New York, NY, Aug. 09, 2019 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Blockchain IoT Market By Component (Hardware, Software, and Services), By Application (Data Security, Data Sharing, Asset Tracking and Management, Smart Contracts, and Others), and By End-Use Industry (Retail, Energy & Utilities, Consumer Electronics, Healthcare, Construction, Transportation, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global blockchain IoT market was USD 32 million in 2018 and is expected to reach around USD 3,033 million by 2025, at a CAGR of 91.4% between 2019 and 2025.
The growing adoption of blockchain technology for payments in the retail sector is anticipated to drive the blockchain IoT market over the forecast timespan. Several retailers and suppliers are using blockchain technology to streamline their transactions and cut additional overheads. Furthermore, the adoption of both blockchain and IoT helps retailers to track products and prevent product tampering. Blockchain offers security with enhanced encryption standards that eliminate the challenges faced by the IoT technology. Thus, the rising demand for product tracking solutions is also fueling the blockchain IoT market. Major benefits of blockchain technology are less paperwork leading to fewer delays in transport, reduced transportation cost, few manual errors, and quick identification of products.
Browse through 54 Tables & 32 Figures spread over 146 Pages and in-depth TOC on “Global Blockchain IoT Market Size & Share 2018: Industry Type, Trends, Growth, Analysis and Forecast 2025”.
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The growing blockchain usage in the construction sector is fueling the blockchain IoT market globally. To avoid disputes arising over certain stipulations, blockchain technology is used to create smart contracts. These contracts have instructions embedded in them. If these instructions are not fulfilled, the payment is not processed, thus eliminating payment disputes. Cross-chain interoperability is one of the few challenges that need to be addressed by the market players, to reap the benefits of interconnected devices. Organizations are focusing on developing solutions that can enhance communication between multiple devices connected over a decentralized network.
By component, the blockchain IoT market is classified into hardware, software, and services. The software segment is anticipated to hold a substantial market share, owing to the rising investments made by various market players. The application segment of the blockchain IoT market is fragmented into smart contracts, data security, asset tracking and management, data sharing, and others. Data security is expected to grow considerably over the estimated timeline, owing to the rising concerns for data theft due to a growing number of cyber-attacks. By end-use industry, the blockchain IoT market includes retail, energy and utilities, consumer electronics, healthcare, construction, transportation, manufacturing, and others.
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The North American region is expected to grow notably over the forecast timespan. The U.S. is a major contributor of this regional market, due to the presence of key players like Intel, IBM, Microsoft, etc. and the increasing adoption of blockchain and IoT by the country’s retail sector. Retailers like Walmart are investing in blockchain and IoT to track food products and improve food safety, which is further supporting the North American blockchain IoT market.
The Asia Pacific region is anticipated to witness notable growth in the global blockchain IoT market over the upcoming years, owing to the increasing IoT adoption in China, Japan, and South Korea. China is projected to generate a huge demand for blockchain solutions, particularly by its manufacturing sector. Furthermore, rising foreign direct investments (FDI) in the Indian manufacturing sector are also expected to drive this regional market. From 2000 to 2018, India’s manufacturing sector had FDI worth USD 46.62 billion. These investments are anticipated to rise in the years ahead, owing to the “Make in India” initiative, which focuses on encouraging organizations to manufacture their products in India.
Browse the full “Blockchain IoT Market By Component (Hardware, Software, and Services), By Application (Data Security, Data Sharing, Asset Tracking and Management, Smart Contracts, and Others), and By End-Use Industry (Retail, Energy & Utilities, Consumer Electronics, Healthcare, Construction, Transportation, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/blockchain-iot-market
The European blockchain IoT market is expected to hold a significant share globally, owing to the increasing investments made for retail IoT solutions. Top retailers are focusing on utilizing IoT with the blockchain technology to further leverage their retail services offered to the customers. Germany, the UK, and France are the most lucrative countries for market development in the region. Healthcare organizations like the National Health Service (NHS) and Public Health England are focusing on utilizing blockchain technology to provide enhanced services to their patients. In 2018, NHS launched a blockchain platform for about 30 million patients by offering instant access to primary care information via their smartphones. This is also driving the blockchain IoT market in Europe.
The Middle East and Africa is expected to witness considerable growth in the blockchain IoT market in the future. Saudi Arabia and the UAE are anticipated to be major revenue contributors in this region. The UAE government is focusing on investing in various smart city projects and enhancing transportation facilities by using IoT technology. Various government agencies in the UAE are adopting IoT platforms to integrate their existing systems with technologies like blockchain and artificial intelligence. This will further fuel this regional market.
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Some prominent players of the blockchain IoT market are Microsoft, Cisco Systems, Intel, Amazon.com, IBM, The Linux Foundation, Ethereum Foundation, R3, KrypC, and IoTEX.
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This report segments the global blockchain IoT market into:
Global Blockchain IoT Market: Component Analysis
Global Blockchain IoT Market: Application Analysis
- Data Security
- Data Sharing
- Asset Tracking and Management
- Smart Contracts
Global Blockchain IoT Market: End-Use Industry Analysis
- Energy and Utilities
- Consumer Electronics
Global Blockchain IoT Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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