The global Blockchain in Smart Home Market was expected to reach USD 2,045.4 million with a CAGR of 41.2% by 2027 during the forecast period. During the forecast period, the global Blockchain in Smart Home Market witness substantial growth because of the increased demand for smart home devices. It was influenced by the improved security and increase in IoT-enabled applications & increase in the remote control. The global Blockchain in Smart Home Market growth was enhanced by the performance of the smart home.
|Revenue Forecast in 2030:||USD 2045.4 Million|
|Growth Rate:||CAGR of 41.2% from 2020 to 2027|
|Growth Period:||2020 -2027|
|Report Coverage:||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
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The growth of the blockchain in the smart homes market was hindered by the high cost of adoption. The global Blockchain in Smart Home Market has opportunities based on wide applications. The global Blockchain in Smart Home Market faces challenges like the generation of bulk data which causes data storage concerns. According to the convenience and requirements, smart homes consist of various types of home appliances like refrigeration units, air conditioning systems, lighting, water heaters, sound system, television, and smart locks to automate tasks and control them remotely.
The integration of smart home devices was introduced with blockchain technology for creating the infrastructure of the connected devices that work together for the convenience of users in daily household activities. The blockchain enables the empowerment of the IoT devices for enhancing the security in smart homes and bringing transparency to IoT ecosystems which drives the blockchain in the smart home market significantly.
The integration of blockchain and IoT requires a lot of processing power and storage capacity for smart home applications for their smooth functioning which requires a high cost of installation. During the forecast period, the major restraining factor for the global Blockchain in Smart Home Market was that the user’s data was used and sold for various business purposes without permission. North America occupied the 46.2% share in the market in 2020. The market in North America was driven by the increased investments of the market players. Asia-Pacific was the fastest-growing market.
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The global Blockchain in Smart Home Market was segmented based on component, blockchain type, application, and region.
Based on components, the global Blockchain in Smart Home Market was divided into Services, Hardware, and Software.
Based on Blockchain type, the global Blockchain in Smart Home Market was divided into hybrid, public, consortium, and private.
Based on application, the global Blockchain in Smart Home Market was divided into home healthcare, home security, home entertainment, and home automation.
Based on region, the global Blockchain in Smart Home Market was divided into South America, North America, Asia-Pacific, Europe, Middle East & Africa.
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The global Blockchain in Smart Home Market was spread in the following regions – South America, North America, Asia-Pacific, Europe, Middle East & Africa.
The key players involved in the global Blockchain in Smart Home Market are – Mobiloitte, OSIZ Technologies Private Ltd, Tata Consultancy Services Limited, Telstra, Xage Security Inc., Comcast, Protokol BV, Blockchain App Factory (S A Eonsofttech Pvt Ltd), Aciana Health Systems, Teksun, SoluLab, and Tokyo Techie.
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