The Europe Blockchain IoT Market would witness market growth of 57.0% CAGR during the forecast period (2023-2030).
The market has grown in popularity due to the quick advancement of technology and the communication network. Furthermore, the blockchain uses the IoT platform through a peer-to-peer network to provide transparency & security in decentralized networks, and cryptographic encryption power the blockchain. The adoption of blockchain technology has been prompted by the development in the number of Internet of Things (IoT) devices and connections that are susceptible to cybercrime. A few advantages of blockchain IoT include rapid data transformation, reduced prices, greater privacy, and effective logistics, insurance, and supply chain.
A combination of innovations can bolster privacy agreements and enhance the security of communications. A significant advantage of blockchain IoT is having a reliable ledger that documents all transactions and lists with access & transacting. Enterprises that utilize blockchain IoT often rely on security measures that include device authentication, but this is just a small part. Several security layers must be built to prevent unauthorized access or limit access if a bad actor is discovered to ensure security fully.
The European Commission has significant policy, legal and regulatory, and funding support for blockchain technology. Building a pan-European public services blockchain, promoting legal certainty, promoting blockchain for sustainability, increasing funding for research and innovation, supporting interoperability and standards, supporting blockchain skills development, and interacting with the community are the most important aspects of its blockchain strategy. Through grants and enabling investments, the EU provides funding for blockchain research and innovation. Through the Horizon program, grants are distributed.
Horizon 2020 received approximately €180 million in grants from the Commission between 2016 and 2019. The successor to Horizon, Horizon Europe, is anticipated to have a significant budget for additional grants. By means of the new artificial intelligence (AI) and blockchain investment fund, which makes investments in venture capital funds targeting AI and blockchain startups and early- stage ventures, the Commission encourages investment in blockchain startups and projects. As a result of this wide acceptance of blockchain technology across the region, the market is estimated to have significant growth.
The Germany market dominated the Europe Blockchain IoT Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $802.3 million by 2030. The UK market is registering a CAGR of 55.6% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 58.1% during (2023 - 2030).
Based on Application, the market is segmented into Smart Contracts, Data Security. Asset Tracking & Management, and Others. Based on Vertical, the market is segmented into Transportation & Logistics, Consumer Electronics, Manufacturing, Healthcare, Retail, Smart City, and Others. Based on Component, the market is segmented into Software & Platform, Hardware, and Services. Based on Organization Size, the market is segmented into Large Enterprises, and SMEs. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Blockchain IoT Market is Projected to reach USD 11.9 Billion by 2030, at a CAGR of 57.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Amazon.com, Inc., Intel Corporation, Microsoft Corporation, Cisco Systems, Inc., The Linux Foundation, KrypC Technologies, IoTeX, ArcTouch LLC (AKQA Group) (WPP plc), and R3 LLC.
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