The global blockchain IoT market was estimated at USD 0.39 billion in 2022 and it is expected to surpass around USD 38.39 billion by 2032, poised to grow at a CAGR of 58.24% from 2023 to 2032. The blockchain IoT market in the United States was accounted for USD 98.3 million in 2022.
Key Pointers
Report Scope of the Blockchain IoT Market
| Report Coverage | Details |
| Revenue Share of North America in 2022 | 35% |
| CAGR of Asia Pacific from 2023 to 2032 | 61.96% |
| Revenue Forecast by 2032 | USD 38.39 billion |
| Growth Rate from 2023 to 2032 | CAGR of 58.24% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Intel Corp.; IBM Corp.; Microsoft Corp.; Cisco Systems, Inc.; The Linux Foundation; Amazon.com, Inc.; KrypC Technologies; IoTex; ArcTouch LLC; R3 LLC; Chronicled |
The growing adoption of the integration of blockchain and IoT devices enhances security by enabling decentralized and tamper-proof data storage and communication, which is expected to drive market growth. Similarly, the growing trend to selectively manage, analyze, customize, and share data among authorized clients and partners as it empowers organizations to have greater control and flexibility over their data, is anticipated to boost the market growth over the forecast period. Furthermore, continuous adoption of the technology by major players is anticipated to augment the market growth.
For instance, in October 2022, Samsung Electronics launched Knox Matrix, an improved security solution that implements blockchain technology to safeguard an ecosystem of devices. The Knox Matrix is expected to act in accordance with the user’s private blockchain system, which will enhance security through multi-layered mutual monitoring with the help of connected devices. Such adoption of technologies by key market players is expected to drive market growth over the forecast period. In addition, the emerging trend of the adoption of smart contracts is expected to drive industry growth. These self-executing contracts, stored on a blockchain, enable the automation of various IoT transactions, including asset tracking, payments, and supply chain management.
This trend streamlines processes, enhances efficiency, and reduces reliance on intermediaries in IoT ecosystems, which is anticipated to further augment the market growth over the forecast period. The COVID-19 pandemic has had a significant impact on various sectors, affecting both individuals and corporations. The internet ecosystem has played a critical role globally, as reliance on internet-based enterprises has increased due to the pandemic. Industries, such as BFSI, healthcare & life sciences, manufacturing, automotive, retail, transportation, and logistics, have increasingly embraced the Internet to provide essential services to their customers. However, suppliers have experienced a decrease in demand, mainly due to the global shutdown affecting the availability of specific hardware components required for implementing blockchain IoT systems.
Looking ahead, the healthcare and government sectors are expected to moderately adopt IoT sensors and blockchain technology to enhance the protection of hospitals, government buildings, and populations during future epidemics. Moreover, the growing trend of leveraging blockchain technology globally with the help of collaboration between state-backed initiatives and digital service providers is expected to propel market growth. For instance, in November 2022, China's Xinghuo Blockchain Infrastructure and Facility, a state-backed initiative, collaborated with MY EG, Services Berhad (MyEG), a Malaysian digital service provider, to establish and operate an "International Supernode". This partnership reflects Beijing's ongoing efforts to extend its global influence in the blockchain domain. Such strategies by key players are expected to fuel market growth.
Component Insights
On the basis of components, the global market has been further categorized into hardware, software & platform, and services. The hardware component segment is expected to register a significant CAGR of 56.63% over the forecast period. The growth of the segment is attributed to the rising implementation of IoT devices in numerous industries, which include industrial automation, smart homes, smart cities, and healthcare.
The segment growth is also driven by the high demand for specialized hardware that can support and optimize diverse IoT applications' connectivity and data management requirements. The software and platform component segment accounted for the largest revenue share of 52% in 2022. This can be attributed to the need for enhanced security and data integrity. Moreover, the growing need for transparency and traceability in supply chains is expected to augment the demand for software and platform segment over the forecast period.
Vertical Insights
The transportation & logistics segment accounted for the largest revenue share of 22% in 2022 and is expected to continue the same trend over the forecast period. The growth is attributed to its properties in creating transparent and immutable records of transactions and events within the transportation and logistics ecosystem. Furthermore, with the help of up-to-date and accurate information related to inventory status, the companies associated with transportation & logistics can improve their efficiency in operations. These properties are expected to drive segment growth during the forecast period.
The healthcare segment is expected to grow at the fastest CAGR of 61.65% over the forecast period. The growth of the healthcare segment is attributed to the ability of the solutions to track and trace pharmaceutical products across the supply chain effectively. This capability ensures the authenticity and origin of drugs, leading to the mitigation of counterfeit drug issues, minimizing the risk of medication errors, and ultimately enhancing patient safety, which is anticipated to boost the healthcare segment's growth.
Organization Size Insights
The small- & medium-sized enterprises (SMEs) segment accounted for the largest revenue share of 61% in 2022 and is expected to continue the same trend over the forecast period. The growth of the segment is attributed to the implementation of solutions to help SMEs meet regulatory compliance requirements. Blockchain technology's transparent and auditable nature enables SMEs to maintain accurate records, ensure data privacy, and demonstrate compliance with industry regulations, which is expected to boost segment growth over the forecast period.
The large enterprises segment is expected to grow at a considerable CAGR of 57.84% over the forecast period owing to the growing need for enhanced security, efficiency, transparency, and traceability, among others. Similarly, the blockchain IoT provides a decentralized and transparent ledger that ensures secure storage and sharing of data among authorized participants. This enhances data integrity and empowers large enterprises to make more informed and data-driven decisions. Such properties are expected to drive segment growth over the forecast period.
Application Insights
The asset tracking & management segment is expected to register a significant growth rate of 58% over the forecast period owing to the real-time tracking and traceability of assets throughout the supply chain. Through improved visibility, organizations can streamline their supply chain operations, prevent counterfeiting, lower costs, and ensure compliance with regulations. Such attributes are expected to boost the segment growth over the forecast period.
The smart contracts segment accounted for the largest market share of 31% in 2022. The self-execution and automation capabilities of smart contracts in the market are expected to drive segment growth. Smart contracts enable direct transactions between IoT devices, eliminating the need for intermediaries and manual intervention, resulting in faster and more efficient transactions. This simplified process enhances overall operational efficiency and increases transaction speed, which is expected to fuel segment growth.
Regional Insights
North America accounted for the largest revenue share of 35% in 2022 and is anticipated to witness considerable growth over the forecast period. A significant factor driving the market growth in this region is the presence of key players, such as IBM Corporation, Microsoft Corporation, Amazon.com, Inc., and Cisco Systems, Inc. Furthermore, the region is at the forefront of adopting emerging technologies, including blockchain and IoT, which are contributing to its growth. Asia Pacific is anticipated to emerge as the fastest-growing regional market with a CAGR of 61.96% from 2023 to 2032.
The governments of countries, such as China, Japan, and India, have been adopting and promoting the use of this technology. For instance, in March 2023, the Society for Electronic Transactions and Security (SETS) and the Unique Identification Authority of India (UIDAI) collaborated to conduct research & development in deep tech, which includes IoT Security, blockchain technology, and quantum security, among others. It is a part of the ‘Make in India’ initiative by the Indian government to augment capacity and improve self-reliance on information security. Such initiatives by governments are expected to drive the demand for technology across the region.
Blockchain IoT Market Segmentations:
By Component
By Application
By Organization Size
By Vertical
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Blockchain IoT Market
5.1. COVID-19 Landscape: Blockchain IoT Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Blockchain IoT Market, By Component
8.1. Blockchain IoT Market, by Component, 2023-2032
8.1.1. Hardware
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Software and platform
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Services
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Blockchain IoT Market, By Application
9.1. Blockchain IoT Market, by Application, 2023-2032
9.1.1. Data Security
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Smart Contracts
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Asset Tracking & Management
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Blockchain IoT Market, By Organization Size
10.1. Blockchain IoT Market, by Organization Size, 2023-2032
10.1.1. SMEs
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Large Enterprises
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Blockchain IoT Market, By Vertical
11.1. Blockchain IoT Market, by Vertical, 2023-2032
11.1.1. Transportation & Logistics
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. Manufacturing
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. Healthcare
11.1.3.1. Market Revenue and Forecast (2020-2032)
11.1.4. Retail
11.1.4.1. Market Revenue and Forecast (2020-2032)
11.1.5. Consumer Electronics
11.1.5.1. Market Revenue and Forecast (2020-2032)
11.1.6. Smart City
11.1.6.1. Market Revenue and Forecast (2020-2032)
11.1.7. Others
11.1.7.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Blockchain IoT Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Component (2020-2032)
12.1.2. Market Revenue and Forecast, by Application (2020-2032)
12.1.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.1.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Component (2020-2032)
12.1.5.2. Market Revenue and Forecast, by Application (2020-2032)
12.1.5.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.1.5.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Component (2020-2032)
12.1.6.2. Market Revenue and Forecast, by Application (2020-2032)
12.1.6.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.1.6.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Component (2020-2032)
12.2.2. Market Revenue and Forecast, by Application (2020-2032)
12.2.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.2.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Component (2020-2032)
12.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
12.2.5.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.2.5.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Component (2020-2032)
12.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
12.2.6.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.2.6.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Component (2020-2032)
12.2.7.2. Market Revenue and Forecast, by Application (2020-2032)
12.2.7.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.2.7.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Component (2020-2032)
12.2.8.2. Market Revenue and Forecast, by Application (2020-2032)
12.2.8.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.2.8.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Component (2020-2032)
12.3.2. Market Revenue and Forecast, by Application (2020-2032)
12.3.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.3.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Component (2020-2032)
12.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
12.3.5.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.3.5.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Component (2020-2032)
12.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
12.3.6.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.3.6.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Component (2020-2032)
12.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
12.3.7.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.3.7.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Component (2020-2032)
12.3.8.2. Market Revenue and Forecast, by Application (2020-2032)
12.3.8.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.3.8.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Component (2020-2032)
12.4.2. Market Revenue and Forecast, by Application (2020-2032)
12.4.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.4.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Component (2020-2032)
12.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
12.4.5.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.4.5.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Component (2020-2032)
12.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
12.4.6.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.4.6.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Component (2020-2032)
12.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
12.4.7.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.4.7.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Component (2020-2032)
12.4.8.2. Market Revenue and Forecast, by Application (2020-2032)
12.4.8.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.4.8.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Component (2020-2032)
12.5.2. Market Revenue and Forecast, by Application (2020-2032)
12.5.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.5.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Component (2020-2032)
12.5.5.2. Market Revenue and Forecast, by Application (2020-2032)
12.5.5.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.5.5.4. Market Revenue and Forecast, by Vertical (2020-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Component (2020-2032)
12.5.6.2. Market Revenue and Forecast, by Application (2020-2032)
12.5.6.3. Market Revenue and Forecast, by Organization Size (2020-2032)
12.5.6.4. Market Revenue and Forecast, by Vertical (2020-2032)
Chapter 13. Company Profiles
13.1. Intel Corp.
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. IBM Corp.
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Microsoft Corp.
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Cisco Systems, Inc.
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. The Linux Foundation
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Amazon.com, Inc.
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. KrypC Technologies
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. IoTex
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. ArcTouch LLC
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. R3 LLC
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers