What are the Historical Developments and Current Growth Metrics of the Internet Of Things (IoT) And Blockchain Market?
The internet of things (iot) and blockchain market has seen considerable growth due to a variety of factors.
• The internet of things (IoT) and blockchain market has grown exponentially in recent years. It will rise from $1284.32 billion in 2024 to $1910.67 billion in 2025, with a CAGR of 48.8%.
This growth is fueled by government initiatives, the demand for secure and cost-effective data and transaction management solutions, increased investments in IoT and blockchain, greater need for IoT security, and higher mobility and connectivity.
What Is The Projected Growth Of The Internet Of Things (IoT) And Blockchain Template Market?
The internet of things (iot) and blockchain market is expected to maintain its strong growth trajectory in upcoming years.
• The internet of things (IoT) and blockchain market is set to grow to $9276.56 billion by 2029 at a CAGR of 48.4%.
Growth is attributed to the rise of cloud computing, automation, real-time data needs, and data security concerns. Trends include technological advancements, edge computing, AI and machine learning integration, blockchain, hybrid cloud solutions, and smart contracts.
What Are The Key Drivers Fueling Growth In The Internet Of Things (IoT) And Blockchain Market?
The growing adoption of cloud computing is expected to accelerate the growth of the Internet of Things (IoT) and blockchain market. Cloud computing, offering scalable and cost-effective services such as storage and analytics, provides the infrastructure needed for handling IoT data and blockchain systems. It also ensures smooth connectivity for integration via APIs. According to the Statistical Office of the European Union in December 2023, 45.2% of EU businesses had adopted cloud services, a 4.2% increase since 2021, highlighting the market's positive trajectory.
What Are The Principal Market Segments In The Global Internet Of Things (IoT) And Blockchain Industry?
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)
Subsegments:
1) By Hardware: IoT Sensors And Devices, IoT Gateways And Connectivity Modules, Edge Devices, Blockchain-enabled Hardware, Smart Devices (Smart Home Devices, Wearables)
2) By Software: IoT Platform Software, Blockchain Platforms, IoT Data Management Software, Blockchain Smart Contract Software, Security And Privacy Solutions For IoT And Blockchain, Distributed Ledger Technology (DLT) Software
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What Emerging Trends Are Influencing The Growth Of The Internet Of Things (IoT) And Blockchain Market?
Leading enterprises in the Internet of Things (IoT) and blockchain market are primarily preoccupied with the development of sophisticated technologies like cross-border IoT connectivity platforms to enhance worldwide connectivity for IoT devices. This move is aimed at augmenting their market income. Cross-border IoT connectivity platforms enable companies to deploy and handle IoT devices over international boundaries with ease. Technologies such as eSIM (embedded SIM) are used alongside strategic partnerships with mobile network operators (MNOs). For example, Verizon Business, an American telecommunications firm, introduced its Global IoT Orchestration platform in July 2023. This platform, a cross-border IoT connectivity solution, allows businesses to efficiently manage devices across international borders. The platform ties in with Verizon's ThingSpace IoT management platform, enabling companies to control their global IoT deployments from one dashboard via an effortless API interface. The primary objective of the platform is to simplify complex global IoT operations by doing away with multi-carrier contract negotiations and making procurement, legal, security, privacy, and regulatory compliance more manageable. The platform facilitates cellular connectivity for products connected across the US and overseas using eSIM localization.
Who Are the Key Players In The Internet Of Things (IoT) And Blockchain Market?
Major companies operating in the internet of things (IoT) and blockchain market are:
• Amazon.com Inc.
• Google LLC
• Microsoft Corporation
• Verizon Communications Inc.
• AT&T Inc.
• Dell Inc.
• Huawei Technologies Co. Ltd.
• Siemens AG
• Intel Corporation
• Accenture plc
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Mitsubishi Electric Corporation
• Honeywell International Inc.
• SAP SE
• Fujitsu
• The Hewlett Packard Enterprise Company
• Ericsson
• NEC Corporation
• Cognizant
• Infosys Limited
• HCL Technologies Limited
• Wipro Limited
• KrypC Technologies
What Are The Regional Insights Into The Internet Of Things (IoT) And Blockchain Market?
North America was the largest region in the Internet of Things (IoT) and blockchain market in 2024. 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.
