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Global Internet Of Things (IoT) And Blockchain Market Size Forecast 2024 - 2033

19 Dec, 2024

What Is The Scope Of The Global Internet Of Things (IoT) And Blockchain Market?

The Internet of Things (IoT) is a network of interconnected devices embedded with sensors, software, and other technologies that communicate and share data via the Internet. Whereas, blockchain refers to a decentralized and distributed ledger system that records transactions across a network of computers in a secure manner. The Internet of Things (IoT) enables the networking and communication of physical things, while blockchain technology provides a secure and transparent system for recording and verifying transactions.

Internet Of Things (IoT) And Blockchain Global Market Report 2024 provides data on the global internet of things (iot) and blockchain market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Internet Of Things (IoT) And Blockchain market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

How Is The Global Internet Of Things (IoT) And Blockchain Market Expected To Grow In Size And Annual Rates?

The Internet of Things (IoT) and blockchain market size has grown exponentially in recent years. It will grow from $866.52 billion in 2023 to $1284.32 billion in 2024 at a compound annual growth rate (CAGR) of 48.2%. The growth in the historic period can be attributed to the increased number of government initiatives, increased demand for secure and cost-effective solutions for managing data and transactions, growth in the investments in IoT and blockchain-based solutions, increased need for IoT security, and increased mobility and connectivity. The Internet of Things (IoT) and blockchain market size is expected to see exponential growth in the next few years. It will grow to $6246.02 billion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The growth in the forecast period can be attributed to the growing adoption of cloud computing, rising demand for automation and smart solutions, increasing demand for real-time data analysis, and growing interest in data security and protection. Major trends in the forecast period include technological advancements, edge computing, AI and machine learning integration, blockchain integration, hybrid cloud solutions, and smart contracts.

What Main Forces Are Fueling Expansion In The Internet Of Things (IoT) And Blockchain Market?

The growing adoption of cloud computing is poised to drive the growth of the Internet of Things (IoT) and blockchain market in the coming years. Cloud computing involves delivering computing services over the Internet, including servers, storage, databases, and software, known for scalability, flexibility, cost efficiency, and robust data management capabilities. This technology supports IoT data storage and processing, as well as blockchain systems, ensuring efficient management of large data volumes. Additionally, cloud platforms offer seamless connectivity through APIs and middleware, fostering integrated ecosystems for IoT and blockchain applications. For example, as of December 2023, the Statistical Office of the European Union reported that 45.2% of EU enterprises purchased cloud computing services, marking a 4.2 percentage point increase from 2021. Therefore, the growing adoption of cloud computing is driving the growth of the Internet of Things (IoT) and blockchain market.

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What Are The Primary Segments In The Global Internet Of Things (IoT) And Blockchain Market?

The internet of things (IoT) and blockchain market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Deployment Model: Cloud, On-Premise
3) By Application: Smart Contract, Data Security, Data Sharing Or Communication, Asset Tracking And Management
4) By End-User: Retail, Healthcare, Manufacturing, Banking, Financial Services, And Insurance (BFSI)

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Which Key Trends Are Driving Changes In The Internet Of Things (IoT) And Blockchain Market?

Leading companies in the Internet of Things (IoT) and blockchain market are advancing sophisticated technologies like cross-border IoT connectivity platforms to provide global connectivity for IoT devices. These platforms enable businesses to deploy and manage IoT devices across borders using technologies such as eSIM and partnerships with mobile network operators. For example, in July 2023, Verizon Business, a US telecommunications company, launched its Global IoT Orchestration platform. This platform facilitates the deployment and management of devices internationally and integrates with Verizon’s ThingSpace IoT management platform. It streamlines global IoT operations by simplifying multi-carrier contract negotiations and addressing procurement, legal, security, privacy, and regulatory compliance needs, all while using eSIM for cellular connectivity.

What Is The Leading Region In The Internet Of Things (IoT) And Blockchain Market?

North America was the largest region in the Internet of Things (IoT) and blockchain market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the internet of things (IoT) and blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.