Farmington, March 17, 2023 (GLOBE NEWSWIRE) -- The Blockchain Iot Market Is Expected To Reach USD 124.58 Million By 2030, at a CAGR Of 93.4% During The Forecast Period. Blockchain Internet of Things is becoming a big market. This is a place where sensitive information about the industry is kept safe. The main reason for the high demand in this market is that IoT is becoming more and more popular. IoT makes every business more productive. Use it to make it easy to finish tasks, run administrative tasks, and store things safely. Software that is smart and can use AI can help any organisation. Blockchain is an example of a technology that prevents access to third-party resources in the Internet of Things (IoT). As more people learn about blockchain, the market is growing very quickly. There are both hardware and software parts on the market. Blockchain software is built into devices that are part of the Internet of Things. Bit deprogramming helps keep an organization's data safe. More people are interested in the motion sensor and encryption parts of the market. Blockchain IoT is safe when it comes to sharing and managing data. Blockchain IoT is quickly being used by big businesses. Because of these things, the value of the blockchain IoT market will go up by 124.58 million. During the forecast period, the market's rate of adoption will also rise by a large amount.
Request Sample Copy of Report “Blockchain IoT Market Size, Share & Trends Estimation Report By Component (Hardware, IoT Sensors, Crypto-wallets, Software and Platform, Services), By Applications (Smart Contracts, Security, Data Sharing/ Communication, Asset Tracking and Management, Other), By Organization Size (Large Enterprises, SMEs), By Vertical (Energy and Utilities, Transportation and Logistics, Manufacturing, Building Management, Healthcare, Retail, Wearable and Mobile Devices, Smart City, Other), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Industry Developments:
- 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.
Market Dynamics:
Drivers:
Need for data security to grow: As the number of connected devices grows, it's more important than ever to share data in a safe way. Blockchain IoT solutions provide a safe and open way to store and share data, which can help address security concerns.
Integrating 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.
More efficiency and less money spent: Blockchain Internet of Things (IoT) solutions can help automate processes and reduce the number of middlemen who are needed. This helps businesses save money and work better.
Businesses will likely try to use the benefits of both blockchain and IoT to grow the blockchain IoT market. This is because blockchain technology is becoming more popular in all fields.
Restraints:
Need for data security to grow: As the number of connected devices grows, it's more important than ever to share data in a safe way. Blockchain IoT solutions provide a safe and open way to store and share data, which can help address security concerns.
Integrating 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.
More efficiency and less money spent: Blockchain Internet of Things (IoT) solutions can help automate processes and reduce the number of middlemen who are needed. This helps businesses save money and work better.
Businesses will likely try to use the benefits of both blockchain and IoT to grow the blockchain IoT market. This is because blockchain technology is becoming more popular in all fields.
Challenges:
Integration and interoperability issues: Because blockchain and IoT technologies are so different and because different devices and platforms need to be able to talk to each other, it can be hard to put them together.
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 high.
Regulatory problems: 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.
Regional Outlook:
Asia-Pacific, North America, and Europe are all different parts of the blockchain IoT market. The rest of the blockchain IoT business will be led by Asia-Pacific. IoT and blockchain are in high demand in the area. Incorporating technology also makes operations run more smoothly. People will want to live in North America. During the forecast period, there is also a high rate of investment in the region. More problems are getting in the way of the growth of the IoT market because businesses are becoming more worried about security. Also, there isn't much market demand in Europe. All of these places will bring in the most money for the blockchain IoT market to grow.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 93.4% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 124.58 Million |
| By Component | Hardware, IoT Sensors, Crypto-wallets, Software and Platform, Services, Others |
| By Application | Smart Contracts, Security, Data Sharing/ Communication, Asset Tracking and Management, Other |
| By Organization Size | Large Enterprises, SMEs, Others |
| By Vertical | Energy and Utilities, Transportation and Logistics, Manufacturing, Building Management, Healthcare, Retail, Wearable and Mobile Devices, Smart City, Others |
| By Companies | IBM, Microsoft, Intel, Amazon, Cisco Systems, Ethereum Foundation, The Linux Foundation, R3, Filament, KrypC |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Key Segments Covered:
Top Market Players:
IBM, Microsoft, Intel, Amazon, Cisco Systems, Ethereum Foundation, The Linux Foundation, R3, Filament, KrypC, and others.
By 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
- Others
By Application
- Smart Contracts
- Security
- Data Sharing/ Communication
- Asset Tracking and Management
- Others
By Organization Size
- Large Enterprises
- SMEs
- Others
By Vertical
- Energy and Utilities
- Transportation and Logistics
- Manufacturing
- Building Management
- Healthcare
- Retail
- Wearable and Mobile Devices
- Smart City
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, 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)
- Rest Of the World
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