Blockchain IoT Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2026

“IBM (US), Microsoft (US), Intel (US), Amazon Web Services (US), Huawei (China), Cisco (US), SAP (Germany), Ethereum Foundation (Switzerland), The Linux Foundation (US) , R3 (US), Arctouch (US), Waltonchain (China), Helium (US), Factom (US), HYPR (US), Chronicled (US), KrypC (India), IoTeX (Singapore), Discovery (Malta) , and Grid+ (US).”

Blockchain IoT Market by Component (Hardware (IoT Sensors and Crypto Wallets), Software and Platform and Services), Application (Smart Contract, Security and Asset Tracking and Management), Organization Size, Vertical and Region – Global Forecast to 2026

The global IoT blockchain market is projected to grow from USD 258 million in 2020 to USD 2,409 million by 2026, at a compound annual growth rate (CAGR) of 45.1% during the forecast period. The growing need for IoT security, simplified processes supported with transparency and immutability, and high adoption of blockchain-based IoT solutions using smart contracts and AI are expected to increase demand for the blockchain IoT market globally.

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By component, software and platform segment to register the highest growth rate during the forecast period

The blockchain IoT software connects networked requests placed by users to access backend data to the network. The blockchain software components consist of node application, consensus mechanism, virtual machines and shared ledger. Blockchain helps aggregate technical and business information, fraud detection results and user behavior data with the rest of the enterprise architecture via real-time demand tools. Software tools help visualize insights for quick and easy data collection and improved predictive capabilities. A blockchain software integrated with IoT ensures secure device communication. The Blockchain IoT platform is expected to witness wide adoption during the forecast period as an increasing number of businesses of all sizes realize the benefits offered by this platform. Blockchain IoT software helps businesses perform complex tasks in a decentralized digital economy to avert risks, enable secure transactions and optimize their day-to-day operations, leading to reduced operational costs. This need for increased efficiency and security is expected to drive the adoption of the blockchain IoT market in the future.

Based on vertical, building management will grow at the highest CAGR during the forecast period

The construction management segment is expected to increasingly adopt blockchain IoT solutions. With the help of blockchain, smart home devices become immutable and safe from cyber attacks. Blockchain also enables building owners to secure other parties access to specific areas and devices without giving them access to everything. Increasing marketplace efficiency is also beneficial in facility management. The blockchain is a secure way to automate transactions and transfer data. It has changed the way buildings are run. Using the blockchain in automation, it provides facility management services, equipment warranties, indoor occupancy tracking, and space availability tracking. The construction management segment therefore registers the highest growth rate in the forecast period.

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Key and innovative vendors in the blockchain IoT market include IBM (US), Microsoft (US), Intel (US), Amazon Web Services (US), Huawei (China), Cisco (US), SAP (Germany), Ethereum Foundation (Switzerland), The Linux Foundation (US), R3 (US), Arctouch (US), Waltonchain (China), Helium (US), Factom (US), HYPR (US), Chronicled (US), KrypC (India) , IoTeX (Singapore), Discovery (Malta), Iota (Germany), Atonomi (US), Xage (US), Ambrosus (Estonia), NetObjex (US) and Grid+ (US).

These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the Blockchain IoT market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2021 to innovate their offerings and expand their customer base.

IBM was founded in 1911 and is headquartered in New York, USA. The company is a data, technology and IT consultancy company. With a presence in more than 175 countries and a number of 350,000 employees, IBM is the world’s largest technology company. IBM manufactures and sells hardware and software and offers infrastructure services, hosting services and consulting services in areas ranging from mainframe to nanotechnology. IBM creates, develops and produces many of the world’s most up-to-date technologies. IBM Blockchain helps companies improve their business efficiency and solve business challenges by building trusted networks across industries. IBM Watson IoT Blockchain Service is a SaaS solution that enables devices to send data to blockchain ledgers for inclusion in shared transactions with tamper-proof records. By leveraging the IBM Blockchain platform, business partners can access and deliver IoT data between multiple parties in a business process, increasing collaboration, transparency and trust. Each transaction can be verified to prevent disputes and ensure that each partner is held accountable for their individual roles. IBM’s service offerings include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance.

Founded in 1975 and headquartered in Washington, USA, Microsoft is a public company listed and traded on the NASDAQ under the ticker symbol MSFT. The company’s global headcount was 144,000 as of 2019. It is one of the most important developers and manufacturers of computer software, personal computers, consumer electronics and services. Microsoft has a broad customer base in North America, Europe, APAC, MEA and Latin America. Microsoft offers Blockchain-as-a-Service (BaaS), a third-party cloud-based network for developers to rapidly build decentralized applications (DApps). Microsoft’s Cortana Intelligence Suite extends unique data management and analysis capabilities. The company uses inorganic growth strategies. Ethereum and Microsoft partnered to launch Ethereum BaaS, which would help customers create and work in private, public and peer-to-peer blockchain environments. The partnership will help organizations to use the Ethereum blockchain and test it using the Azure platform and come up with blockchain solutions. The framework used provides functions such as Cortana Analytics, Power BI, Azure active directory and CRM Online (CRMOL) for government. The company focuses on promoting blockchain by enabling users to use its services for free for a set period and partnering with banks. The company is trying to create blockchain awareness and help organizations with its implementation, which will be beneficial to increase its clientele and overall revenue.

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