The Blockchain IoT market is expected to reach USD 124.58 million by 2030, growing at a CAGR of 93.4% during the forecast period 2023 to 2030

According to a market survey published by Contrive Datum Insights, Asia-Pacific leads the global Blockchain IoT market during the forecast period.

Farmington, March 17, 2023 (GLOBE NEWSWIRE) — The Blockchain IoT Market 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 complete tasks, run administrative tasks, and store things safely. Software that is smart and can use AI can help any organization. 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 embedded in devices that are part of the Internet of Things. Bit programming 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 rapidly being used by large enterprises. 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 adoption rate will also rise significantly.

Request sample copy of report “Blockchain IoT Market Size, Share and Trend Estimation Report by Component (Hardware, IoT Sensors, Crypto Wallets, Software and Platform, Services), By Application (Smart Contracts, Security, Data Sharing/Communication, Asset Tracking and Management, Other), By Organization Size (Enterprises, SMBs), by Vertical (Energy & Utilities, Transportation & Logistics, Manufacturing, Building Management, Healthcare, Retail, Wearable & Mobile Devices, Smart City, Others), by Region & Segment Forecasts, 2023 – 2030”, published by Contrive Datum Insights.

Industry development:

• In January 2021, IBM partnered with Thai Reinsurance Public Company Limited (Thai Re) to launch Insurer Network, a smart contract platform for reinsurance 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 document of truth.

• In June 2020, Intel and ADDA signed a Memorandum of Understanding (MoU). The aim is 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.

The story continues

Market dynamics:

Drivers:

Data security needs to grow: As the number of connected devices grows, it is more important than ever to share data securely. Blockchain IoT solutions provide a secure and open way to store and share data, which can help solve security issues.

Integrating blockchain and Internet of Things (IoT) technologies can help improve supply chain management by enabling real-time tracking of goods 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 intermediaries needed. This helps companies save money and work better.

Companies will likely try to use the benefits of both blockchain and IoT to expand the blockchain IoT market. This is because blockchain technology is becoming more popular in all fields.

Limitations:

Data security needs to grow: As the number of connected devices grows, it is more important than ever to share data securely. Blockchain IoT solutions provide a secure and open way to store and share data, which can help solve security issues.

Integrating blockchain and Internet of Things (IoT) technologies can help improve supply chain management by enabling real-time tracking of goods 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 intermediaries needed. This helps companies save money and work better.

Companies will likely try to use the benefits of both blockchain and IoT to expand 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, putting them together can be difficult.

Scalability: As the number of connected devices grows, it can be difficult to scale blockchain IoT solutions, and it can be difficult to keep network performance and efficiency high.

Regulatory issues: The regulatory landscape for blockchain and IoT technologies continues to change, which can make it difficult for companies to comply with all 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 demand in the area. Incorporating technology also makes operations more agile. People will want to live in North America. During the forecast period, there is also a high rate of investment in the region. Several problems stand in the way of the growth of the IoT market as companies become more concerned about security. Also, there is not 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 the report:

Key segments covered:

Top players on the market:
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

• Others

Upon application

By organization size

• Large companies

• SMEs

• Others

Off Vertical

Regions and countries covered

• North America: (USA, 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)

• Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)

• Latin America: (Brazil, Argentina, Rest of Latin America)

• The rest of the world

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