The global IoT market is anticipated to grow at a notable CAGR of 49.2% during the forecast period (2022–2028), according to OMR Research. This immense growth is attributed to the various benefits that the IoT provides and its uses in numerous industries. For instance, the IoT enables data flow from Internet-connected devices to private blockchain networks, which provide tamper-proof records of shared transactions. Blockchain enables businesses to share and use IoT data without the need for centralized management and control. To avoid disputes and foster trust among all network users with authorization, each transaction can be verified. In addition, blockchain IoT can be used in operational management for any organization and for various security purposes in insurance companies (to track and record data), supply chain management, smart homes, freight transportation, and the pharmaceutical sector as well.
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Meaning and Segments of the Market
Blockchain in the Internet of Things (IoT) is a revolutionary technology that stores transactions across IoT nodes using a decentralized, distributed, public, and real-time ledger. A blockchain is a collection of blocks, each of which is connected to the ones before it. Every block contains the cryptographic hash code, the preceding block hash, and the contents for that block. Transactions in the blockchain are the fundamental units utilized to transport data between IoT nodes. IoT nodes are physical yet smart devices that include embedded sensors, actuators, and programming and can connect with other IoT nodes. The function of blockchain in the IoT is to provide a mechanism for processing protected data records via IoT nodes. Blockchain is a safe technique that can be used freely and publicly. This type of technology is required by the IoT to provide safe communication across IoT nodes in a diverse environment. The transactions in the blockchain might be tracked and investigated by anybody who is authorized to interact with the IoT. The blockchain in IoT can aid in the improvement of communication security.
The global blockchain IoT market is segmented on the basis of hardware, applications, software, services, and verticals. Based on the hardware, the market is sub-segmented into crypto-wallets and IoT sensors. Based on the software and services, the market is sub-segmented into deployment and integration services, technology advisory and consulting services, and support and maintenance. Based on the application, it is sub-segmented into smart contracts, data sharing or communication, security, and asset tracking and management. Based on the verticals, the blockchain IoT market is sub-segmented into energy and utilities, manufacturing, building management, transportation and logistics, healthcare, and others.
Recent Developments
Key market players such as Algorythmix Tech Pvt. Ltd., The Linux Foundation, Amazon Web Services, Inc., Ambrosus Network, Microsoft, ArcTouch, Atonomi, LLC, the Ethereum Foundation, IBM Corp., and others are assisting in the market’s growth with their new software and service innovations and launches, mergers, and collaborations, among others. Some of the recent developments in the market include:
- In May 2022, Blockmate Ventures Inc., a Web3 incubator or venture creator, launched Hivello, an expert in blockchain Internet of Things (IoT) infrastructure implementation. Helium is the first blockchain to be linked to Hivello, and it connects to a decentralized IoT network that compensates network participants. Hivello is able to maximize the earning capacity of each hotspot held inside the network by doing location analysis driven by data science and radio frequency analysis and offering years of team expertise using a unique algorithm. This allows possible sites to be evaluated in minutes rather than hours or days.
- In June 2022, WISeKey International Holding, a leader in cybersecurity, unveiled a product for ensuring vital commodity supply chain management by combining IoT devices interacting with picosatellites launched by WISeSat and FOSSA with the Casper blockchain. In order to give the supply chain management industry special advantages, this solution combines the wide-ranging capabilities of picosatellites and their capacity to connect to low-energy IoT devices with the immutability of data and the smart contracting features of the Casper blockchain.
- In September 2022, Samsung announced its plans to launch a new blockchain-based security solution called the Knox Matrix in the near future. By enabling multi-layered mutual monitoring across connected devices, including smartphones and smart homes, this solution will act as a user’s private blockchain system, boosting security.
- In October 2022, the government of Seychelles launched the SeyID platform, which is developed by WISeKey International Holding. The platform SeyID is linked with several government initiatives, including eTourism, eGovernment, and eHealth. SeyID will include additional services for digital identity for Seychellois citizens. WISeKey’s WISeID platform serves as the foundation for this platform. WISeID is based on the WISeKey/OISTE Root of Trust and incorporates powerful and new blockchain technology.
- In October 2022, EPILLO, a manufacturer of healthcare connected devices, launched a blockchain-based IoT wearable smartwatch called the “FitMint Wear” to transform the health and fitness industry. The device has features such as NFTs, NFT-based gamification, decentralized finance (DeFi), and a health products and services market.
Conclusion
Growing privacy concerns about IoT devices, such as botnet attacks, distributed denial of service (DDoS) attacks, and insecure ecosystem interfaces, are expected to benefit the worldwide blockchain IoT market throughout the projected period. Blockchain technology provides an excellent solution for IoT security. It improves data security and safeguards data against illegal access. All of these elements will help with market expansion. In addition, the growing emphasis of businesses on implementing effective solutions is expected to boost the worldwide blockchain IoT market. Besides, after COVID-19, businesses progressively started shifting to online operations. As a result, demand for data security from the government, BFSI, and private organizations is expected to rise. Although a lack of understanding of the technology may hinder the global blockchain IoT market’s growth, its benefits, such as lower operational costs, quick data changes, streamlined finances, improved security, and improved supply chain management, will eventually assist in the market’s growth in the near future.
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Blockchain IoT Market– Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Algorythmix Tech Pvt Ltd.
- Amazon Web Services, Inc.
- Ambrosus Network.
- ArcTouch
- Atonomi, LLC
- Auxesis Services & Technologies (P) Ltd.
- Chronicled
- Huawei Technologies Co., Ltd.
- HYPR Corp
- IBM Corp
- Intel Corp
- IOTA Foundation
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