The global Blockchain IoT market was capitalized for USD 179.3 million in 2020 and is estimated to reach USD 1682.2 million by the end of 2026, developing at a compound annual growth rate (CAGR) of over 45.1% during the forecast period 2021–2026.

The blockchain IoT market is gaining traction. It is a field that safeguards the industries' secret information. The growing adoption of IoT is a major factor driving this market's high demand. Every industry benefits from the Internet of Things. It makes simple chores, administration operations, and safe storage possible. Any firm can benefit from smart and AI-enabled software. One such technology in IoT is Blockchain, which prevents access to third-party sources.

Some of the key players in the market IBM, Intel, Microsoft, Huawei, Amazon Web Services, SAP, Cisco, The Linux Foundation, Ethereum Foundation, Waltonchain, Arctouch, Helium, Chronicled, Factom, Iota, KrypC, Atonomi, Ambrosus, Grid+, and NetObjex among others.

Increasing Demand for IoT security

Blockchain IoT is widely used in several applications such as smart city initiatives, smart transportation, vehicular connection, smart homes, and smart grids. As IoT devices become more connected, they are increasingly vulnerable to security flaws such as Distributed Denial of Service (DDoS) assaults, insecure ecosystem interfaces, and botnet attacks. Cybercriminals can easily exploit security systems to unsecure IoT gadgets. Blockchain technologies enable the creation of a decentralised network of IoT devices, removing the requirement for a central site to manage device communication. Blockchain presents a compelling solution for IoT security, with excellent protection against data modification and unauthorised access to IoT devices. Using blockchain to store IoT data adds an extra layer of security, encryption, and transparency, ensuring that only authorised users have access to the network. As a result, organisations that rely on IoT-powered sensors to secure their IoT assets are increasingly turning to blockchain technology.

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The Asia Pacific Region Expected to Witness fastest Growth in the Global Blockchain IoT Market

During the forecast period, the Blockchain IoT market in Asia Pacific (APAC) is expected to grow at the fastest rate. Blockchain IoT projects are becoming more popular in emerging economies of APAC such as Australia, China, New Zealand, Singapore, and Japan make up the region. With the expansion of IoT in the APAC area, security and fraud concerns have grown; combining blockchain with IoT will increase the trust and security of organizational databases. Blockchain is being adopted by businesses in the Asia-Pacific area. Flexible economic conditions, political transformation, industrialization-motivated policies, and expanding digitalization are projected to register significant impact on the blockchain IoT market expansion in APAC.

Blockchain IoT Market - By Component (Hardware (IoT sensors, Temperature sensors, Motion sensors, GPS, Connected devices, Vehicle information, and Crypto wallets), Software, Services (Technology and Consulting Services, Integration Services, and Support and Maintenance)), By Applications (Smart Contracts, Data Sharing, Tracking Application, and Asset Management), and By Organization Size (Small-medium size organisation, and Large scale Organization) and By Region - Global Comprehensive Analysis, Forecast (2020-2026) , Industry Perspective.

The global Blockchain IoT market is segmented as follows:

By Component:

  • Hardware
    • IoT sensors
    • Temperature sensors
    • Motion sensors
    • GPS
    • Connected devices
    • Vehicle information
    • Crypto wallets
  • Software
  • Services
    • Technology and Consulting Services
    • Integration Services
    • Support and Maintenance

By Applications:

  • Smart Contracts
  • Data Sharing
  • Tracking Application
  • Asset Management

By Organization Size:

  • Small-medium size organisation
  • Large scale Organisation

By Vertical:

  • Energy and utilities
  • Retail
  • Healthcare
  • Logistics
  • Transportation
  • Others

By Region:

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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