NEW YORK, United States, May 09, 2022 (GLOBE NEWSWIRE) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in Smart Home Market” information by Blockchain Type, by Component, by Application and Region – forecast market size for 2027 “to reach $2,045.4 million, growing in a complex Annual growth rate reached 41.2% by 2027.
The global blockchain in the smart home market is gaining momentum. Blockchain technology has huge potential in facilitating smart home applications at scale. This technology enables a single access point for nearly every home application, from providing digital keys and IoT-enabled doors to smart entertainment systems for homeowners.
The major players dominating Blockchain in the smart home market are:
- OSIZ Technologies Private Limited
- Blockchain App Factory (SA Eonsofttech Pvt Ltd.)
- Tokyo Tiki
- Tata Consulting Services Ltd.
- Xage Security Inc.
- Protokol BV Aciana Health Systems
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The Internet of Things is an important aspect of smart home automation facilities. However, the limited processing power and storage capacity of today’s smart systems creates security holes. Blockchain technology ensures better security of IoT systems used in the smart home system with its decentralized nature. Undoubtedly, this innovation provides excellent comfort and smart services for homeowners.
The increasing development of smart home applications emanating from an efficient dashboard depicting damage identifier, damage total and status of smart home systems is boosting the market size. Blockchain solutions are increasingly used to overcome the difficulties of a smart home to prevent physical trust, decentralized security options, uses of smart contracts, and solve security-related issues without tampering with data.
Also, sensitive information such as voice recognition, biometrics and facial recognition stored on the blockchain cannot be modified once the data has been uploaded, while it is available to authorized people to access it from anywhere. Blockchain-enabled smart home solutions instantly improve the performance of smart homes. They provide flawless access to smart devices and unalterable high security to allow homeowners to control and track risks.
Meanwhile, governments around the world are taking their initiative to simplify the adoption of connected devices across the board. Most countries are now integrating smart home technologies into the homes of the elderly and the daily lives of the elderly, making them easier and more independent. Blockchain technology is improving the experience of smart home users on a global scale.
Most of the players in the industry are working on enhancing smart home security and using blockchain patents to securely manage the smart home. Blockchain allows homeowners to configure device-specific parameters and operate transactions on a secure network through encrypted private keys.
It is said that these solutions will store configuration information and change logs in a permanent and immutable blockchain database. Also, companies around the world are expected to continue to explore the field, find new applications, and uncover new business cases to enhance security.
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Market segmentation covered by the research:
The blockchain in the smart home market is divided into components, blockchain types, applications, and regions. Among them, based on the components, the blockchain in the smart home market is divided into hardware, software, and services. Based on the types of blockchain, the market is divided into public, private, consortium, hybrid and others. Based on the application, the smart home market blockchain is divided into home security, home automation, home entertainment, healthcare, and others. Moreover, the region segment is further subdivided into Asia Pacific, Americas, Middle East, Africa, Europe and Rest of the World.
North America is the largest market for blockchain in smart homes. The region is a center of many technologies, which along with significant technological developments in communications and smart home solutions, positively influence the growth of the market. Besides, factors such as increased investments and continuous initiatives in the development of ledger technology are driving the market revenue.
The large presence of smart home technology providers offering robust automation technologies and services and well-established development centers in the region affects the market value. Moreover, faster adoption of innovative smart home solutions in the US and Canada is driving up market shares in the region. And the early adoption of cloud-based publishing services is also driving blockchain in demand in the smart home market.
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The blockchain in the smart home market will see many strategic approaches, such as cooperation, expansion, mergers and acquisitions, and integration of advanced technologies. The major players in the industry are making strategic investments in driving research and development activities and furthering their expansion plans.
For example, recently, on November 27, 2021, blockchain startup Kingspin Technology Services (UAE) announced the launch of its new smart city office, Kochi, to expand its operations in India as an offshore delivery hub for blockchain augmentation. development team. The company also plans to focus on other digital transformation technologies such as data science and the Internet of Things.
The angel-funded startup is also planning to launch a branch in Wyoming, US, to experiment with Silicon Valley technology upgrades and simplify the journey forward in the current digital decade, while embracing the latest technological advances.
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5G commercialization and rapid advances in convergence solutions and hardware development are driving the market growth, making smart home network configuration more efficient and systematic. Smart home systems are part of a home-based communication system between devices and other environments without human intervention.
They send and receive data in real time and provide automated and intelligent services to various household appliances such as televisions, lights, and refrigerators. A secure IoT and networking environment is important for these smart homes made up of embedded computers, IoT and Internet-based connected devices. Therefore, smart home gateway networks with centralized structures must be configured efficiently and securely.
As the data in the blockchain is exchanged in a decentralized and encrypted form, it supports the security requirements of confidentiality, integrity, and authentication of the smart home gateway. Communication is also shifting from wired to wireless, which, along with developments in communication technologies, defines the growing market landscape.
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