Home / Press Release / Global Blockchain IoT Market Garnered US$ 37.4 Mn In The Year 2018

Global Blockchain IoT Market Garnered US$ 37.4 Mn In The Year 2018

According to a new market research report published by Credence Research, “Blockchain IoT Market (By Offering (Hardware, Software, and Infrastructure Provider), By Application (Data Security, Smart Contacts, Asset Tracking and Management, Data Communication/Sharing, and Others), By End-user (Transportation and Logistics, Energy and Utility, Manufacturing, Retail, Building Management, Smart City, Healthcare, Wearable and Mobile Devices, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global blockchain IoT market was valued at US$ 37.4 Mn in the year 2018 and expected to reach US$ 9,070.4 Mn by year 2027, expanding at a CAGR of 60.6% during the forecast from 2019 to 2027.

Market Insights

Rising Penetration of IoT Connected Devices across the World will uplift the demand for Blockchain IoT during the Forecast Period

The advent of Internet of Things (IoT) has upended several industries to a greater extent since its introduction, and still, the demand for IoT is escalating at a rapid pace. IoT connected devices across the world have surpassed the installed bases from 7 Bn in 2018 to 21.5 Bn in 2025. However, IoT still faces difficulty in solving security and privacy issues owing to its traditional architecture. Besides this, increasing cases of data breach has forced the enterprises to think about new model or architecture. Blockchain is proved to be a game-changer for IoT that uses distributed ledger technology to solve security challenges.

Blockchain IoT Market

The global blockchain IoT market is highly competitive owing to the emergence of new players and startups in the market. In addition, some blockchain players and IoT solution providers are joining their hands to provide a more effective and secure solution. This upcoming market trend is poised to increase market competition significantly.

Industrial Developments

• On April 01, 2019, Filament, a blockchain solution provider for IoT, announced the launch of new Blocklet Foundation Kit. The kit was designed for hardware and embedded developers those focusing on IoT. The kit will demonstrate users the smart contract functions along with this it also helps in generating IoT blockchain transaction.
• On February 01, 2019, MXC Foundation and Enlink Midstream announced their collaboration to provide MXProtocol for smart city hardware of Enlink Midstream in South Korea.
• On August 09, 2018, IBM Corporation and Maersk A/S joined their hands to develop a blockchain enabled shipping solution named ‘TradeLens’. The solution will enhance the secured and efficient trade worldwide by bringing various players together at one platform to share information securely and uplift the industry-wide innovation.

Key Market Movements:

• Globally, the blockchain IoT market projected to witness a CAGR of 60.6% during the forecast period from 2019 to 2027
• Major factors driving the blockchain IoT market are rising adoption of IoT connected devices, growing security concern for IoT devices, and shifting focus towards operational efficiency
• Smart city is the most lucrative end-user segment in the global blockchain IoT market owing to the significant adoption of blockchain solutions for enhancing security in the running smart city projects
• The significant growth of blockchain IoT in the Asia Pacific region is mainly attributed to the increasing penetration of blockchain IoT solutions in various verticals along with favorable economic situations for the adoption of new solutions
• North America held a substantial share in the global blockchain IoT market owing to the presence of global IoT leaders coupled with prior adoption of blockchain solutions in the region

List of Companies Covered:

• IBM Corporation
• Microsoft Corporation
• Intel Corporation
• Amazon.com Inc.
• Cisco Systems Inc.
• Ethereum Foundation
• The Linux Foundation
• R3 LLC
• Filament
• KrypC Technologies

Browse the full report at https://www.credenceresearch.com/report/blockchain-iot-market

The Global Blockchain IoT Market is Segmented into:

Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Million

 By Offering Segment (2017–2027; US$ Mn)

 By Application Segment (2017–2027; US$ Mn)

 By End-user Segment (2017–2027; US$ Mn)

 By Geography Segment (2017–2027; US$ Mn)

*Complete segmentation list is on report page

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