The internet of things (iot) and blockchain global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Internet Of Things (IoT) And Blockchain Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The Internet of Things (IoT) and blockchain market size has grown exponentially in recent years. It will grow from $866.52 billion in 2023 to $1284.32 billion in 2024 at a compound annual growth rate (CAGR) of 48.2%. The growth in the historic period can be attributed to the increased number of government initiatives, increased demand for secure and cost-effective solutions for managing data and transactions, growth in the investments in IoT and blockchain-based solutions, increased need for IoT security, and increased mobility and connectivity.
The Internet of Things (IoT) and blockchain market size is expected to see exponential growth in the next few years. It will grow to $6246.02 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The growth in the forecast period can be attributed to the growing adoption of cloud computing, rising demand for automation and smart solutions, increasing demand for real-time data analysis, and growing interest in data security and protection. Major trends in the forecast period include technological advancements, edge computing, AI and machine learning integration, blockchain integration, hybrid cloud solutions, and smart contracts.
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Scope Of Internet Of Things (IoT) And Blockchain MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Internet Of Things (IoT) And Blockchain Market Overview
Market Drivers -The growing adoption of cloud computing is expected to propel the growth of the Internet of Things (IoT) and blockchain market going forward. Cloud computing refers to the Internet-based on-demand delivery of computing services such as servers, storage, databases, networking, software, and analytics. Cloud computing adoption is on the rise due to its scalability and flexibility, cost efficiency, and data management capabilities. Cloud computing provides ideal storage and processing power for IoT data and blockchain systems, ensuring effective storage and handling of massive data volumes. Also, cloud platforms offer seamless connectivity via APIs (application programming interfaces) and middleware, creating extensible ecosystems for IoT and blockchain integration. For instance, in December 2023, according to the Statistical Office of the European Union, a Europe-based government organization, 45.2% of EU enterprises purchased cloud computing services. This represents a 4.2 percentage point increase compared with 2021. Therefore, the growing adoption of cloud computing is driving the growth of the Internet of Things (IoT) and blockchain market.
Market Trends – Major companies operating in the Internet of Things (IoT) and blockchain market are focused on advancing sophisticated technologies, such as cross-border IoT connectivity platforms, to provide global connectivity for IoT devices and drive their revenues in the market. A cross-border IoT connectivity platform allows businesses to easily deploy and manage IoT devices across international borders. This platform makes use of technologies such as eSIM (embedded SIM) and strategic collaborations with mobile network operators (MNOs). For instance, in July 2023, Verizon Business, a US-based telecommunications company, launched its Global IoT Orchestration platform, a cross-border IoT connectivity platform that empowers businesses to deploy and centrally manage devices across international borders. The platform integrates with Verizon’s ThingSpace IoT management platform, allowing enterprises to manage their global IoT deployments from a single pane of glass via a smooth API interface. The platform aims to streamline complex global IoT operations by eliminating the need for multi-carrier contract negotiations and streamlining procurement, legal, security, privacy, and regulatory compliance. The platform simplifies cellular connectivity for connected products across the US and overseas using eSIM localization.
The internet of things (IoT) and blockchain market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Deployment Model: Cloud, On-Premise
3) By Application: Smart Contract, Data Security, Data Sharing Or Communication, Asset Tracking And Management
4) By End-User: Retail, Healthcare, Manufacturing, Banking, Financial Services, And Insurance (BFSI)
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Regional Insights – North America was the largest region in the Internet of Things (IoT) and blockchain market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the internet of things (IoT) and blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the internet of things (IoT) and blockchain market are Amazon.com Inc., Google LLC, Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Dell Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation , Mitsubishi Electric Corporation, Honeywell International Inc., SAP SE, Fujitsu, The Hewlett Packard Enterprise Company, Ericsson, NEC Corporation , Cognizant, Infosys Limited, HCL Technologies Limited, Wipro Limited, KrypC Technologies
Table of Contents 1. Executive Summary2. Internet Of Things (IoT) And Blockchain Market Report Structure3. Internet Of Things (IoT) And Blockchain Market Trends And Strategies4. Internet Of Things (IoT) And Blockchain Market – Macro Economic Scenario5. Internet Of Things (IoT) And Blockchain Market Size And Growth…..27. Internet Of Things (IoT) And Blockchain Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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