The global blockchain IoT market size is expected to reach USD 9,107.55 Million by 2032, according to a new study by Polaris Market Research. The report “Blockchain IoT Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Services), By Application (Data Security, Smart Contracts), By Organization Size, By Vertical, And Segment Forecasts, 2019 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Market growth in the blockchain IoT industry is expected to be driven by the increasing adoption of decentralized applications (dApps). These dApps leverage the combined benefits of blockchain and IoT, offering novel solutions that enhance security, transparency, and operational efficiency in diverse industries. These innovative trends are poised to propel the market's expansion. Furthermore, the integration of blockchain and IoT is transforming data sharing, transactional trust, and process automation, resulting in the emergence of cutting-edge business models and lucrative growth prospects. As a result, the market is witnessing a shift towards more efficient and secure systems, driven by the synergistic potential of blockchain and IoT technologies.
Businesses and industries are recognizing the transformative impact that this technology can have in areas such as supply chain management, asset tracking, smart cities, healthcare, and energy management. Companies are actively working on launching new products and forming strategic partnerships with key players to tap into the growing market demand. By introducing innovative solutions and collaborating with established industry leaders, these companies aim to expand their customer base and strengthen their position in the competitive landscape.
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Convergence of blockchain and IoT technologies has unlocked a wide range of applications and use cases, revolutionizing how data is shared, transactions are conducted, and processes are automated. As more businesses and industries embrace this technology, the market is experiencing a surge in opportunities, attracting investments, and fueling its growth. The synergy between blockchain and IoT is proving to be a game-changer, driving advancements in various sectors, and shaping the future of digital transformation.
In line with this, in March 2022, IoTex, a modular Web3 infrastructure platform, has joined forces with Google Cloud, a subsidiary of Google LLC, to drive the global expansion of MachineFi. MachineFi is a decentralized finance (DeFi) platform specifically tailored for the IoT ecosystem. This collaboration aims to enhance MachineFi's services and applications by leveraging the secure, scalable, and reliable infrastructure provided by Google Cloud.
Blockchain IoT Market Report Highlights
Polaris Market Research has segmented the blockchain IoT market report based on component, application, organization size, vertical, and region:
Blockchain IoT, Component Outlook (Revenue - USD Million, 2019 - 2032)
Blockchain IoT, Application Outlook (Revenue - USD Million, 2019 - 2032)
Blockchain IoT, Organization Size Outlook (Revenue - USD Million, 2019 - 2032)
Blockchain IoT, Vertical Outlook (Revenue - USD Million, 2019 - 2032)
Blockchain IoT, Regional Outlook (Revenue - USD Million, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2023 |
USD 381.40 million |
Revenue forecast in 2032 |
USD 9,107.55 million |
CAGR |
42.3% from 2023 – 2032 |
Base year |
2022 |
Historical data |
2019 – 2021 |
Forecast period |
2023 – 2032 |
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
Segments covered |
By Component, By Application, By Organization Size, By Vertical, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
For Specific Research Requirements |