About IoT and Blockchain
IoT and blockchain technology where IoT allows devices to send data to private blockchain ledgers for the shared transaction and blockchain provides the decentralized environment for the IoT based devices and application. The IoT services give opportunities to various types of businesses to run smartly with the help of sensors sending data to the cloud. Blockchain integrated with IoT makes it more efficient as it provides safety and security in various industries.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global IoT and Blockchain market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM (United States), Microsoft Corporation (United States), Intel Corporation (United States), Amazon (United States), Cisco Systems, Inc. (United States) and Linux Foundation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are KrypC Technologies (India) and Factom (United States).
Segmentation Overview
AMA Research has segmented the market of Global IoT and Blockchain market by Type (Services, Hardware, Software and Others), Application (Smart Contract, Data Security, Data Sharing/Communication and Asset Tracking & Management) and Region.
On the basis of geography, the market of IoT and Blockchain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the IoT and Blockchain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Supply Chain and Logistics will boost the IoT and Blockchain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Blockchain, the sub-segment i.e. Public Blockchain will boost the IoT and Blockchain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Decentralization in the Business Around the World
Market Growth Drivers:
Demand for the Minimum Risk of Collusion and Tampering and Growing Need for the Efficiency in Supply chain and Eliminating the Middle Man for Cost-Effectiveness and Faster Operation
Challenges:
Problems with Legal and Compliance Issues Involved with IoT and Blockchain Market
Restraints:
Risk Related to Cyber Threats with IoT and Blockchain Operation
Opportunities:
Growing Investment of Companies in IoT based Industry Around the World will Boost the IoT and Blockchain Market
Market Leaders and their expansionary development strategies
In August, 2022, Mobilite, a Blockchain, and Metaverse Software Development Company along with Mobiloitte Foundation are launching Blockchain with IoT Incubation and Research Centers to encourage innovation involving both of these technologies. These Accelerators/ Incubators from Mobiloitte Group are designed to pursue the research on the new Blockchain solutions with IoT.
In October 2019, IBM launched a blockchain-based supply chain service with AI, IoT integration. Tied to its existing Sterling Order Management System service, the new blockchain and AI-enabled cloud offering enable real-time views of order shipments, alerts, and optimization recommendations.
"Regulation typically does not specifically address or mandate security standards for the development of IoT devices, or blockchain technologies interacting with IoT, although some privacy agencies, such as in Hong Kong, in recent times, have issued non-binding general guidelines for manufacturers considering privacy/data security issues in their IoT device development. However, jurisdictions such as California in the US have proposed legislation, first of its kind in the US, for mandating security requirements in IoT devices. Such developments are likely to see further investment in the research and development of blockchain technologies to address security and data protection issues in IoT."
Key Target Audience
IoT and Blockchain Platform Developers, IoT and Blockchain Providers, IoT and Blockchain Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.