The Blockchain IoT Market is expected to exceed USD 124.58 million by 2030, at a CAGR of 93.4% during the forecast period.

Blockchain IoT Market Overview

Blockchain IoT is emerging as a strong market. This is an area where industry confidential data is protected. The growing popularity of IoT is the key reason for the high demand in this market. IoT makes every industry efficient. Use it for easy task completion, administrative operations, and secure storage. Smart and AI-enabled software can be useful to any organization. Blockchain in IoT is an example of a technology that denies access to third-party resources. With growing awareness of blockchain, the growth of the market is enormous. The market has both hardware parts and software parts. IoT-based hardware devices are integrated with blockchain software. Bit deprograms support protecting an organization's data. The motion sensor and encryption parts of the market are gaining more traction. The data sharing and management operations of blockchain IoT are secure. Large enterprises are rapidly adopting blockchain IoT. Due to these factors, the blockchain IoT market value will increase by 124.58 million. Furthermore, the adoption rate of the market will increase significantly during the forecast period.

The Blockchain IoT Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Blockchain IoT market.

Some of the key players profiled in the study are:

Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key players: IBM, Microsoft, Intel, Amazon, Cisco Systems, Ethereum Foundation, The Linux Foundation, R3, Filament, KrypC, and others.

Industry Development:

• In January 2021, IBM partnered with Thai Reinsurance Public Company Limited (Thai Re) to launch the Insurer Network, a reinsurance smart contract platform on the IBM Cloud using IBM blockchain technology. IBM blockchain technology built on the highly secure IBM Cloud will enable Thai Re to increase the efficiency and speed of processing reinsurance contracts through a secure single version of the truth document.
• In June 2020, Intel and ADDA signed a Memorandum of Understanding (MoU). It aims to accelerate Abu Dhabi's digital transformation by leveraging Intel's Innovation Center in Dubai and Intel's expertise in artificial intelligence, video analytics, edge computing, blockchain, IoT, workplace transformation, and augmented reality (AR). The MoU also supports Abu Dhabi Vision 2030.
• In October 2020, R3 partnered with Mphasis. The motivation for this partnership is to develop blockchain-based payment and financing solutions for global supply chains. Mphasis uses R3's blockchain platform Corda to expand its portfolio of payments and trade finance technology solutions.

What are the major Applications, Types, and Regions for the Blockchain IoT Market?

Based on the component:

• Hardware
• IoT Sensors
  • Motion Sensors
  • GPS
  • Temperature Sensors
  • Vehicle Information
  • Connected Devices
• Crypto-wallets
• Software and Platform   
• Services
  • Technology Advisory and Consulting Services
  • Deployment and Integration Services
  • Support and Maintenance

Based on applications:

• Smart Contracts
• Security
• Data Sharing/ Communication
• Asset Tracking and Management
• Other applications

Based on organization size:

• Large Enterprises
• SMEs

Based on the vertical:

• Energy and Utilities
• Transportation and Logistics
• Manufacturing
• Building Management
• Healthcare
• Retail
• Wearable and Mobile Devices
• Smart City
• Other verticals

Blockchain IoT Market Regional Insights:

The blockchain IoT market is diversified into Asia Pacific, North America, and Europe. The Asia-Pacific region will lead the rest of the blockchain IoT business. Blockchain and IoT are in high demand in the region. In addition, the incorporation of technology increases operational efficiency. North America will be in high demand. Furthermore, the region is witnessing a high investment rate during the forecast period. Rising security concerns in enterprises are causing more hindrances to the growth of the IoT market. Furthermore, Europe is facing moderate market demand. All these regions will contribute the highest revenue to the growth of the blockchain IoT market size.

Geographically, the global Blockchain IoT market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, Middle East, and India. The global region is dominating this market in the upcoming future.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Market Dynamics:

Drivers:

Increased need for data security: As the number of connected devices grows, the need to exchange data in a secure way is more important than ever. Blockchain IoT solutions offer a safe and open way to store and share data, which can help address security concerns.

Integration of blockchain and Internet of Things (IoT) technologies can help improve supply chain management by making it possible to track goods in real time and by making the supply chain more transparent and traceable.

Better efficiency and lower costs: Blockchain IoT solutions can help automate processes and cut down on the need for middlemen. This helps businesses be more efficient and save money.

The blockchain IoT market is expected to grow as businesses try to take advantage of the benefits of both blockchain and IoT. This is because blockchain technology is becoming more popular across industries.

Restraints:

Increased need for data security: As the number of connected devices grows, the need to exchange data in a secure way is more important than ever. Blockchain IoT solutions offer a safe and open way to store and share data, which can help address security concerns.

Integration of blockchain and Internet of Things (IoT) technologies can help improve supply chain management by making it possible to track goods in real time and by making the supply chain more transparent and traceable.

Better efficiency and lower costs: Blockchain IoT solutions can help automate processes and cut down on the need for middlemen. This helps businesses be more efficient and save money.

The blockchain IoT market is expected to grow as businesses try to take advantage of the benefits of both blockchain and IoT. This is because blockchain technology is becoming more popular across industries.

Challenges:

Integration and interoperability problems: It can be hard to combine blockchain and IoT technologies because they are so different and because different devices and platforms need to be able to talk to each other.

Scalability: As the number of connected devices grows, it can be hard to scale blockchain IoT solutions, and it may be hard to keep the network's performance and efficiency up.

Regulatory challenges: The regulatory landscape for blockchain and IoT technologies is still changing, which could make it hard for businesses to follow all the rules and regulations.

Blockchain IoT Market Report Scope:

Frequently Asked Questions (FAQ) about the Blockchain IoT market:

What is the CAGR of the global Blockchain IoT market?

The Blockchain IoT Market is growing at a CAGR of 93.4% during the forecast period.

Which region would offer high growth for vendors in the Blockchain IoT market?

The Asia-Pacific region will lead the rest of the blockchain IoT business.

Which Is the Most potential market segment?

Based on the component:

• Hardware

1. IoT Sensors
   • Motion Sensors
   • GPS
   • Temperature Sensors
   • Vehicle Information
   • Connected Devices

         Crypto-wallets

• Software and Platform   
• Services

• Technology Advisory and Consultin g Services
• Deployment and Integration Services
• Support and Maintenance

Which are the top industry players in the Blockchain IoT market?

IBM, Microsoft, Intel, Amazon, Cisco Systems, Ethereum Foundation, The Linux Foundation, R3, Filament, KrypC

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