Blockchain IoT Market Analysis and Global Forecast 2023-2033

Blockchain IoT Market Overview

The Blockchain IoT Market Size is expected to reach USD 2.41 Billion by 2033. The Blockchain IoT industry size accounted for USD 0.32 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 41.7% from 2023 to 2033. The Blockchain IoT market combines blockchain technology with the Internet of Things (IoT) to enhance security, transparency, and efficiency in IoT ecosystems. Blockchain provides a decentralized and immutable ledger for recording transactions and data from IoT devices, ensuring tamper-proof records and secure communication. This integration helps in automating processes through smart contracts, reducing operational costs, and improving trust among connected devices and stakeholders. The market is growing due to increasing concerns over data privacy, security, and the need for efficient, scalable IoT solutions. Key sectors include supply chain management, healthcare, smart cities, and automotive.

Global Blockchain IoT Market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the blockchain IoT market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.

Global Blockchain IoT Market Dynamics

The major factors that have impacted the growth of Blockchain IoT are as follows:

Drivers:

⮚      Advancements in Blockchain Technology

Ongoing advancements in blockchain technology, including improvements in consensus algorithms, energy efficiency, and transaction speeds, are making it more feasible and attractive for IoT applications. These technological improvements are expanding the potential use cases and driving market growth.

Restraint:

• Data Privacy Concerns

While blockchain provides transparency and security, it also poses challenges for data privacy. The immutable nature of blockchain means that once data is recorded, it cannot be altered or deleted, raising concerns about the handling of sensitive information and compliance with data protection regulations.

Opportunity:

⮚      Improved Data Integrity and Security

Blockchain’s immutable ledger ensures data integrity and authenticity, which is crucial for IoT applications that require secure and accurate data. This is especially important in critical sectors like healthcare, where reliable patient data can improve diagnostics and treatment outcomes.

Blockchain IoT Market Segment Overview

By Application

Based on the Application, the market is segmented based on Smart Contracts, Security, Data Sharing, Others. The smart contracts category commands the biggest market share since it provides many advantages, including the autonomous execution of some activities, corporate collaborations, and commercial agreements.

By Component

Based on the Component, the market has been divided into Hardware, Software, Services. With 0.3 billion, or 53.6% of the market’s revenue, the software segment led the market. The primary driver of the software sector’s largest market share is the growing focus on software development for blockchain IoT implementation.

By Verticals

Based on Verticals, the market has been divided into Energy and Utilities, Transportation and Logistics, Manufacturing, Others. In the Blockchain IoT market, the Energy and Utilities, Transportation and Logistics, and Manufacturing sectors dominate due to their extensive need for secure, transparent, and efficient data management systems. Other sectors also contribute significantly, leveraging blockchain to enhance operational efficiency and data integrity.

Global Blockchain IoT Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of Asia Pacific is anticipated to dominate the market for the usage of Blockchain IoT, followed by those in North America and Europe.

Asia Pacific Market

Asia Pacific dominates the Blockchain IoT market due to several factors. This market will be dominated by the Asia-Pacific Blockchain IoT Market due to its rapid technological adoption rate, pro-business policies, and growing ICT investment. Singapore uses blockchain technology the most in the financial, medical, and international payments sectors. Furthermore, the blockchain IoT market in China had the biggest market share, while the blockchain IoT market in India had the quickest rate of growth in the area.

North America Market

The North America region has been witnessing remarkable growth in recent years. The second-largest market share is held by the blockchain IoT market in North America. The local market is expanding as a result of the widespread use of modern IoT. In 2019, there were 2.9 billion IoT connections in the region; by 2025, that number is expected to rise to 5.4 billion, according to the GSM Association’s publication Mobile Economy 2020. Furthermore, the stability of the region’s finances has improved the uptake of the newest IoT devices and created multiple opportunities for fresh investments.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as IBM, Microsoft, INTEL, Huawei, and Ethereum Foundation are some of the leading players in the global  Blockchain IoT Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• IBM
• Microsoft
• INTEL
• Huawei
• Ethereum Foundation
• The Linux Foundation
• Arctouch
• Waltonchain
• Factom

Key development:

May 2022: IBM cooperated with Web3 to provide a digital native experience, accelerating and enhancing corporate blockchain’s future. A hybrid corporate blockchain system could help businesses achieve new business outcomes, including fine-grained security, privacy, auditable regulatory compliance, and competitive advantage protection.

September 2020: Huawei has released Blockchain Service 2.0 (BCS 2.0), an update to its blockchain-based cloud service. The updated platform satisfies the 50,000 Transactions Per Second (TPS) performance requirements, significantly higher than Bitcoin and Ethereum. Furthermore, the BCS 2.0 extension capacity will exceed 1,000 nodes, addressing the needs of commercial and large-scale blockchain networks.

Scope of the Report

Global Blockchain IoT Market, by Application

• Smart Contracts
• Security
• Data sharing
• Others

 Global Blockchain IoT Market, by Component

• Hardware
• Software
• Services

 Global Blockchain IoT Market, by Verticals

• Energy and Utilities
• Transportation and logistics
• Manufacturing
• Others

Global Blockchain IoT Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $2.41 Billion
CAGR	41.7% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Application, Component, Verticals
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	IBM, Microsoft, INTEL, Huawei, Ethereum Foundation, The Linux Foundation, Arctouch, Waltonchain, Factom, Chronicled
Key Market Opportunities	• Higher adoption of blockchain-based IoT solutions using smart contracts and AI
Key Market Drivers	• Growing need for IoT security

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Blockchain IoT Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Blockchain IoT market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Blockchain IoT market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Blockchain IoT Market.