Overview and Scope
The Internet of Things (IoT) is a network of interconnected devices embedded with sensors, software, and other technologies that communicate and share data via the Internet. Whereas, blockchain refers to a decentralized and distributed ledger system that records transactions across a network of computers in a secure manner. The Internet of Things (IoT) enables the networking and communication of physical things, while blockchain technology provides a secure and transparent system for recording and verifying transactions.
Sizing and Forecast
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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Segmentation & Regional Insights
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)
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The internet of things (iot) and blockchain market report table of contents includes:
1. Executive Summary
2. Internet Of Things (IoT) And Blockchain Market Characteristics
3. Internet Of Things (IoT) And Blockchain Market Trends And Strategies
4. Internet Of Things (IoT) And Blockchain Market – Macro Economic Scenario
5. Global Internet Of Things (IoT) And Blockchain Market Size and Growth
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32. Global Internet Of Things (IoT) And Blockchain Market Competitive Benchmarking
33. Global Internet Of Things (IoT) And Blockchain Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Internet Of Things (IoT) And Blockchain Market
35. Internet Of Things (IoT) And Blockchain Market Future Outlook and Potential Analysis
36. Appendix
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