Blockchain IoT Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Services), By Application (Data Security, Smart Contracts), By Organization Size, By Vertical, And Segment Forecasts, 2023 - 2032

Blockchain IoT Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Services), By Application (Data Security, Smart Contracts), By Organization Size, By Vertical, And Segment Forecasts, 2023 - 2032

The global blockchain IoT market size is expected to reach USD 9,107.55 Million by 2032, according to a new study by Polaris Market Research. The report “Blockchain IoT Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Services), By Application (Data Security, Smart Contracts), By Organization Size, By Vertical, And Segment Forecasts, 2019 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Market growth in the blockchain IoT industry is expected to be driven by the increasing adoption of decentralized applications (dApps). These dApps leverage the combined benefits of blockchain and IoT, offering novel solutions that enhance security, transparency, and operational efficiency in diverse industries. These innovative trends are poised to propel the market's expansion. Furthermore, the integration of blockchain and IoT is transforming data sharing, transactional trust, and process automation, resulting in the emergence of cutting-edge business models and lucrative growth prospects. As a result, the market is witnessing a shift towards more efficient and secure systems, driven by the synergistic potential of blockchain and IoT technologies.

Businesses and industries are recognizing the transformative impact that this technology can have in areas such as supply chain management, asset tracking, smart cities, healthcare, and energy management. Companies are actively working on launching new products and forming strategic partnerships with key players to tap into the growing market demand. By introducing innovative solutions and collaborating with established industry leaders, these companies aim to expand their customer base and strengthen their position in the competitive landscape.

Convergence of blockchain and IoT technologies has unlocked a wide range of applications and use cases, revolutionizing how data is shared, transactions are conducted, and processes are automated. As more businesses and industries embrace this technology, the market is experiencing a surge in opportunities, attracting investments, and fueling its growth. The synergy between blockchain and IoT is proving to be a game-changer, driving advancements in various sectors, and shaping the future of digital transformation.

In line with this, in March 2022, IoTex, a modular Web3 infrastructure platform, has joined forces with Google Cloud, a subsidiary of Google LLC, to drive the global expansion of MachineFi. MachineFi is a decentralized finance (DeFi) platform specifically tailored for the IoT ecosystem. This collaboration aims to enhance MachineFi's services and applications by leveraging the secure, scalable, and reliable infrastructure provided by Google Cloud.

Blockchain IoT Market Report Highlights

Software segment held the largest share, due to increased adoption across different small and large enterprises.

Transportation & logistics held the largest share, owing to huge demand in the sector to streamline its day-to-day functioning.

North America held the largest share, owing to presence of innovative companies, and positive funding scenario.

The global key market players include Intel Corporation, IBM Corporation, Microsoft Corp., Cisco Systems, Linux Foundation, Amazon.com, and KrypC Technologies.

Polaris Market Research has segmented the blockchain IoT market report based on component, application, organization size, vertical, and region:

Blockchain IoT, Component Outlook (Revenue - USD Million, 2019 - 2032)

Hardware

Software & Platform

Services

Blockchain IoT, Application Outlook (Revenue - USD Million, 2019 - 2032)

Data Security

Smart Contracts

Asset Tracking & Management

Others

Blockchain IoT, Organization Size Outlook (Revenue - USD Million, 2019 - 2032)

SMEs

Large Enterprises

Blockchain IoT, Vertical Outlook (Revenue - USD Million, 2019 - 2032)

Transportation & Logistics

Manufacturing

Healthcare

Retail

Consumer Electronics

Smart City

Others

Blockchain IoT, Regional Outlook (Revenue - USD Million, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa