Key Market Insights
"Rising Concern for Data Security expected to spur the demand for Blockchain IoT Market"
The global blockchain IoT market value surged from US$ 37.4 Mn in the year 2018 to US$ 9,070.4 Mn in 2027, with a CAGR of 60.6% during the forecast from 2019 to 2027.
Increasing deployment of Internet of Things (IoT) devices worldwide has triggered a sense of data security. Traditional architecture of client-server is vulnerable to security breach due to single-point security intelligence. On the other hand, blockchain distributed ledger technology provides distributed and decentralized security system that is hard to break. Architectural limitations of IoT prevents it from making intelligent security decisions, therefore blockchain solution for IoT can open up lucrative opportunities in the field of cyber-security. In addition, businesses that rely on complex and expensive data have shown a preference shift towards blockchain IoT solutions for their data security.
Market Synopsis
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Offering Analysis
"Hardware Segment predicted to grow at a Substantial Rate"
Hardware analyzed as the most opportunistic segment during the forecast period. The lucrative growth of the segment is mainly due to increasing use cases of blockchain IoT in redefining business models and increasing their productivity platforms. Blockchain hardware picks data from the edge of IoT and transfers it to cloud that helps in driving business values and empowering them. However, software segment anticipated to hold substantial share over the forecast period due to increasing investment by major market players.
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End-user Analysis
"Smart City Segment expected to witness the Fastest Growth during the Forecast Period"
Smart city segment seeks lucrative opportunity for the blockchain IoT solution in the near future owing to significant number of on-going smart city projects in different parts of the world. Some of the top smart city projects operating across the world are Digital Catapult, Sidewalk Labs LinkNYC, Green City Solutions’ CityTree, Telensa Smart Parking, and many others.
Market leaders operating in smart city projects leverage blockchain IoT solutions for overcoming the security-breach and privacy-related issues in different smart city solutions. For the same, many IoT solution providers for the smart city projects have joined hands with blockchain players to provide relevant solutions. For instance, in November 2019, Obyte, a Distributed Ledger Technology (DLT) platform has signed a partnership agreement with Bosch Connectory to explore smart city solution.
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Regional Analysis
"North America acquire Substantial Share in the Global Blockchain IoT Market"
In 2018, North America dominated the global blockchain IoT market and expected to register considerable growth over the analysis period. Early adoption of blockchain technology for IoT devices across various industry verticals is the prime factor contributing to the significant growth of the region. In addition, the region has significant presence of market leaders such as Intel Corp., Amazon Inc., The Linux Foundation, R3 LLC, and many others that accounts for another prime factor in its prominent growth.
The U.S. is the major revenue shareholder in the North America region owing significant application and use cases in transportation, supply chain logistics, and money transaction applications. For instance, in August 2019, Golden State Foods (GSF), a US-based manufacturer and supplier of food products, announced its partnership agreement with IBM Corp. to optimize its business processing.
Key Players & Competitive Landscape:
"Significant Opportunity for the New Entrants to invade in the Global Blockchain IoT Market"
The global blockchain IoT market is a nascent market, but still highly competitive owing to the presence of several established blockchain players such as IBM Corp., Microsoft Corp., Oracle Corp., and many others. In addition, the market provides lucrative opportunities for new entrants to establish its strong footprint in the global market by accurately leveraging the power of IoT with blockchain.
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
Key Industry Development:
- On July 12, 2019, Oracle Corporation announced to collaborate Chainlink and IoTeX in its research and development lab to provide realistic data blockchain application.
- On July 09, 2019, China Mobile Hong Kong (CMHK) announced to collaborate with Applied Science and Technology Research Institute (ASTRI) to develop blockchain-powered IoT solution for the smart city development.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The research study titled blockchain IoT market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides all round view of the global blockchain IoT market based on offering, application, end-user, and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
Offering Segment (2017–2027; US$ Mn)
• Hardware
• Software
• Infrastructure Provider
|
|
Application Segment (2017–2027; US$ Mn)
• Data Security
• Smart Contacts
• Asset Tracking and Management
• Data Communication/Sharing
• Others (real-time workforce tracking, and workforce management)
|
|
End-user Segment (2017–2027; US$ Mn)
• Transportation and Logistics
• Energy and Utility
• Manufacturing
• Retail
• Building Management
• Smart City
• Healthcare
• Wearable and Mobile Devices
• Others (food, pharmaceuticals, mining, agriculture, construction, and real estate)
|
|
Geography Segment (2017–2027; US$ Mn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the global market size of blockchain IoT in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is largest regional market for blockchain IoT?
- Which type of offering is largely preferred in blockchain IoT market?
- Which is the most lucrative application segment of blockchain IoT?
- Which are the predominant trends shaping the global blockchain IoT market?
- Which is the most promising, attractive, and less-explored region in the global blockchain IoT market?
- Who are the leading vendors in the global blockchain IoT market?
- What are the premiere strategies adopted by the leading vendors in the global blockchain IoT market?
