SAN FRANCISCO, Aug. 7, 2023 /PRNewswire/ — The global blockchain IoT market size is expected to reach USD 12,679.5 Million by 2030, growing at a CAGR of 58.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising adoption of decentralized applications (dApps) in the blockchain IoT industry is expected to drive market growth. By combining the advantages of blockchain and IoT, these dApps introduce innovative solutions that significantly improve security, transparency, and operational efficiency across various industries. These emerging trends are anticipated to stimulate the expansion of the market. In addition, the integration of blockchain and IoT is revolutionizing data sharing, transactional trust, and process automation, leading to the emergence of innovative business models and lucrative growth opportunities.
Key Industry Insights & Findings from the report:
- The software & platform component segment accounted for the largest market share of 51.6% in 2022 owing to the increasing adoption of blockchain IoT solutions
- The smart contracts application segment accounted for the largest revenue share of 30.7% in 2022
- The self-execution and automation capabilities of smart contracts in the market are expected to drive the segment growth
- The transportation & logistics vertical segment accounted for the largest revenue share of 21.8% in 2022 due to its properties in creating transparent and immutable records of transactions
- The SMEs segment accounted for the largest revenue share of 60.2% in 2022 due to the increased implementation of the technology to help SMEs meet regulatory compliance requirements
- North America accounted for the largest revenue share of 34.6% in 2022 and is anticipated to witness considerable growth over the forecast period mainly on account of the presence of key market players
Read 150 page market research report, “Blockchain IoT Market Size, Share & Trends Analysis Report By Component (Hardware, Services), By Application (Data Security, Smart Contracts), By Organization Size (SMEs, Large Enterprises), By Vertical, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Blockchain IoT Market Growth & Trends
The growing awareness about the vast potential of this technology in numerous areas, such as supply chain management, asset tracking, smart cities, healthcare, and energy management, is also expected to augment the market growth. Several companies focus on launching new products and partnering with key players to cater to the larger customer base and strengthen their foothold in the industry. For instance, in March 2022, IoTex, a modular Web3 infrastructure platform, partnered with Google Cloud, a subsidiary of Google LLC. The collaboration leads to the global expansion of MachineFi, a decentralized finance (DeFi) platform designed specifically for the IoT ecosystem. Moreover, the Google Cloud-based infrastructure will help the company to make MachineFi’s services and apps more secure, scalable, and reliable. Such partnerships by key players are expected to propel the market growth.
Blockchain IoT Market Report Scope
Market size value in 2023
USD 510.2 million
Revenue forecast in 2030
USD 12,679.5 Million
CAGR of 58.2% from 2023 to 2030
Base year for estimation
2018 – 2021
2023 – 2030
Blockchain IoT Market Segmentation
Grand View Research has segmented the global blockchain IoT market based on component, application, organization size, vertical, and region:
Blockchain IoT Market – Component Outlook (Revenue, USD Million, 2018 – 2030)
- Software & Platform
Blockchain IoT Market – Application Outlook (Revenue, USD Million, 2018 – 2030)
- Data Security
- Smart Contracts
- Asset Tracking & Management
Blockchain IoT Market – Organization Size Outlook (Revenue, USD Million, 2018 – 2030)
- Large Enterprises
Blockchain IoT Market – Vertical Outlook (Revenue, USD Million, 2018 – 2030)
- Transportation & Logistics
- Consumer Electronics
- Smart City
Blockchain IoT Market – Regional Outlook (Revenue, USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
List of Key Players in Blockchain IoT Market
- Intel Corporation
- IBM Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
- The Linux Foundation
- Amazon.com, Inc.
- KrypC Technologies
- ArcTouch LLC
- R3 LLC
Check out more related studies published by Grand View Research:
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- Blockchain In Retail Banking Market – The global blockchain in retail banking market size is expected to reach USD 140.26 billion by 2030, advancing at a CAGR of 83.9% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rise in the fintech industry, the IT industry revolution, the rise in competition, and evolving customer expectations are some of the reasons that are driving the market growth. Retail banks are focusing on adopting digital transformation and advanced technologies to streamline their business process and customer offerings, which bodes well for the adoption of blockchain in retail banking.
Browse through Grand View Research’s Next Generation Technologies Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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