Blockchain IoT Market Size, Share, Demand &
Trends Analysis Report

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, according to a new report by
MarketsandMarkets™.

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.

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The largest manufacturers of Blockchain IoT Market

·        
IBM (US)

·        
Microsoft (US)

·        
Intel (US)

·        
Amazon Web Services (US)

·        
Huawei (China)

·        
Cisco (US)

·        
SAP (Germany)

·        
Ethereum Foundation
(Switzerland)

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.

North America to hold the largest market share during the
forecast period.

North America has several prominent market players delivering
Blockchain IoT solutions to all end-users in the region. The US and Canada both
have strong economic conditions and are expected to be major contributors to
the Blockchain IoT markets growth. The geographical presence, significant
Research and Development (R & D) activities, partnerships, and acquisitions
and mergers are the major factors for deploying Blockchain IoT and services.

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