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The global rise in Internet penetration and the increased speed of the Internet have propelled the rapid development of technologies like the Internet of Things (IoT). As a result, IoT is not only transforming engineering applications by addressing challenges without human intervention but also extending its influence to everyday activities, automating and streamlining modern living. This automation not only saves significant time but also ensures accuracy, making IoT a convenient and indispensable option for various tasks, including home lighting automation. However, the widespread use of IoT introduces vulnerabilities, particularly in terms of security. Since IoT devices are network-controlled, they are susceptible to security attacks due to the convergence of communication technology, information technology, electronic sensors, and actuator technology.
This vulnerability can lead to potential security breaches, allowing unauthorized access and control over IoT-connected appliances. In response to these security concerns, there is a growing demand for robust IoT security solutions. Blockchain technology emerges as a major solution to address the security challenges associated with IoT. Blockchain is leveraged to track sensor data and prevent the duplication of malicious data. Instead of relying on a third party to establish trust, sensors can securely exchange data through a blockchain network. This decentralized and distributed approach enhances the integrity and security of IoT ecosystems. The integration of blockchain with IoT not only safeguards against security threats but also ensures the reliability and trustworthiness of the data exchanged between IoT devices.
This synergy is poised to drive the growth of the global blockchain IoT market during the forecast period. As industries and individuals increasingly recognize the critical importance of securing IoT deployments, the demand for blockchain-based solutions is expected to continue growing, fostering a secure and resilient IoT landscape. The integration of Internet of Things (IoT) devices with existing networks often comes with significant operational costs and maintenance requirements. However, IoT devices stand out as user-friendly and budget-friendly solutions. The sensors and overall assembly of IoT devices are designed for ease of use, making them accessible and cost-effective. Additionally, IoT devices can seamlessly integrate with existing networking devices and appliances, eliminating the need for substantial upfront investments.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Higher adoption of blockchain-based IoT solutions using smart contracts and AI |
| Market Dynamics | Growing need for IoT security |
Blockchain IoT Market Highlights:
Blockchain IoT Market Overview
Blockchain IoT Market is projected to grow from USD 1.84 Billion in 2024 to USD 179.79 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 77.24% during the forecast period (2024 - 2032). Additionally, the market size for Blockchain IoT was valued at USD 0.96 billion in 2023.
The growing need for IoT security and the trend towards optimizing company processes to increase productivity are the key market drivers strengthening market growth. Along with these factors, smart contracts, increased government initiatives, and the rapid acceptance of blockchain services for digital identification make up the main growth prospects for the blockchain IoT industry.
Figure 1: Blockchain IoT Market Size, 2024-2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Blockchain IoT Market Trends
Growing concern for IoT security is driving the market growth
Market CAGR for blockchain IoT is driven by the rising concern regarding IoT security. Due to the expansion of internet services, the Internet of Things technology is now widely employed. According to "The Mobile Economy 2020" by the GSM Association, 25 billion internet-connected devices will be worldwide in 2025, up from 12 billion in 2019. Additionally, the risk of cyber threats has increased due to the growing use of online services. According to a report from 2020, around 67% of businesses have experienced cybersecurity risks, and employees carry out 34% of cybercrimes. However, because of its decentralization and emphasis on peer-to-peer networks, blockchain technology will increase the security of IoT applications.
Blockchain technology's ultra-transparent ledger system keeps track of the source of the digital asset. With regard to cryptocurrencies, digital IDs, copyright and royalty protection, real estate, tax regulation and compliance, administering the Internet of Things, and other areas, the technology's security and transparency have been used effectively and over time. Its decentralized characteristic makes it more difficult to tamper with, increasing user popularity.
It is a cost-effective and preferable choice due to the little human participation, the elimination of third-party verifications, better transparency, the peer-to-peer network, and simplicity of usage. Its widespread use across many industrial sectors, including BFSI, healthcare, and manufacturing, has increased its appeal. A significant sum of money—roughly USD 50 billion—is being invested by some of the largest banks in the world, including Banco Santander, UBS, State Street Corp, Credit Suisse Group AG, Bank of New York Mellon Corp, Barclays PLC, HSBC Holdings Plc, and Deutsche Bank AG, in the creation of a blockchain-based digital cash settlement system. Thus, driving the blockchain IoT market revenue.
Blockchain IoT Market Segment Insights
Blockchain IoT Offering Insights
The blockchain IoT market segmentation, based on offering, includes hardware, software, and services. The software segment dominated the market, accounting for 53.6% of market revenue (0.3 Billion). The main factor driving the greatest market share of the software sector is the increased emphasis on software development for implementing blockchain IoT. Software dominance is expected to be maintained in the near future by several causes, including implementation in new industries. With the widespread use of IoT devices and the rising popularity of peer-to-peer networking, the hardware market has a sizable portion. This is mostly because the hardware in IoT systems performs activities like delivering data to cloud systems where the necessary tasks are being carried out and retrieving data from the source site.
Figure 1: Blockchain IoT Market, by Offering, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Blockchain IoT Application Insights
The blockchain IoT market segmentation, based on application, includes smart homes, data sharing, smart contracts, data security, asset tracking and management, and 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. The key elements for its largest share are the straightforward process, independence, faith in others, safety, speed, cost-savings, and accuracy.
January 2021: IBM and Thai Reinsurance Public Company Limited (Thai Re) cooperated in establishing the Insurer Network, a smart reinsurance contract platform built on IBM blockchain technology and hosted on IBM Cloud. Thai Re will increase efficiency and speed in executing reinsurance contracts with a secure single version of truth documentation thanks to IBM Blockchain technology built on the highly secure IBM Cloud.
Additionally, asset tracking and management was the fastest-growing application in the market. It is advantageous for creating algorithms that may be used to track and better organize assets.
Blockchain IoT End-User Insights
The blockchain IoT market segmentation, based on end-user, includes automotive, supply chain and logistics, manufacturing, healthcare, construction, retail, government, energy and utility and others. The construction segment dominated the market in 2022. Blockchain technology makes smart home appliances unchangeable and secure against cyberattacks. Construction owners can also use blockchain technology to securely provide third parties access to only certain rooms and gadgets rather than granting full access.
Increasing market effectiveness benefits facility management as well. During the forecast period, the fastest CAGR growth is expected in the healthcare sector. The healthcare industry is adopting blockchain technology at a faster rate thanks to the proliferation of laws protecting consumer data. In addition, the COVID-19 epidemic has heightened the need for digitalization in the healthcare industry, which has prompted the adoption of blockchain technology.
Blockchain IoT Regional Insights
By region, the report offers market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Blockchain IoT Market area will dominate this market due to its high rate of technology adoption, supportive governmental policies, and rising ICT investment. In terms of international payments and the financial and medical industries, Singapore has the highest use of blockchain technology. Moreover, China’s blockchain IoT market held the largest market share, and the Indian blockchain IoT market was the fastest-growing market in the region.
Further, the leading countries investigated in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.
Figure 2: BLOCKCHAIN IOT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The North American blockchain IoT market accounts for the second-largest market share. The broad adoption of advanced IoT is driving growth in the local market. According to the GSM Association's publication Mobile Economy 2020, there were 2.9 billion IoT connections in the region in 2019, which is predicted to increase to 5.4 billion by 2025. Additionally, the region's financial stability has enhanced the adoption of the newest IoT devices and opened several avenues for new investments. Further, the U.S.A. blockchain IoT market held the major market share, and the Canadian blockchain IoT market was the fastest-growing market in the region.
Europe’s Blockchain IoT Market is expected to expand at a rapid rate from 2023 to 2032 because important enterprises are there. Businesses in the region are embracing blockchain technology more frequently, driving regional market expansion. The surge in consumer cryptocurrency use is another important factor showing the expansion of the regional market. Further, the German blockchain IoT market held the largest market share, and the UK blockchain IoT market was the rapidly-growing market in the region.
Blockchain IoT Key Market Players & Competitive Insights
Leading market players are largely investing in research and development to expand their product lines, which will help the blockchain IoT market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their presence. The blockchain IoT industry must provide affordable products to expand and thrive in a more competitive and challenging market environment.
One of the major business strategies manufacturers use in the blockchain IoT industry to increase market sector and benefit customers is local manufacturing to lower operational costs. In recent years, the blockchain IoT industry has stipulated some of the most important medicinal benefits. Major players in the blockchain IoT market, including IBM Corporation (US), KrypC (India), Ethereum Foundation (Switzerland), Intel Corporation (US), and others, are funding operations for research and development to boost market demand.
Samsung Electronics is a multinational electronics corporation that makes and distributes a diverse range of products, such as smartphones, semiconductor chips, printers, household appliances, medical equipment, and telecom network equipment. The semiconductor industry generates roughly half of its profit, while the mobile handset business generates another 30%-35%, however, these percentages vary depending on the fortunes of each of these sectors. In October 2022, During its developer conference (SDC), Samsung revealed Knox Matrix, a new security solution that uses blockchain technology to protect an ecosystem of devices. Samsung Knox is a mobile security framework developed by Samsung that has achieved great development. Samsung Knox Matrix will act as a user's private blockchain system, enhancing security through multi-layered mutual monitoring of your linked devices.
Intel is the world's leading logic chip manufacturer. It develops and manufactures microprocessors worldwide for the personal computer and data center sectors. Intel invented the x86 microprocessor architecture. It was a major supporter of Moore's law for advancements in semiconductor production, albeit the company has recently experienced manufacturing delays.
In April 2022, Intel provided details about their new Intel Blockscale ASIC. The application-specific integrated circuit (ASIC), built on years of Intel R&D, would offer users computing for proof-of-work consensus networks that use little energy. It enables decentralized and distributed computing, which opens the door to new business models. To enable this new era of computing, Intel is developing technologies that can provide an optimal mix of compute throughput and energy efficiency regardless of a customer's operating environment.
Key Companies in the blockchain IoT market include
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Intel Corporation (US)
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Microsoft Corporation (US)
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IBM Corporation (US)
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Cisco Systems (US)
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Amazon.com Inc. (US)
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R3 (US)
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Chronicled (US)
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Ethereum Foundation (Switzerland)
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Filament (Nevada)
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KrypC (India)
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The Linux Foundation (US)
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ArcTouch (US)
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Filament (Nevada).
Blockchain IoT Industry Developments
In January 2021, IBM joined hands with Thai Reinsurance Public Company Limited (Thai Re) to establish the Insurer Network, a platform for smart contracts in reinsurance that uses the IBC. With the IBM Blockchain Technology that is hosted on the well-secured IBM Cloud, thai Re will be able to enhance the effectiveness and quickness of the reinsurance contract by providing a secure single version of the truth document.
August 2024 – The introduction of the TrusCL framework by WiMi Hologram Cloud is expected to greatly address the privacy and computational issues revolving around collaborative learning in AIoT frameworks. The TrusCL framework managed to improve the protection and privacy of homomorphic encryption (HE) and DP.
May 2024: A new partnership has been formed between Pairpoint and Sensos. Pairpoint app uses advanced solutions for business’ complex needs and provides a variety of smart IoT devices. The company believes that with Sensos, they would be able to begin their crusade against supply chain fraud. The Pairpoint integration is Pairpoint's ‘Economy of Things’ platform that provides the necessary integrations through an IoT tracking solution provided by Sensors. At the same time, Unilog is implementing this solution in the United States and various European countries.
April 2024 – Cisco Investments has reportedly fully funded Upstream Security in an announcement launched by Upstream Security. Upstream has made a name for itself as an industry pioneer in cybersecurity solutions and provides a cloud-based platform with structured XDR offerings for the connected car and IoT market. Upstream is on the cutting edge of identifying and neutralizing cyber attacks within IoT networks and Industrial operational networks, securing them and reliability. This strategic investment not only strengthens our presence in the IoT field but also confirms our commitment to the Mobility, Automotive, and Transportation segments of the industry.
Blockchain IoT Market Segmentation
Blockchain IoT Offering Outlook
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Hardware
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Software
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Services
Blockchain IoT Application Outlook
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Data Sharing
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Smart Homes
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Data Security
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Smart Contracts
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Asset Tracking and Management
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Others
Blockchain IoT End-User Outlook
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Supply Chain and Logistics
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Automotive
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Healthcare
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Manufacturing
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Retail
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Construction
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Government
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Energy and Utility
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Others
Blockchain IoT Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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