Pune, Feb. 23, 2021 (GLOBE NEWSWIRE) — Global Blockchain IoT Market Overview
The global Blockchain IoT Market is estimated to register 93.4% CAGR over the forecast period (2018-2025), according to Market Research Future (MRFR). It was valued at USD 124.58 million in 2019. It can reach a size of USD 6.52 billion by the end of the forecast period. Adoption of internet of things has pushed the demand for blockchain technology for its ability to save data in ledgers and verify the authenticity of users at every step of transactions for promoting transparency.
Adoption of the technology by sectors of healthcare, manufacturing, automotive, and BFSI for transforming their business and disabling threats caused by economic or natural ripples can drive market demand significantly. The use of cloud computing can benefit blockchain technology as distributed peer-to-peer ledgers can promote sharing of resources between endpoints safely. In addition, the use of functions such as data provenance, management of digital assets, and construction of tamper-proof networks can augur favorably for the market. Huge demand of the technology across media & entertainment, healthcare, transportation, consumer products, and financial services can widen the scope of the industry.
The increasing exchange of data as well as low time required for transactions on a blockchain network can drive the global market growth. The low costs of blockchain for allowing it to scale operations of enterprises can lead to its implementation widely. Contact tracing programs built on these technologies for preventing the spread of the COVID-19 pandemic as well as tracing people via Bluetooth and wireless technologies can augur favorably for the market. But high processing power and high latency required for connectivity can hamper market growth.
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The blockchain technology has gained traction in recent years owing to its decentralized nature and need for outside-the-box solutions for protecting assets. The COVID-19 pandemic has pushed the demand for digital solutions as lockdown restrictions had continued to hamper production. The shipping of COVID-19 vaccines and its subsequent monitoring has pushed the marriage of blockchain with IoT. Successful distribution of vaccines by adhering to safety norms and temperature settings can lead to demand for blockchain solutions for managing the cargo. The implementation of blockchain for ensuring adherence to norms as well as authentication of healthcare workers for receiving the shipment can promote transparency.
Cybersecurity is likely to drive massive demand within the global blockchain IoT market. Authorization and authentication of encrypted devices with the help of distributed ledgers can influence the adoption of the technology. The failure of a device or network can not affect the company due to the continuous working of networks offline. Moreover, the prevention of DDoS attacks can drive its demand among enterprises. Improved security of the network for preventing breaches of agreements and transparency in ledgers can drive its need among enterprises.
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Based on offering, it is segmented into hardware, software, and services. The hardware segment is likely to lead in the global blockchain IoT market due to high demand for secure infrastructure for sustaining blockchain applications. The retail industry can use these technologies for preventing sales of spurious products and tracking their assets.
By application, it is segmented into asset tracking & management, data sharing, data security, smart contracts, smart homes, and others. The data security application is set to gain huge shares in the global blockchain IoT market due to high encryption standards utilized for protecting data. On the other hand, the smart contracts segment is estimated to grow at a rapid pace over the forecast period due to use of blockchain among financial institutions and real estate developers. Smart contracts allow a smart device to function independently without human intervention. Management of edge devices in a IoT system and reducing data transfer costs can benefit the application.
By end-user, it is segmented into energy and utility, supply chain and logistics, construction, government, healthcare, manufacturing, retail, automotive, and others. The government sector is bound to be the biggest user of the market owing to security threats to government-owned undertakings and companies. Development of smart cities as well as a connected ecosystem for ensuring seamless sharing of pertinent data can drive the demand from the sector.
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Geographical mapping of the blockchain IoT market covers namely North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
North America possessed the largest market share due to being early adopters of blockchain and IoT. Presence of large enterprises and shift to automation by organizations for managing their productivity can bode well for the market. Management of KYC and compliance to latest documents coupled with initiatives for encouraging its adoption can fuel regional market growth.
APAC is estimated to register the highest growth rate over the forecast period owing to rapid pace of digitization in India and China. The use of software-as-a-service (SaaS) models and encouragement of its application by governments in the region can drive regional market demand. Benefits of new-age technologies and consumption of digital data can influence the market’s expansion in the region.
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The blockchain IoT market is experiencing a bevy of investments with companies intending to shift to a digital pipeline as well as collaboration among leading companies. Partnerships between companies for creating standards as well as expanding the scope of applications can drive the market landscape. Blockchain and IoT can pave the way for new business models and distributed applications.
Key players involved in the market
- IBM Corporation
- Microsoft Corporation
- Ethereum Foundation
- Amazon.com, Inc.
- Intel Corporation
- The Linux Foundation
- Cisco Systems
Nodle.io, a IoT blockchain platform, has launched Coalition, a contact tracing mobile application, for curbing the spread of COVID-19 cases. The app communicates with other devices using Bluetooth Low Energy (BLE) network and records encounters locally for privacy purposes.
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