PUBLISHER: Orion Market Research | PRODUCT CODE: 1159243
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159243
Global Blockchain IoT Market Size, Share & Trends Analysis Report by Hardware (IoT Sensors, and Crypto-Wallets), by Software & Services (Technology Advisory & Consulting Services, Deployment & Integration Services, and Support & Maintenance), by Application (Smart Contracts, Security, Data Sharing/ Communication, and Asset Tracking & Management) and by Verticals (Energy & Utilities, Transportation & Logistics, Manufacturing, Building Management, Healthcare, Others (Retail, Wearable & Mobile Devices)) Forecast Period (2022-2028).
The global blockchain IoT market is anticipated to grow at a substantial CAGR of 49.2% during the forecast period. The blockchain IoT market is expected to grow during the forecast period due to rising government initiative on automation and smart contract is further expected to bolster the growth of the blockchain IoT market. For instance, in February 2020, the Chinese central government issued the CCP Central Committee and State Council Opinions Concerning Effectively Seizing Key Work in the 'Three Agricultures' Sphere featuring the application of advanced technologies, including blockchain IoT, and artificial intelligence in Chinese agriculture.
The global blockchain IoT market is segmented based on the hardware, software & services, applications, and verticals. Based on the hardware, the market is segmented into IoT sensors, and crypto-wallets. Based on the software & services, the market is sub-segmented into the technology advisory & consulting services, deployment & integration services, and support & maintenance. Based on the application, the market is sub-segmented into the smart contracts, security, data sharing/ communication, and asset tracking & management. Based on the verticals, the market is sub-segmented into the energy & utilities, transportation & logistics, manufacturing, building management, healthcare, others. Among this security is expected to be fastest-growing during the forecast period due to the increasing concerns for data theft owing to the number of cyber-attacks taking place across the globe.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific region is expected to grow during the forecast period due to increasing awareness about blockchain technology about people living in this region. In addition, the rising adoption of IoT in sectors like retail and healthcare in this region is further anticipated to accelerate the growth of the regional blockchain IoT market during the forecast period.
The major companies serving the global blockchain IoT market include Algorythmix Tech Pvt Ltd., Amazon Web Services, Inc., Ambrosus Network., ArcTouch, Atonomi, LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2019 - IBM announced a new supply chain service established on its blockchain platform and it acquired Red Hat open-source software. This service permits developers to integrate legacy data systems onto the distributed ledger with the support of open APIs. The end-users, such as distributors, manufacturers, and retailers, would seamlessly be able to integrate the data from sources, including IoT sensor systems onto Hyperledger, so as to track products throughout the supply chain in real-time.
Research Methodology
The market study of the global blockchain IoT market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: