Blockchain IoT Market is Expected to Expand at a CAGR of Over 45% Till 2031

• Blockchain Council
• September 02, 2024

The global market for Blockchain IoT is set to witness a remarkable growth trajectory over the coming years, as per a recent report by MarketsandMarkets™. According to the report, the market is expected to exhibit a robust Compound Annual Growth Rate (CAGR) of 45.1% from 2020 to 2026. This surge in growth is projected to propel the market size from USD 258 million in 2020 to a staggering USD 2,409 million by the year 2026.

One of the primary drivers fueling this growth is the increasing demand for enhanced security measures in the Internet of Things (IoT) ecosystem. With the proliferation of IoT devices across various sectors, ensuring the security and integrity of data has become paramount. Blockchain technology, with its decentralized and immutable nature, presents a viable solution to address these security concerns effectively.

Furthermore, the report highlights the growing trend towards streamlined processes characterized by transparency and immutability. This trend is particularly evident in industries leveraging blockchain-based IoT solutions, where smart contracts and Artificial Intelligence (AI) are being increasingly adopted to optimize operations.

The report identifies key players in the Blockchain IoT market, including industry giants such as IBM, Microsoft, Intel, and Amazon Web Services. These companies, along with several others, are actively involved in the development and deployment of blockchain-based solutions for IoT applications.

In terms of market segmentation, the software and platform segment is anticipated to witness the highest growth rate during the forecast period. This segment encompasses various components, including node applications, consensus mechanisms, virtual machines, and shared ledgers. These software tools play a crucial role in facilitating secure communication between IoT devices, thereby driving widespread adoption across enterprises of all sizes.

Another key vertical driving market growth is building management, which is expected to register the highest CAGR during the forecast period. Blockchain technology enables secure automation of transactions and data transfer, thereby revolutionizing the way buildings are operated. Smart home devices, in particular, stand to benefit from blockchain integration, as they become immune to cyberattacks and unauthorized access..

Geographically, North America is poised to dominate the Blockchain IoT market, owing to the presence of prominent market players and robust economic conditions. The region, particularly the United States and Canada, is expected to witness substantial growth in blockchain-based IoT solutions across various industries.