Industrial Blockchain Market Continues to grow at ~27% – despite global cryptocurrency collapse

New report finds $174M in Industrial & IoT Blockchain spending today and predicts the market will expand to $573M by 2023 – driven by encouraging pilot project results and ongoing corporate investments.

IoT Analytics, a leading provider of market insights and competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0, today published a 121-page report titled Industrial & IoT Blockchain Market 2019-2023.

The report, which is part of the IoT Analytics Emerging Technologies series, was compiled over the course of 9 months and involved 25+ interviews with industry experts. A critical discussion on the role of blockchain technology in IoT solutions is presented through 40+ analysis charts and 10+ data tables predominantly based on the examination of 140+ proof-of-concepts and investment trends in the market. 5 fundamental technological concepts of the emerging technology are discussed including blockchain architectures, permissions, platforms, deployment considerations, and applications.

The report shows that there is value in blockchain beyond banking, finance & insurance as the research identified 30+ blockchain-based use cases for Industrial & IoT settings. Use cases such as food origin, safety, quality tracking, micro grid and energy trading were identified from across 11 industries as well as cross-vertical use cases such as blockchain for security and an IoT data marketplace.

A detailed analysis of 160+ blockchain technology vendors providing solutions for industrial and Internet of Things use cases revealed IBM as the current Industrial & IoT Blockchain Market leader with an estimated 20% of global market share. Supply Chain was identified as the #1 application area for blockchain from an Industrial & IoT project standpoint.

Spending for Industrial & IoT Blockchain reached $174M in 2018, much of which was dedicated to early stage pilot projects. The report outlines a scenario-based approach to estimate the size of the market. The upper limit scenario denotes the best-case scenario for the market while the lower limit refers to the worst-case scenario. The IoT Analytics consensus case is closer to the lower limit scenario and forecasts spending to be just under $573M by 2023

The report includes a list of 38 real-world Industrial & IoT blockchain implementations and has a detailed deep-dive on 10 specific blockchain technology providers from around the world. The report also includes 12 current market drivers and challenges, 3 market trends and 2 future developments that are shaping the Industrial & IoT Blockchain market.
Commenting on the findings, IoT Analytics Managing Director Knud Lasse Lueth said:

“Blockchain sentiment has turned extremely negative in the last 6-9 months. This is largely due to the fall of cryptocurrencies and the inflated expectations and promises that turned out to be mostly hot air. However, beyond the hype, Blockchain remains a viable technology and several industrial companies we interviewed continue to invest and explore. Make no mistake – at an estimated $147M, this is not a big market today and based on our observations, there won’t be an explosion anytime soon. We expect a clean-up of the landscape and then there will be solid growth somewhere between the upper and lower scenarios that we defined as part of the analysis. There clearly is value for a number of industrial and IoT-related use cases as the technology evolves. One should note that cryptocurrencies will play a minor role in these settings.”

IoT Analytics is the leading provider of market insights & competitive intelligence for the Internet of Things (IoT), M2M, and Industry 4.0. The boutique research firm helps more than 40,000 Internet of Things decision-makers understand IoT markets every month. IoT Analytics tracks important data around the IoT ecosystem such as market developments, M&A activity, startup funding, company projects, use cases and latest news. Product offerings include in-depth market reports as well as bespoke research and consulting services. As a research pioneer, IoT Analytics combines traditional methods of market research such as interviews and surveys with state-of-the art web-mining tools to generate high-caliber insights.

IoT Analytics is headquartered in Hamburg, Germany. For more information, visit www.iot-analytics.com

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This release was published on openPR.