Blockchain in Smart Home Market: Industry Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics, Segmentation by Type, Application and Region

Blockchain in Smart Home Market Overview:

A smart house is a private residence that sends and receives data. It offers automated and intelligent services via various household gadgets such as televisions, lighting, and refrigerators. These machines are part of a home-based communication system that allows items to communicate with other surroundings without human intervention.

 

Blockchain is used in many next-generation applications and has become a popular method for providing security across many platforms, including IoT, smart cities, and many others. The primary reason for this is that blockchain technology offers decentralized and trust-free solutions, in which online-distributed ledgers are utilized to store data throughout the network in a decentralized manner.

 

The Blockchain in smart homes market has gained importance over the past few years, and the use of blockchain in intelligent home gateways is an essential aspect of data transmission authentication, integrity, and confidentiality between devices and other media. Even though each Smart Home Network has a centralized network form, it was implemented as a centralized to a distributed network by employing blockchain at the cloud layer.

The proposed blockchain-based smart home gateway contains three layers: the device layer, the gateway layer, and the cloud layer. The first layer, the device layer, comprises sensors and devices that gather and monitor data in the smart home network environment via multiple heterogeneous IoTs installed in a smart home. The second layer, the gateway layer, stores the data produced by the Device Layer and makes it available to users as needed. The third layer, the cloud layer, registers the ID for the gateway and the data processed by each gateway in the blockchain.

 

Blockchain in Smart Home Market Dynamics:

The Global Blockchain in Smart Home Market is predicted to increase significantly over the forecast period, mainly owing to the rising demand for smart home devices. Additionally, improved competent home performance is likely to contribute to market growth. The market also benefits from a diverse application base.

 

However, one of the problems impeding the expansion of blockchain in the smart homes market is the high cost of implementation. Furthermore, the market confronts problems such as large data generation, which may lead to data storage issues.

 

Blockchain in Smart Home Market Drivers:

 

The Global Blockchain in Smart Home Market is expected to grow immensely.

Smart houses include various household products, such as air conditioning systems, refrigeration units, water heaters, lighting, television, sound system, and smart locks, which may be automated and controlled remotely as needed.

 

However, the integration of smart home devices with blockchain technology was introduced in order to create an infrastructure of connected devices that work together for the convenience of users in day-to-day household activities. Blockchain empowers IoT devices in smart homes, improving security and transparency to IoT ecosystems. This has resulted in a considerable increase in the use of blockchain in smart home market.

 

Blockchain in Smart Home Market opportunity:

 

The blockchain in smart home market is enormous. The end-use applications of blockchain in smart homes can be expanded to a variety of solutions in daily life, such as thermostats, smart televisions, refrigerators, and many other IoT-enabled use cases.

 

Water management, lighting, energy efficiency, home security systems (including smart locks and smart security cameras, parental control, and others), pet management, and many other applications can benefit from integrating blockchain technology with innovative home equipment.

 

Blockchain in Smart Home Market Restraints:

 

The blockchain in smart home market has seen numerous benefits; however, integrating blockchain and IoT for smart home applications necessitates a significant amount of processing power and data storage capacity for proper operation, necessitating a high installation cost.

Furthermore, the decentralization of users' sensitive personal data onto multiple computer systems owned by various third-party businesses may jeopardize data privacy due to their access. Without authorization, user data can be exploited and sold for various commercial purposes. This raises concerns about user data and is anticipated to be one of the impediments to the blockchain in smart homes market throughout the projection period.

 

Impact of COVID-19 on Blockchain in Smart Home Market:

 

The COVID-19 epidemic impacted a wide range of sectors. The global increase in COVID-positive patients compelled governments to implement policies such as stay-at-home, social distancing, house segregation, and others. However, during an extraordinary crisis, demand for blockchain-enabled smart home devices increased significantly.

 

During the lockdown period, the semiconductor market faced supply chain issues, production scarcity, raw material shortages, transportation, and logistics irregularities, which hampered market growth, despite consistent demand from several end-use industries such as smart home devices, IT, and telecommunication. Work and education from home/remote have considerably fueled the market for smart home gadgets.

 

Blockchain in Smart Home Market Segmentation:

The Blockchain in Smart Home market is segmented into: Type, Application, and Regions

 

Based on Type, the Blockchain in Smart Home market has been segmented into private, public and hybrid type. A public cloud blockchain is a multi-tenant environment where the computing space is shared with several other clients. The public blockchain in smart home dominated the market in 2021 and accounted for more than 60% of the global revenue. 

 

The private blockchain in the smart home market is expected to witness significant growth in the forecast period, owing to dedicated infrastructure and resources exclusively for organizations.

 

On the basis of application, the Blockchain in smart home market is segmented into home security, home entertainment, home automation, home healthcare, and others.

 

The idea of home care is formed from the situation when a person requires an ongoing professional healthcare facility while staying at their home, especially people aged or suffering from chronic illness. Such a residence is equipped with automatic devices to ensure the patient's safety at home instead of being admitted into a third-party healthcare facility or hospital for an inde?nite time.

 

The emergence of smart devices has unlocked a new frontier for IoT-enabled innovated solutions to operate smart homes intelligently and e?ciently. Sensors, CCTV, smart TV, wearables, smartphones, and actuators are the main components enriching the smart home ecosystem. The essential services that a smart home provides through IoT devices are remote controls, alarm generation, health monitoring, etc.

 

With the advent of COVID-19, extensive lockdowns, and stay-at-home rules worldwide, the blockchain in the smart home market has boomed. The emergence of smart devices and the use of home entertainment has increased.

 

Hence, home entertainment dominated the market in 2021. Following, home healthcare is expected to witness a rise in the coming years owing to the importance given to healthcare.

 

 

Blockchain in Smart Home Market Regional Insights:

North America, Europe, Asia-Pacific, the Middle East, and Africa, and South America account for most of the worldwide blockchain in the smart homes market. North America is the market leader, with a 46.2 % market share in 2021. Increased investments by leading market players and the presence of key Blockchain players in the Smart home market in this area are likely to drive the North American market in the coming years. North America is followed by Europe, accounting for approximately 20 % of the market in 2021.

 

Asia-Pacific, home to countries like China, India, and Australia, is the fastest-growing region in the blockchain in smart home market, owing to the large population and increasing spending power, thereby leading to an increase in homecare, home entertainment, etc. This region is expected to grow at a 46.3 % CAGR during the forecast period.

 

The report aims to provide stakeholders in the Blockchain in Smart Home market with a detailed market outline. The research discusses the most critical Blockchain in Smart Home sector trends and how these trends will impact future business investments and marketing strategies throughout the forecast period. By studying market leaders, market followers, and regional players, the report also aids in the understanding of the Blockchain in Smart Home Market dynamics, economic fundamentals, and competitive structure.

 

The qualitative and quantitative data in the Blockchain in Smart Home Market research will help determine which market segments, regions, and influencing factors are expected to grow at faster rates and significant opportunity areas that will drive the market and market growth during the projected period.

 

The competitive landscape of essential players in the market and their recent advances in the Blockchain in Smart Home Market is also included in the report. The study examines company size, market share, market growth, revenue, production volume, and profitability of the Blockchain in Smart Home Market's major players.

This report aims to provide a comprehensive analysis of the Blockchain in Smart Home Market and highlight the significant trends and growth opportunities. The report offers Porter's Five Force Model for analysis of the Blockchain in Smart Home Market, which helps design the business strategies in the market. The study aids in determining the number of rivals, who they are, and the performance of the products in the industry.

 

The analysis also examines whether the Blockchain in Smart Home Market is open to new entrants, whether they enter and exit the market regularly, and whether a few players dominate it.

 

The report also includes PESTEL Analysis, which aids in developing company strategies. Numerous elements affect growth and profitability. A PESTEL study can assist in determining the significance and strength of these elements.

 

It helps firms decide which characteristics are beneficial and which are not. PESTEL is a word that stands for Political, Economic, Socio-cultural, Technological, Environmental, and Legal. These variables take on added significance for organizations functioning in a global setting.

 

Blockchain in Smart Home Market Scope:

 

Blockchain in Smart Home Market Scope
Market Size in 2022	USD 368.04 Mn.
Market Size in 2029	USD 4118.54 Mn.
CAGR (2023-2029)	41.2%
Historic Data	2017-2021
Base Year	2022
Forecast Period	2023-2029
Segment Scope	By Type Private Public Hybrid
	By Application Home Security Home Entertainment Home Healthcare Home Automation Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

Blockchain in Smart Home Market: Key players and their Insights:

 

The Blockchain in Smart Home Market has become competitive. Various market players have adopted product launches and business expansion as their developmental strategies to expand their market share, increase profitability, and remain stable in the market. To grow their product range and acquire a competitive edge in the market, key players in the market are employing various business tactics such as business expansion. To strengthen their market position, significant organizations in the market are pursuing various business strategies such as mergers and acquisitions.

 

Some of the most prominent players in the Blockchain in Smart Home Market are:

• OSIZ Technologies private ltd (Tamil Nadu, India)
• Telstra (Melbourne, Australia)
• Comcast (Pennsylvania, United States)
• Blockchain App Factory (S A Eonsofttech Pvt Ltd) (Tamil Nadu, India)
• TokyoTechie (Maharashtra, India)
• Teksun, SoluLab (Gujarat, India)
• Mobiloitte (New Delhi, India)
• Tata Consultancy Services Limited (Maharashtra, India)
• Xage Security (California, United States)
• Protokol BV (Amsterdam, The Netherlands)
• Aciana Health Systems (Ohio, United States)