Blockchain in smart homes Market is Projected to Grow at a CAGR of 41.2% during the Forecast Period: MRFR :

Pune, India, Jan 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global blockchain in smart home Market.

The Blockchain in smart homes market is predicted to reach USD 2,045.4 million by 2027, registering a 41.2% CAGR during the forecast period, 2021–2027.In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.


The global blockchain in smart homes market is driven by the factors such as improved security and increase in remote control and IoT-enabled applications and enhanced smart home performance. However, the market faces a major restraint owing to the high costs involved in blockchain in smart homes systems.


Segmental Analysis


The global blockchain in smart homes market has been segmented into component, blockchain type and application.


The global blockchain in smart homes market, by component, is bifurcated into Hardware, Software, and Services. The software segment accounted for the largest market share of 59.6% in 2018, with a market value of USD 59.3 million; it is expected to register a CAGR of 38.8% during the forecast period. Software applications provide an interface for smart homeowners to manage and control the devices in a smart home. However, they also provide easy access to the cybercriminals to manage, control, and steal the private information in the devices’ storage that may misused. The hardware of any smart home device senses, processes, and communicates the data wirelessly. It combines all disparate apps into a single, smart home app that homeowners can control remotely. Services offered in the smart home applications are categorized into energy consumption & management services, security services, healthcare services, and entertainment services.


The global blockchain in smart homes market, by blockchain type, is bifurcated into Public, Private, Consortium, and Hybrid. The private segment accounted for the largest market share of XX% in 2018, with a market value of USD XX million; it is expected to register a CAGR of XX% during the forecast period. Private blockchains are all opposite of public blockchain, where they have a private network that is governed and accessed by a single entity. Private blockchains are often used for day-to-day business operations by organizations.


Public blockchains can be accessed and utilized by anyone and anywhere globally. They are neither governed by a single entity nor do they require permissions. Consortium blockchains are networks governed by multiple private entities providing permission to access them. hybrid blockchains combine private and public networks to overcome the drawbacks or use the best part in private and public blockchain types.


The global blockchain in smart homes market, by application, is bifurcated into Home security, Home automation, Home entertainment, Home healthcare, and Others. The home security segment accounted for the largest market share of XX% in 2018, with a market value of USD XX million; it is expected to register a CAGR of XX% during the forecast period. Smart home security systems add an additional layer to the security of smart home premises. Devices such as indoor & outdoor security cameras, video doorbells, motion sensors, smart locks, and others are connected to the internet to provide accessibility and control to the homeowners. Home automation has gained traction in the last few years. For instance, the increasing use of smart lighting, smart thermostats, smart power switches, smart TV, smart refrigerators, smart speakers, and others have surged in the recent past due to the convenience provided, efficiency, and increase in internet penetration, and other driving factors. Home entertainment has undergone a tremendous evolution in the past decade due to advancements in IoT technologies. The market players have launched a range of smart home entertainment devices that enhance consumers viewing and listening experience. Rapid growth in the elderly population, rising incidence of chronic diseases, growing need for cost-effective healthcare delivery, and technological advancements of home care devices are the key factors driving the growth of the home healthcare industry. Other applications include devices such as smart meters, smart plugs, smart smoke detectors, and others.


Access full report @ https://www.marketresearchfuture.com/reports/blockchain-in-smart-home-market-10788


Competitive Analysis


During the study, MRFR has analyzed the major players that contributed a significant share to the growth of the global blockchain in smart homes market. These include OSIZ Technologies private ltd, Telstra, Comcast, Blockchain App Factory (S A Eonsofttech Pvt Ltd), Teksun, SoluLab, TokyoTechie, Mobiloitte, Tata Consultancy Services Limited, Xage Security, Inc., Protokol BV, and Aciana Health Systems.


Regional Analysis


The global blockchain in smart homes market, by region is divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The market is led by North America, which occupied a 46.2% market share in 2020. Increasing investments by key market players in this region are the factors which expected to drive the market in North America in the coming years. North America is followed by Europe, which occupied around XX% market share in 2020. Asia-Pacific is the fastest-growing market with the highest CAGR of 46.3% during the forecast period.