The global blockchain IoT market size is projected to grow from USD 258 million in 2020 to USD 2,409 million by 2026, at a Compound Annual Growth Rate (CAGR) of 45.1% during the forecast period. The growing need for IoT security, simplified processes supported with transparency and immutability, and high adoption of blockchain-based IoT solutions using smart contracts and AI is expected to surge demand for blockchain IoT market globally.
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By component, the software and platform segment to register the highest growth rate during the forecast period
The software for blockchain IoT connects network-based requests placed by users for accessing backend data to the network. The blockchain software components consist of node application, consensus mechanism, virtual machines, and shared ledger. Blockchain helps cumulate technical and business information, fraud detection results, and user behavior data with the rest of the enterprise architecture via real-time demand tools. Software tools help visualize insights for quick and simple data gathering and enhanced predictive capabilities. A blockchain software integrated with IoT ensures secure device communication. The blockchain IoT platform is expected to witness wide adoption during the forecast period as an increasing number of enterprises of all sizes are realizing the benefits offered by this platform. The blockchain IoT software helps enterprises carry out complex tasks in a decentralized digital economy to avert risks, enable secure transactions, and optimize their daily operations, leading to reduced operational costs. This need for increased efficiency and security is expected to drive the adoption of the blockchain IoT market in the future.
Based on vertical, the building management to grow at the highest CAGR during the forecast period
The building management segment is expected to increasingly adopting blockchain IoT solutions. With the help of blockchain, smart home devices become immutable and safe from cyberattacks. Blockchain also enables building owners to securely enable other parties to access specific areas and devices without giving them access to everything. Increasing marketplace efficiency is advantageous in facility management too. The blockchain is a secure way to automate transactions and transfer data. It has changed the way buildings are being operated. By using the blockchain in automation, it provides facility management services, equipment warranties, indoor occupancy tracking, and track of spaces available. Therefore, the building management segment registers the highest growth rate during the forecast period.
Key and innovative vendors in the blockchain IoT market include IBM (US), Microsoft (US), Intel (US), Amazon Web Services (US), Huawei (China), Cisco (US), SAP (Germany), Ethereum Foundation (Switzerland), The Linux Foundation (US), R3 (US), Arctouch (US), Waltonchain (China), Helium (US), Factom (US), HYPR (US), Chronicled (US), KrypC (India), IoTeX (Singapore), Discovery (Malta), Iota (Germany), Atonomi (US), Xage (US), Ambrosus (Estonia), NetObjex (US), and Grid+ (US)..
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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the Blockchain IoT market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2021 to innovate their offerings and broaden their customer base.
IBM was founded in 1911 and is headquartered in New York, US. The company is a computer, technology, and IT consulting corporation. With a presence in more than 175 countries and a count of 350,000 employees, IBM is the worlds biggest technology company. IBM manufactures and sells computer hardware and software and offers infrastructure services, hosting services, and consulting services in areas ranging from mainframe computers to nanotechnology. IBM creates, develops, and manufactures many of the world’s most updated technologies. IBM Blockchain helps enterprises improve their business efficiency and solve business challenges by building trusted networks across industries. IBM Watson IoT Blockchain Service is a SaaS solution that enables devices to send data to blockchain ledgers for inclusion in shared transactions with tamper-resistant records. Leveraging the IBM Blockchain Platform, business partners can access and supply IoT data between multiple parties in a business process, increasing collaboration, transparency, and trust. Each transaction can be verified to prevent disputes and ensure each partner is held accountable for their individual roles. IBM’s service offerings include data security services, security intelligence and operations, consulting, secure engineering and application security, and security strategy risk and compliance.
Founded in 1975 and headquartered in Washington, US, Microsoft is a public company listed and traded on NASDAQ under the ticker symbol MSFT. The company’s global employee count was 144,000 as of 2019. It is one of the key developers and manufacturers of computer software, personal computers, consumer electronics, and services. Microsoft has a broad customer base in North America, Europe, APAC, MEA, and Latin America. Microsoft provides Blockchain-as-a-Service (BaaS), a third-party cloud-based network for developers to quickly build decentralized applications (DApps). Microsoft’s Cortana Intelligence Suite extends unique data management and analysis capabilities. The company uses inorganic growth strategies. Ethereum and Microsoft collaborated to launch Ethereum BaaS, which would help customers create and work in private, public, and group-based blockchain environments. The partnership will help organizations use the Ethereum blockchain and test it using the Azure platform and come up with blockchain solutions. The used framework provides functionalities, such as Cortana Analytics, Power BI, Azure active directory, and CRM Online (CRMOL) for governments. The company is focusing on promoting blockchain by enabling users to use its services for free for a stipulated period and partnering with the banks. The company is trying to create blockchain awareness and help organizations with its implementation, which would be beneficial in increasing its clientele and overall revenue.
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