Blockchain IoT Market to Reach USD 179.79 Billion at 92.30% CAGR by 2030 – MRFR Report
Blockchain IoT Market: Challenges and Regulatory Landscape
Tokyo, Japan, June 14, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Blockchain IoT Market Information by Offering, Application, End-User, and Region – Forecast till 2030”, the Blockchain IoT Market could thrive at a rate of 92.30% between 2022 and 2030. The market size will be reaching around USD 179.79 Billion by the end of the year 2030.
Blockchain IoT Market Synopsis
The convergence of blockchain and the Internet of Things (IoT) has opened up new possibilities for the retail industry. The combination of these technologies offers enhanced transparency, security, and efficiency in retail operations, leading to improved customer experiences and streamlined supply chain management. The global blockchain IoT retail market is witnessing significant growth, driven by various factors such as the need for secure and traceable transactions, demand for real-time inventory management, and the rising adoption of IoT devices in retail settings.
One of the key drivers propelling the adoption of blockchain IoT in the retail industry is the potential to improve supply chain efficiency. By integrating IoT devices with blockchain technology, retailers can track and monitor the movement of goods in real-time, enabling proactive inventory management, reducing stockouts, and optimizing the supply chain process. Blockchain’s decentralized and transparent nature ensures that all stakeholders have access to accurate and immutable information, improving collaboration, trust, and efficiency across the supply chain.
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Blockchain IoT Market Competitive Landscape:
The affluent companies in the Blockchain IoT industry include
- Intel Corporation
- IBM Corporation
- Amazon.com Inc.
- Microsoft Corporation
- Cisco Systems
- Ethereum Foundation
- The Linux Foundation
Scope of the Report – Blockchain IoT Market:
|Blockchain IoT Market Size by 2032||USD 179.79 Billion|
|CAGR during 2023-2032||92.30%|
|Key Market Opportunities||Higher adoption of blockchain-based IoT solutions using smart contracts and AI|
|Key Market Dynamics||Growing need for IoT security|
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Market USP Covered:
Blockchain IoT solutions in retail offer opportunities for enhanced customer engagement and personalized experiences. By leveraging IoT devices and blockchain technology, retailers can gather real-time data on customer preferences, behavior, and demographics. This data can be securely stored on the blockchain, ensuring privacy and consent, and enabling retailers to deliver personalized marketing messages, targeted promotions, and tailored product recommendations. This level of customer engagement can lead to increased customer satisfaction, loyalty, and ultimately, improved sales and revenue.
While the adoption of blockchain IoT in retail brings numerous benefits, security and privacy concerns remain a significant restraining factor. As retailers collect and store vast amounts of customer data through IoT devices, ensuring data security and protecting customer privacy becomes paramount. Blockchain technology provides inherent security features, such as encryption and decentralized storage, but vulnerabilities in IoT devices or network connectivity can still pose risks. Retailers must invest in robust cybersecurity measures and compliance with data protection regulations to address these concerns and build trust among customers.
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COVID 19 Analysis
The COVID-19 pandemic has had a profound impact on the retail industry, accelerating the adoption of blockchain IoT solutions. During the pandemic, retailers faced challenges such as supply chain disruptions, contactless transactions, and ensuring product safety. Blockchain IoT technologies have played a crucial role in addressing these challenges. For instance, blockchain-based solutions have enabled secure and transparent tracking of essential goods, ensured the authenticity of medical supplies, and facilitated contactless payments. Post-COVID, the adoption of blockchain IoT in retail is expected to continue at an accelerated pace as retailers prioritize resilience, digital transformation, and customer-centric operations.
Blockchain IoT Market Segmentation
- By Offering – The Offering in the market includes Hardware, Software, and Services
- By Application – By Application, the segment includes Smart Homes, Data Sharing, Smart Contracts, Data Security, Asset Tracking and Management, and Others
- By End-User – By End-User, the segment includes Automotive, Supply Chain and Logistics, Manufacturing, Healthcare, Construction, Retail, Government, Energy and Utility, and Others
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The global blockchain IoT retail market is witnessing growth across various regions. North America, with its strong technological ecosystem and early adoption of IoT and blockchain technologies, holds a significant market share. The region has seen collaborations between retailers, technology providers, and startups to develop innovative blockchain IoT solutions in areas such as supply chain management, product traceability, and customer engagement.
Europe is also a prominent market for blockchain IoT in retail, with countries like the United Kingdom, Germany, and France leading in adoption. European retailers are leveraging blockchain IoT to enhance supply chain transparency, improve product authentication, and enable seamless customer experiences. The region’s focus on data privacy and regulations, such as the General Data Protection Regulation (GDPR), has further influenced the adoption of secure and privacy-centric blockchain IoT solutions.
Latest Industry Updates:
June 2022 – IBM has been a key player in the blockchain and IoT space. They have launched the IBM Blockchain Platform, which enables the integration of IoT data with blockchain networks. IBM has also partnered with companies like Maersk to develop blockchain-based solutions for supply chain management. The exact dates of specific developments by IBM may vary.
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