Global Blockchain in Smart Homes Market is projected to grow at a CAGR of 35.24% during the forecast period 2032

Market Research Future (MRFR) has published on the “Blockchain in Smart Homes Market”

The Blockchain in Smart Homes Market is predicted to reach USD 4.46 Billion by 2032, registering a 35.24% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Blockchain in smart homes are the IoT and blockchain-integrated smart appliances that provide convenience to the users while increasing the efficiency and productivity of the devices they use.

The global blockchain in smart homes market is a very dynamic market and is expected to witness significant growth over the forecast period. The growth of the blockchain in smart homes market is mainly influenced by improved security and an increase in remote control and IoT-enabled applications. Furthermore, enhanced smart home performance is expected to add to the market growth. However, the high cost of adoption is one of the factors responsible for hindering the growth of the blockchain in the smart homes market. On the other hand, the market is opportune by a wide application base. Moreover, the market faces challenges such as bulk data generation may cause data storage concerns.

The end-use applications of blockchain in smart home can be broadened to numerous solutions in day-to-day life from thermostats, smart televisions, refrigerators, and many other IoT-enabled use cases. The integration of blockchain technology with smart home devices can be implemented in applications such as water management, lighting, energy efficiency, home security systems (including smart locks and smart security cameras, parental control, others), pet management, and many others.

For instance, the US alone reported over 1 trillion gallons of freshwater a year only due to poor water management and damaged water fixtures. Aquai, a water management technology provider that uses blockchain IoT has developed a smart water sensor called Puck to overcome this issue. This water sensor helps track the amount of water utilization and automate water shutdown when detected with water leaks. Aquai, in coordination with NetObjex, a technology solutions provider, has come up with IoT and blockchain services for monitoring and storing data.

Segmental Analysis

The scope of the global Blockchain in Smart Homes market has been segmented based on material, type, application, and region.

The Blockchain in Smart Homes market segmentation, based on Material, includes Silicon, Polymers, Metals, and Ceramics. Silicon segment accounts for largest share of the revenue in the global Blockchain in Smart Homes market. Also, this segment expected to witness rapid growth over the forecast period.

The global Blockchain in Smart Homes market, in this report, has been segmented on the basis of Type into Accelerometers, Inertial Measurement Units (IMU), Magnetometer, Pressure and Inertial Sensors, MEMS Microphone, Temperature Sensors, and Others. Accelerometers will be the fastest growing segment over the forecast period.

The Blockchain in Smart Homes market in this report has been segmented on the basis of Application into Consumer Electronics, Healthcare, Industrial, Aerospace & Defense, and Automotive. Consumer Electronics will be the fastest growing segment over the forecast period.

Regional Analysis

Geographically, the global Blockchain in Smart Homes market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Europe is expected to be the second largest market for blockchain in smart homes during the forecast period. An increasing number of internet users and the growing adoption of smart devices, rise in government initiatives such as replacement of traditional metering systems with smart metering systems, energy cost savings programs, and carbon reduction strategies under the Energy Performance of Buildings Directive (EPBD) and the Energy Efficiency Directive (EED). According to Start.io statistics, Germany has a high young population comprising over 88% aging between 18–34 years. This increases the opportunities for several smart home device manufacturers to grab that potential market. According to the survey by Federal Statistical Office, over 3.3 million people of the German population utilize smart devices such as vacuum robots, smart coffee machines, refrigerators, and others at their residential premises. However, initiatives such as launching a reliable and open wireless communication standard including DECT ULE, have promoted a wider adoption of smart home devices in the country. Furthermore, smart home device manufacturers are making efforts to increase customer awareness of their products and give a better perception of privacy and security issues by integrating blockchain technology. This is expected to boost the German blockchain in smart home market during the forecast period.

In the past five years, France has witnessed high growth in the adoption of smart homes devices, making it one of the leading countries in the region. Consumers have been investing heavily in devices such as connected lighting, smart door locks, and connected security cameras, among others. Furthermore, the French government has been focusing on the rapid development of smart homes. For instance, Nice, France, has implemented the Internet of Energy (IoE) using IP-enabled technology architecture. Under this architecture, four smart city services, including smart lighting, smart circulation, smart waste management, and smart environment monitoring, were implemented across the city. The data captured by sensors can be analyzed to understand energy consumption patterns resulting in energy efficiency. During the forecast period, France is expected to witness a wider adoption of smart home devices and blockchain technology in smart home applications.

Key Players

Some of the key players in the global market are Osiz Technologies Pvt Ltd, Telstra, Comcast Corporation, Blockchain App Factory (Sa Eonsofttech Pvt Ltd), Teksun, Solulab, Tokyotechie, Mobiloitte, Tata Consultancy Services Limited, Xage Security, Inc., Protokol Bv, and Aciana Health Systems.