Internet of Things (IoT) and Blockchain Global Market Report 2024

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$1.28 trillion in 2024 at a compound annual growth rate (CAGR) of 48.2%. The historical growth can be attributed to several factors including the implementation of numerous government initiatives, a heightened demand for secure and cost-effective solutions for managing data and transactions, increased investments in IoT and blockchain-based solutions, a growing need for IoT security measures, and the expanding mobility and connectivity of devices.

The Internet of Things (IoT) and blockchain market size is expected to see exponential growth in the next few years. It will grow to$6.24 trillion in 2028 at a compound annual growth rate (CAGR) of 48.5%. The anticipated growth in the forecast period is expected to be driven by the increasing adoption of cloud computing, the rising demand for automation and smart solutions, the growing need for real-time data analysis, and the increasing focus on data security and protection. Key trends in the forecast period are expected to include technological advancements, the implementation of edge computing, integration of AI and machine learning, adoption of blockchain technology, utilization of hybrid cloud solutions, and the implementation of smart contracts.

The increasing adoption of cloud computing is poised to drive the growth of the Internet of Things (IoT) and blockchain market. Cloud computing, characterized by the on-demand delivery of computing services over the internet, is gaining traction due to its scalability, flexibility, cost efficiency, and robust data management capabilities. Cloud platforms are well-suited for storing and processing vast volumes of IoT data and supporting blockchain systems, ensuring efficient handling and storage of massive datasets. Moreover, cloud services offer seamless connectivity through APIs and middleware, facilitating the integration of IoT and blockchain technologies into extensible ecosystems. For example, data from the Statistical Office of the European Union indicates that 45.2% of EU enterprises purchased cloud computing services, marking a significant increase compared to 2021. Thus, the growing adoption of cloud computing is fueling the expansion of the Internet of Things (IoT) and blockchain market.

Key players in the Internet of Things (IoT) and blockchain market are concentrating on advancing sophisticated technologies, such as cross-border IoT connectivity platforms, to enable global connectivity for IoT devices and enhance market competitiveness. Cross-border IoT connectivity platforms empower businesses to deploy and manage IoT devices seamlessly across international borders, leveraging technologies such as eSIM and strategic partnerships with mobile network operators (MNOs). For instance, Verizon Business introduced its Global IoT Orchestration platform in July 2023, offering businesses the capability to deploy and centrally manage devices across international borders. This platform integrates with Verizon's ThingSpace IoT management platform, enabling enterprises to manage global IoT deployments via a unified interface and API. By simplifying cellular connectivity for connected products across the US and overseas using eSIM localization, the platform streamlines complex global IoT operations, eliminating the need for multi-carrier contract negotiations and enhancing procurement, legal, security, privacy, and regulatory compliance.

In May 2022, HCL Technologies Limited acquired Quest Informatics to strengthen its position in the rapidly growing IoT and aftermarket industry, enabling the provision of comprehensive Industry 4 solutions to its transportation and manufacturing clients worldwide. Quest Informatics, an India-based IT solutions and services company, specializes in providing IoT and blockchain technology solutions, aligning with HCL's strategic objectives in the 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.

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. The countries covered in the internet of things (IoT) and blockchain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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. On the other hand, 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) facilitates the networking and communication of physical objects, while blockchain technology provides a secure and transparent system for recording and verifying transactions.

The primary types of Internet of Things (IoT) and blockchain technologies encompass hardware and software. IoT and blockchain hardware include physical devices such as sensors, actuators, and gateways that securely collect, transmit, and process data. These technologies can be deployed in both cloud and on-premise environments for various applications, including smart contracts, data security, communication, and asset tracking and management. They find applications across various industries including retail, healthcare, manufacturing, and banking, financial services, and insurance (BFSI).

The Internet of Things (IoT) and blockchain market research report is one of a series of new reports that provides Internet of Things (IoT) and blockchain market statistics, including Internet of Things (IoT) and blockchain industry global market size, regional shares, competitors with a Internet of Things (IoT) and blockchain market share, detailed Internet of Things (IoT) and blockchain market segments, market trends and opportunities, and any further data you may need to thrive in the Internet of Things (IoT) and blockchain industry. This Internet of Things (IoT) and blockchain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The Internet of Things (IoT) and blockchain market consists of revenues earned by entities by providing services such as data monetization, identity management and secure communication. The market value includes the value of related goods sold by the service provider or included within the service offering. The Internet of Things (IoT) and blockchain market also includes sales of products such as IoT devices, blockchain nodes, sensor networks, and secure elements. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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