Global Blockchain IoT Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Application(Data security, Asset management and tracking) - Industry Forecast 2024-2031

Global Blockchain Iot Market size was valued at USD 543.19 million in 2022 and is poised to grow from USD 788.17 million in 2023 to USD 15486.69 million by 2031, growing at a CAGR of 45.1% during the forecast period (2024-2031).

Both IoT and blockchain are ground-breaking technologies that are transforming society. Blockchain offers an asset monitoring and transaction recording platform for business networks. Blockchain technology and Internet of Things combined provide a very safe and dependable platform. Through a decentralized management structure, it allows enterprises to safely access and exchange data with their own network processes. An endless number of digital interactions and transaction systems are made possible by blockchain IoT. In order to maintain IoT security and boost operational effectiveness, blockchain IoT is anticipated to become more and more necessary in the upcoming years. Due to the fact that these gadgets transmit data across private blockchain networks, the Internet of Things is becoming more and more popular globally. This enhances the transaction security of the system. Due to its ability to securely communicate information across partners, this technology is expected to be in great demand in the upcoming years. The hospital industry has a substantial demand for this technology. The need for building different Internet of Things devices has increased due to the ecosystem's diversification. There are a number of challenges in integrating blockchain technology with these devices. The gathering of massive volumes of data via sensor networks is another issue impeding the market's growth in the upcoming years. It will take a long time and more computing power to encrypt all of this data. In the long run, these factors will impede market expansion. In addition to the abundance of data available, another difficulty is storing it all. Large volumes of data storage are not supported by the devices that are used. These are early-stage devices with very little processing power. The adoption of this technology, which is still in its infancy and has certain security concerns, is another obstacle that will prevent the market from expanding. Another obstacle to market expansion will be the lack of understanding in many regions of the world regarding the advantages of employing this technology.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Blockchain Iot Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Blockchain Iot Market Segmental Analysis

The component, application, and geographical segments of the global blockchain IoT market are identified. The global market is divided into three segments based on components: services, software, and hardware. The global market is divided into four segments based on application: data sharing, smart contracts, asset management and monitoring, and data security. The global market is segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Drivers of the Global Blockchain Iot Market

Smart grids, smart homes, smart transportation, automobile connectivity, and smart city initiatives are just a few of the many uses for IoT devices. But as connectivity grows, IoT devices are more susceptible to security problems like botnet attacks, distributed denial of service (DDoS) attacks, and inadequate ecosystem interfaces. Cybercriminals have easy access to security systems thanks to vulnerable IoT gadgets. By creating a decentralized network of IoT devices, blockchain solutions do away with the requirement for a single location to oversee device connectivity. Blockchain offers robust protection against data alteration and unauthorized access to IoT devices, making it an attractive solution for IoT security. By adding a layer of security, robust encryption, and transparency to the blockchain, IoT data storage guarantees that only authorized users may access the IoT network. Thus, companies utilizing IoT-capable sensors are resorting to blockchain technology in order to enhance the security of their IoT resources.

Restraints in the Global Blockchain Iot Market

Blockchain-compliant IoT device design presents a number of difficulties. Scalability, which entails managing massive volumes of data gathered by extensive networks of sensors, is one of the main challenges in loT. Another significant issue with blockchain systems that keep ledgers on edge nodes is storage. The processing power and time needed to encrypt every Internet of Things device in a blockchain-based ecosystem is not as desirable. Smart IoT devices are not yet edge-capable. Emerging technologies like blockchain and IoT offer significant benefits for managing enormous computational power or storing vast volumes of data. However, because of security and technical concerns, they are still not commonly used.

Market Trends of the Global Blockchain Iot Market

When integrated with blockchain's decentralized platform, data security is one of the most significant barriers to products and services used in urban areas. This ensures public trust and consequently drives market expansion. Additionally, government initiatives all over the world are starting to see the promise of blockchain technology since it offers the infrastructure required for transaction management and ensures security and transparency, two important developments in the development of smart cities.