About Blockchain Internet of Things
Internet of Things (IoT) is reshaping the incumbent industry to smart industry featured with data-driven decisionmaking. However, intrinsic features of IoT result in a number of challenges such as decentralization, poor interoperability, privacy, and security vulnerabilities. Blockchain technology brings opportunities in addressing the challenges of IoT. By 2020, the amount of Internet of Things (IoT) devices will grow to over 20 billion. It is estimated that 4.5 billion of these devices will be implemented in Europe, of which 750 million will be in Germany. These interconnected devices will support millions of so-called “digital twins” with valuable data streams. Distributed ledger technology (DLT) as an umbrella technology includes Blockchains.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 90.0% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Blockchain Internet of Things 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 Corporation (United States), Microsoft Corporation (United States), Intel Corporation (United States), Amazon.com, Inc. (United States), Cisco Systems (United States), Ethereum Foundation (Switzerland), The Linux Foundation (United States), R3 (United States), Filament (Nevada) and KrypC (India) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Blockchain Internet of Things market by , Application (Smart contracts, Data security, Data communication/sharing, Asset tracking and management and Others) and Region.
On the basis of geography, the market of Blockchain Internet of Things 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Offering, the sub-segment i.e. Hardware will boost the Blockchain Internet of Things market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Energy and utility will boost the Blockchain Internet of Things market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Requirement of IoT Security and Simplifying Business Processes and Affording Transparency and Immutability
Market Growth Drivers:
High Adoption of IoT and The Growing Focus on Operational Efficiency
Challenges:
Lack of Awareness About Blockchain Technology
Restraints:
Uncertain Regulatory Status and Higher Latency With Increase in Number of Nodes
Opportunities:
Higher Adoption of Blockchain Solutions for Smart Contracts and Digital Identity and Rising Government Initiatives
Market Leaders and their expansionary development strategies
In August 2022, Mobiloitte, 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. The research centers shall also be exploring the potential of learnings from ancient Indian Scriptures like Vedas and the Sanskrit language for block-level improvement in the future.
In May 2020 SAP is to work with a number of well-known companies in its blockchain co-innovation initiative and plans to make the digital ledger system an integrated part of the Internet of Things (IoT), manufacturing and digital supply chain solutions.
Key Target Audience
Service Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organizations 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.