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.

Hamburg, Germany – January 31, 2019 //

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 15+ 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 140 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.

Industrial Blockchain - Comparison of Global IoT-Related Blockchain Project Spending Scenarios

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.”

The Market Report is available to download HERE, and a sample of the market report can be downloaded HERE.

Scope of the report:

Industrial Blockchain Covered Topics

About IoT Analytics

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

TABLE OF CONTENTS: Industrial & IoT Blockchain Report Market 2019-2023

Industrial & IoT Blockchain Market 2019 – 2023


1 Executive Summary

2 Introduction

2.1 State of the IoT

2.2 IoT challenges today

2.3 Introduction to Blockchain Technology

2.4 Impact of Blockchain Technology on the Internet of Things

2.5 Objectives and Structure of this Report

3 Understanding Blockchain Technology

3.1 How Blockchain Works

3.2 Reaching Consensus on the Network

3.3 Transferring Digital Assets on the chain

3.4 How Smart Contracts Work

3.5 Blockchain Technology and the Internet of Things (IoT)

3.6 Deployment Considerations & Challenges

3.7 Layer 2 and DAG Technology

4 Industrial & IoT-Related Blockchain Projects

4.1 Global overview on blockchain projects

4.2 Industrial & IoT-related Blockchain Projects

4.2.1 Blockchain Technology in Supply Chain

4.2.2 Overview of Blockchain Technology in Smart City and Mobility

4.2.3 Overview of Blockchain Technology in Energy and Utility

4.2.4 Overview of Blockchain Technology in Manufacturing

4.2.5 Overview of Blockchain Technology in Other Sectors

4.2.6 Cross-vertical “Industrial & IoT” blockchain use cases

4.2.7 Lessons learned from the projects

5 Market Sizing & Outlook

5.1 Definition and Methodology

5.2 “Upper Limit” Scenario

5.2.1 Overall Market Size

5.2.2 Regional Analysis

5.3 “Lower Limit” Scenario

5.3.1 Overall Market Size

5.3.2 Regional Analysis

5.4 Consensus Market Scenario

6 Competitive Landscape

6.1 Classification of Stakeholders

6.1.1 Horizontal vs. Vertical

6.1.2 Blockchain-as-a-Service

6.2 Regional Analysis

6.3 Company Size Analysis

6.4 Market Shares

6.5 Blockchain Platforms and Infrastructures

6.5.1 Deep-dive: Ethereum

6.6 Leading Vendors

6.6.1-10 Vendor Profile 1 – 10

6.6.11 Other Pure play IoT & Blockchain vendors

6.6.12 Other vendors

6.7 Evolution of the Competitive Landscape

7 Market Drivers and Challenges

7.1 Market Drivers

7.2 Market Challenges

8 Business Models and Investment Dynamics

8.1 Blockchain-based Business Models

8.1.1 Role of Smart Contracts

8.1.2 Role of Autonomous Agents in Smart Contracts

8.1.3 Role of decentralization and edge computing

8.2 Financial Instruments in the Blockchain Community

8.3 Investment Analysis

8.4 M&A Activities

8.5 Modes of Entrepreneurship in Blockchain and the IoT

8.5.1 ICOs

8.5.2 Incubators / Accelerators

9 Future Directions & Trends

9.1 Blockchain technology and IoT platforms working together

9.2 The Convergence of IoT, blockchain, and AI

9.3 The Opportunity and the Threat of Quantum Computing



Companies Mentioned (selection from report)

Accenture, Alibaba, Amazon, Ambrosus, Baidu, Blockfreight, Blockverify, Byteball, Chronicled, Cybervein, Everledger, Evrythng, Filament, Google, IBM, IoTA, Microsoft, Modum, Nano, Oracle, Provenance, SAP, Tencent, among others.

Direct Purchase/Request a Sample

  • The Industrial & IoT Blockchain Report is available to download HERE
  • Samples of the Industrial & IoT Blockchain Report can be downloaded HERE.

Bespoke Research on the topic

  • If you are considering a project of a similar nature or require related research services, get in contact with our bespoke research team to see how we could assist you. Contact IoT Analytics:
  • If you are already in the process of implementing a project of this nature, check out our supporting documents website:

Sales & Marketing

  • For all other sales, marketing or partnership related inquiries please contact our Head of Sales, Leon Whyte:

Public Relations

  • For further comments or more information on this press release, please contact: Stephanie Baumann

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<a href="" target="_self">Saverio Romeo</a>

Saverio Romeo

Saverio is a strategic adviser at IoT Analytics. His expertise revolves around entrepreneurship in IoT and emerging technology, the impact of blockchain on innovation and more.

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