Blockchain IoT Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The Blockchain IoT market is expected to reach a value of $ 3.9 billion by 2024 and grow to $25.0 billion by 2035. This reflects a CAGR of 18.27% from 2025 to 2035. The emergence of the IoT and the convergence of blockchain technology will lead to the development of the IoT, and it is expected to increase the security, transparency, and efficiency of business processes. The combination of decentralized accounting technology and IoT devices can achieve the goal of secure data sharing and real-time monitoring, which is important in the fields of supply chain management, medical care and smart cities. The market is driven by a number of factors, including the increasing demand for secure and tamper-proof data transactions, the increasing number of connected devices, and the growing demand for automation and data analysis. Industry leaders such as IBM, Microsoft and Cisco are also actively investing in the development of IoT-based blockchain solutions. The number of strategic alliances is also increasing, and companies are eager to take advantage of each other's advantages to seize the market. For example, IBM has teamed up with various IoT platforms to build IoT-based blockchain solutions.

Regional Market Size

Regional Deep Dive

The IoT Blockchain Market is undergoing a considerable growth across various regions, owing to the rising demand for secure and efficient data management solutions. In North America, the market is characterized by the presence of large IT companies and start-ups focusing on the innovative applications of IoT and blockchain. In Europe, the market is characterized by the regulatory developments that encourage the adoption of these solutions. In the APAC region, the market is characterized by the presence of the government initiatives and the rapidly developing technological environment. The Middle East and Africa region is also gaining traction for these solutions, albeit at a much slower pace, owing to the lack of technological infrastructure and capital. Latin America is also a potential market, owing to the increasing interest of both private and public sectors in the IoT and blockchain solutions.

Europe

• The European Union has introduced regulations that encourage the use of blockchain technology in IoT, particularly in sectors like healthcare and logistics, promoting interoperability and data security.
• Countries like Estonia are leading the way with innovative blockchain initiatives, such as the use of blockchain for secure digital identities, which can be integrated with IoT devices for enhanced security.

Asia Pacific

• China is heavily investing in blockchain technology, with government-backed initiatives aimed at integrating blockchain with IoT to enhance smart city projects and improve urban management.
• India's growing startup ecosystem is fostering innovation in blockchain IoT applications, with companies like Nucleus Vision developing solutions for retail and supply chain management.

Latin America

• Brazil is seeing a rise in blockchain startups focusing on IoT applications, particularly in agriculture and logistics, driven by the need for improved traceability and efficiency.
• Governments in Latin America are beginning to recognize the potential of blockchain technology, with initiatives aimed at fostering innovation and investment in the blockchain IoT space.

North America

• The U.S. government has initiated several projects aimed at exploring the use of blockchain for IoT applications, including the Department of Energy's efforts to enhance energy grid security through decentralized technologies.
• Major companies like IBM and Microsoft are investing heavily in blockchain IoT solutions, with IBM's Watson IoT platform integrating blockchain to improve supply chain transparency and security.

Middle East And Africa

• The UAE has launched the Dubai Blockchain Strategy, which aims to make Dubai the first city fully powered by blockchain, including applications in IoT for smart city initiatives.
• South Africa is exploring blockchain for IoT in agriculture, with projects aimed at improving supply chain transparency and efficiency in the agricultural sector.

Did You Know?

“A recent study found that over 60% of IoT devices are expected to be connected to blockchain networks by 2025, highlighting the growing intersection of these two technologies.” — IoT Analytics, 2023

Segmental Market Size

The Internet of Things market is growing fast. It is mainly driven by the growing need for secure and transparent data exchange in IoT systems. There is also a need for efficient supply chain management. Regulations that encourage the integrity and transparency of data are also driving the market, especially in health care and logistics. In the coming years, the market will continue to grow. Notable examples of large-scale implementations are IBM's Food Trust, which is focused on food traceability, and VeChain, which is mainly concerned with logistics. Asset tracking, smart contracts, and secure data exchange are the main applications. Also driving the market is the drive for sustainable development and the drive for digital transformation. The market is also influenced by the evolution of distributed ledger technology and edge computing, which enable the real-time processing of data and a higher level of security.

Future Outlook

The IoT market is expected to grow significantly from 2024 to 2035, with a market value from $ 3.9 billion to $ 25 billion, a strong CAGR of 18.57%. The growth of the IoT market is driven by the rapid development of the IoT industry, especially in the field of smart manufacturing, smart health, and smart cities, where the need for data security, transparency, and efficiency is very important. By 2035, more than 30% of IoT devices will be used in combination with the blockchain, which will make the devices and users more trustable and more trusting. The development of technology, such as the integration of artificial intelligence and the blockchain, will drive the IoT market to a higher level. These two new technologies can make real-time data processing and real-time decisions, which will greatly enhance the intelligence of IoT systems. Also, the support of the government for the digital transformation of the economy and the improvement of cyber security will also play a very important role in the development of the IoT market. The emergence of decentralized applications and the increasing demand for data privacy will also become the main trend of the IoT market.