ID: MRFR/ICT/9304-CR | 94 Pages | Published By Ankit Gupta on March 2022
Blockchain in Smart Home market is expected to reach USD 2,045.4 million by 2027 and is expected to grow at a CAGR of 41.2% during the forecast periods 2021–2027.
The Global Blockchain in Smart Home Market is expected to witness substantial growth during the forecast period. It is mainly influenced by improved security and an increase in remote control and IoT-enabled applications. As per MRFR, the Blockchain in Smart Home market is expected to reach USD 2,045.4 million by 2027 from USD 184.6 million in 2020 and is expected to grow at a CAGR of 41.2% during the forecast periods 2021–2027.
The global blockchain in smart homes market has been segmented into component, blockchain type, application, and region. Based on components, the blockchain in smart homes market has been bifurcated into hardware, software, and services. Based on the blockchain type, the blockchain in smart homes market has been segmented into public, private, consortium, and hybrid. Based on the application, the market has been split into home security, home automation, home entertainment, home healthcare, and others. Based on the region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Below chart depicts the annual market size trend of global blockchain in smart homes market for the period 2018 to 2027.Source: Industry Expert, Secondary Research, and MRFR Analysis
The outbreak of COVID-19 affected numerous industry verticals. The surge in the number of COVID-positive patients globally forced governments to imply policies such as stay at home, social distancing, home segregation, and others. However, the demand for blockchain-enabled smart home devices reported significant growth during an unprecedented crisis. The semiconductor industry faced supply chain issues, production scarcity, shortage of raw materials, transportation, and logistics irregularities that has hindered the growth of the market, while the demand from several end-use industries was increasing consistently such as smart home devices, IT and telecommunication during the lockdown period. Work and Education from home/remote has drove the smart home devices market significantly.
The Global Blockchain in Smart Home Market is expected to witness substantial growth during the forecast period, primarily due to the increasing demand from the smart home devices. Furthermore, enhanced smart home performance is expected to add to the market growth. However, the high cost of adoption is one of the factors responsible for hindering the growth of the blockchain in the smart homes market. On the other hand, the market is opportune by a wide application base. Moreover, the market faces challenges such as bulk data generation may cause data storage concerns.
Smart homes comprise a variety of home appliances, including air conditioning systems, refrigeration units, water heaters, lighting, television, sound system, smart locks, to automate tasks and control remotely as per the requirement and convenience. Although, the integration of smart home devices with blockchain technology was introduced to create an infrastructure of connected devices that work together for users’ convenience in day-to-day household activities. Blockchain enables the empowerment of IoT devices in smart homes to enhance security and bring transparency to IoT ecosystems. This has led to drive blockchain in smart home market significantly.
It is an obvious that the integration of blockchain and IoT for smart home applications requires a lot of processing power and data storage capacity for smooth functioning, hence require high installation cost. Also, the decentralization of users’ sensitive personal data onto several computer servers belonging to different third-party entities can risk data privacy owing to their access. The user data can be further used and sold for different business purposes without permission. This is creating concerns over the user data and is thought to be one of the restraining factors to the blockchain in smart homes market during the forecast period.
Smart home appliance market is way large. The end-use applications of blockchain in smart home can be broadened to numerous solutions in day-to-day life from thermostats, smart televisions, refrigerators, and many other IoT-enabled use cases. The integration of blockchain technology with smart home devices can be implemented in applications such as water management, lighting, energy efficiency, home security systems (including smart locks and smart security cameras, parental control, others), pet management, and many others.
Based on components, the blockchain in smart homes market has been bifurcated into Hardware, Software, and Services.
Based on the blockchain type, the blockchain in smart homes market has been segmented into Public, Private, Consortium, and Hybrid.
Based on the application, the market has been split into Home security, Home automation, Home entertainment, Home healthcare, and Others.
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.
GLOBAL: BLOCKCHAIN IN SMART HOMES MARKET, BY REGION, 2020 (% SHARE)Source: Industry Expert, Secondary Research, and MRFR 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. These players focus on innovating their product offerings in the blockchain in smart homes industry.
These players focus on innovation and thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2027. For this analysis, MRFR segmented the Global Blockchain in Smart Home Market The global blockchain in smart homes market has been segmented into component, blockchain type and application.
|Market Size||2020- USD: 184.6 Million 2027- USD: 2,045.4 Million|
|Forecast Units||Value (USD Million)|
|Segments Covered||• By Component (Hardware, Software, Services) • By Blockchain type (Public, Private, Consortium, Hybrid) • By Application (Home security, Home automation, Home entertainment, Home healthcare, Others)|
|Geographies Covered||• North America • Europe • Asia-Pacific • Middle East and Africa • South America|
|Key Vendors||• 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 • Aciana Health Systems|
|Key Market Opportunities|
|Key Market Drivers||• Drivers o Growing space exploration activities across the globe o Rising demand for the advanced PCBs that offer advanced functionality and reliability in extreme conditions • Restraint o Lack of technical expertise • Opportunity o Rapid technological advancements • Impact Analysis of COVID Pandemic o Impact of covid-19 on the blockchain in smart homes industry o Impact of covid-19 on the semiconductor industry o Post-pandemic situation on end-use|
41.2% CAGR is expected to transform the market.
North America regional market is projected to be the major driver of the market.
The segments in the market are Component, Blockchain type, Application and Region.
The major contenders in the global market are Comcast Corporation, Telstra, Tata Consultancy Services Limited