According to a new report, published by KBV research, The Global Blockchain IoT Market size is expected to reach $11.9 billion by 2030, rising at a market growth of 57.2% CAGR during the forecast period.
The Smart Contracts segment acquired the maximum revenue share in the Global Blockchain IoT Market by Application in 2022 thereby, achieving a market value of $3.7 billion by 2030. Segment expansion is anticipated to be fueled by the market's self-execution and automation capabilities. Direct transactions between IoT devices are made possible by smart contracts, which make transactions faster and more effective by doing away with the need for intermediaries and manual intervention. This streamlined procedure boosts overall operational effectiveness and quickens transaction times, which is anticipated to stimulate segment expansion.
The Transportation & Logistics segment is showcasing a CAGR of 54.4% during the forecast period. The ability to produce transparent and unchangeable records of transactions and occurrences within the ecosystem of logistics & transportation is credited with the expansion. In addition, companies involved in transportation & logistics can increase their operational efficiency with the use of current and accurate information regarding inventory status. Throughout the anticipated period, these characteristics are anticipated to fuel segment’s expansion.
The Software & Platform segment is leading the Global Blockchain IoT Market by Component in 2022 thereby, achieving a market value of $5.9 billion by 2030. With the growing need for security and connection, the software segment is predicted to expand at a significant rate. The demand for software is also anticipated to increase throughout the projected period due to the expanding demand for transparency and traceability in supply chains.
The Large Enterprises segment has shown the high growth rate of 56.5% during (2023 - 2030). The blockchain IoT offers a decentralized and transparent ledger that ensures secure data transfer and storage between authorized participants. This improves data integrity and enables large enterprises to make more informed, data-driven decisions. Over the projection period, growth in this segment is anticipated to be driven by such properties that would reduce the need for extra efforts.
The North America region dominated the Global Blockchain IoT Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.1 billion by 2030. The Asia Pacific market would grow at a CAGR of 58.3% during (2023 - 2030). Additionally, The Europe market is experiencing a CAGR of 57% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/blockchain-iot-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, Cisco Systems, Inc., The Linux Foundation, KrypC Technologies, IoTeX, ArcTouch LLC (AKQA Group) (WPP plc), and R3 LLC.
By Application
By Vertical
By Component
By Organization Size
By Geography
Companies Profiled
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