blockchain IoT demand. The transportation and logistics industry will be vital for blockchain IoT companies looking to expand their presence through asset tracking and management applications.
Smart contracts are gaining massive popularity around the world owing to their highly attractive nature of executing contracts when the conditions of the contract are met. This eliminates the need for human intervention in contract management and fulfillment. Deployment of blockchain IoT for smart contracts will help bolster the security of smart contracts and also secure their fulfillment without the risk of being hacked.
The increasing incidence of cyberattacks and data breaches around the world is also estimated to bolster the demand for blockchain IoT in data security applications. The growing need for transparency and efficiency in data storage and transfer around the world is also projected to create new opportunities for blockchain IoT adoption. Rising use of cloud technologies is also estimated to help promote blockchain IoT use data sharing applications over the coming years.
To sum it up, the global blockchain IoT market provides attractive opportunities in all of its segments and sub-segments as the technology is still in its initial stages of adoption. Investing in the services sub-segment is a long-term game but software and hardware segments are projected to be highly lucrative for all blockchain IoT companies. Smart contracts and asset tracking & management are application segments that could bring in a boatload of revenue for new as well as established blockchain IoT companies in the future. Market players should keep a close eye on Blockchain and IoT technology development to harness the full potential of this market.
Related Report:
Blockchain as a Service Market
Internet Of Things (IoT) Market
Blockchain In Manufacturing Market
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