Enterprise Blockchain Market Size, Share, Growth & Industry Analysis, By Component (Solution and Blockchain as a Service), By Type (Public, Private, and Others), By Organization Size, By Deployment, By Application, By End Use, and Regional Analysis, 2024-2031

Enterprise Blockchain Market Size

The global Enterprise Blockchain Market size was valued at USD 9.67 billion in 2023 and is projected to grow from USD 14.14 billion in 2024 to USD 213.40 billion by 2031, exhibiting a CAGR of 47.36% during the forecast period. The emergence of hybrid blockchain marks a pivotal evolution in blockchain technology, catering specifically to the diverse needs of enterprises.

In the scope of work, the report includes solutions offered by companies such as Wipro, IBM Corporation, Hewlett Packard Enterprise Development LP, Fujitsu, Oracle, PixelPlex, Paystand, Inc., SoluLab, Zeeve, TATA Consultancy Services Limited, and others.  

Hybrid blockchain combines the advantages of both public and private blockchains, offering a unique blend of transparency, security, and control. Public blockchain are known for their decentralized nature and transparency, which allow anyone to participate in and verify transactions. However, they may pose challenges related to privacy and scalability for enterprise applications.

Moreover, private blockchains provide enhanced privacy and control over permissions, making them suitable for confidential business transactions. Hybrid blockchain addresses these challenges by allowing enterprises to maintain private, permissioned networks while also benefitting from the security and transparency benefits of public blockchain for specific use cases such as supply chain transparency or audit trails. This approach enhances flexibility addresses regulatory compliance concerns by offering customizable levels of visibility and decentralization.

Enterprise blockchain refers to blockchain solutions designed specifically for business applications within organizations. Unlike public blockchain which are open and decentralized, enterprise blockchain are typically permissioned, thereby restricting access and participation to authorized entities. The components of an enterprise blockchain include a distributed ledger that records transactions across multiple nodes, cryptographic security mechanisms to ensure data integrity and confidentiality, and consensus algorithms to validate transactions without the need for intermediaries.

There are several types of enterprise blockchain, including private (fully permissioned), consortium (semi-permissioned), and hybrid blockchain, each offering varying levels of decentralization and control. Enterprise blockchain finds applications across diverse industries such as finance (for secure and efficient payments and settlements), supply chain management (to track and verify the flow of goods), healthcare (for managing patient data securely), and government (for transparent and tamper-proof record-keeping).

The key benefits include improved transparency, reduced costs through streamlined processes, enhanced security, and increased operational efficiency, making enterprise blockchain a transformative technology for modern businesses.

Analyst’s Review

In the market, key players are strategically positioning themselves to capitalize on the growing demand for secure and efficient blockchain solutions across various industries. Companies are focusing on developing scalable blockchain platforms that address specific industry needs such as supply chain transparency, financial transactions, and digital identity verification.

The growth of the enterprise blockchain market is driven by innovations in interoperability solutions, scalability enhancements, and the integration of advanced cryptographic techniques to ensure data security. Imperatives for key players include fostering strategic partnerships to expand market reach, investing in research and development to maintain a competitive edge in technology advancements, and navigating regulatory landscapes to ensure compliance and trust among enterprise clients.

The enterprise blockchain sector is witnessing dynamic growth, mainly propelled by technological innovation and strategic business initiatives aimed at maximizing the potential of blockchain technology in enterprise settings.

• For instance, in August 2022, Infosys developed a solution using VMware Blockchain for Ethereum to verify vital records such as birth and marriage certificates. This secure blockchain ledger ensures immutable, transparent, and seamless verification,bolstering data integrity, privacy, cryptographic authentication, and transaction tracing. It exhibits high performance and compatibility with decentralized apps such as DAML and Solidity.

Enterprise Blockchain Market Growth Factors

The growing adoption of Internet of Things (IoT) devices is significantly boosting the integration of blockchain technology across various industries. IoT devices generate vast amounts of data from interconnected sensors and machines, underscoring the need for secure and efficient data management solutions. Blockchain's decentralized and immutable ledger capabilities offer robust security and transparency, making it ideal for managing and verifying IoT-generated data in real-time.

By leveraging blockchain, enterprises enhance data integrity, reduce the risk of data tampering or unauthorized access, and establish trust among multiple parties involved in IoT ecosystems. Moreover, blockchain-enabled smart contracts facilitate automated and secure transactions between IoT devices, ensuring seamless operation and reducing operational costs.

Integrating blockchain technology with existing legacy systems poses significant challenges, primarily due to differences in architecture, data formats, and operational protocols. Legacy systems often rely on centralized databases and traditional transaction processing mechanisms, in contrast to blockchain's decentralized and distributed ledger structure.

Ensuring interoperability between blockchain and legacy systems requires careful planning, custom integration solutions, and occasionally complete system overhauls. Additionally, scalability issues may arise when attempting to scale blockchain networks to handle legacy system transaction volumes efficiently. Moreover, regulatory compliance and concerns regarding data privacy complicate integration efforts, as blockchain introduces new paradigms for data storage and governance.

Despite these challenges, successful integration offers compelling benefits such as enhanced transparency, improved security, and streamlined processes. Overcoming these hurdles demands collaboration between blockchain experts, IT professionals, and domain-specific stakeholders to develop tailored integration strategies that mitigate risks and maximize the transformative potential of blockchain technology.

Enterprise Blockchain Market Trends

The rising trend of tokenization is expanding beyond cryptocurrencies to encompass a broader range of real-world assets and digital identities,. This expansion is revolutionizing traditional asset management and identity verification processes. Tokenization involves digitally representing tangible assets, including real estate, commodities, or artwork, as well as intangible assets such as intellectual property or personal credentials, on blockchain platforms.

By tokenizing assets, ownership is easily transferred, fractional ownership is facilitated, and liquidity is enhanced through trading on blockchain-based exchanges. Moreover, tokenization improves transparency and reduces transaction costs associated with traditional asset transfers. Moreover, digital identities are being tokenized to provide secure and verifiable authentication solutions, thereby enhancing cybersecurity and reducing identity fraud risks.

This trend is particularly impactful in industries such as finance, where tokenized securities offer new investment opportunities, and in governance, where blockchain-based voting systems ensure transparent and tamper-proof elections.

Segmentation Analysis

The global market is segmented based on component, type, organization size, deployment, application, end use, and geography.

By Component

Based on component, the enterprise blockchain market is segmented into solution and blockchain as a service. The blockchain as a service (BaaS) segment accounted for a significant share of 60.59% in 2023. This dominance is largely attributed to its ability to lower barriers to entry for businesses looking to adopt blockchain technology. BaaS providers offer cloud-based solutions that allow enterprises to leverage blockchain functionalities without the need to invest heavily in developing and maintaining their own blockchain infrastructure.

This significantly reduces upfront costs, accelerates deployment timelines, and provides scalability, allowing businesses to adjust resources based on demand. Moreover, BaaS offerings typically include features such as security protocols, smart contracts, and decentralized applications (dApps), making it easier for enterprises to integrate blockchain into their existing systems and workflows.

The growing adoption of BaaS is further propelled by increasing demand for blockchain solutions across various industries, including finance, healthcare, supply chain, and government, where organizations seek to enhance transparency, security, and efficiency.

By Application

Based on application, the enterprise blockchain market is classified into digital identity, exchanges, payments, smart contracts, supply chain management, and others. The supply chain management segment is anticipated to expand at a staggering CAGR of 49.10% through the forecast period. This projected growth underscores the rapid adoption of blockchain technology to address inefficiencies and challenges in global supply chains.

Blockchain offers transformative benefits such as enhanced transparency, traceability, and efficiency by creating an immutable record of transactions and goods movement across the supply chain network. This transparency aids in reducing fraud, counterfeiting, and errors while ensuring compliance with regulatory standards and sustainability goals. Additionally, blockchain-enabled smart contracts automate processes such as payments, customs clearance, and logistics tracking, thereby streamlining operations and reducing costs associated with intermediaries.

By End Use

Based on end use, the market is categorized into financial services, government, healthcare, media & entertainment, retail, and others. The financial services segment achieved the largest revenue, amounting to USD 3.68 billion in 2023. This dominance is faciliated by the sector's early recognition of blockchain's potential to revolutionize traditional banking and financial operations.

Financial institutions are leveraging blockchain technology to streamline processes such as cross-border payments, trade finance, securities trading, and regulatory compliance. Blockchain's decentralized ledger provides real-time transaction visibility, reduces settlement times, and lowers transaction costs, thereby improving operational efficiency and customer experience.

Moreover, blockchain enhances security by minimizing the risk of fraud and data breaches through cryptographic encryption and consensus mechanisms. Regulatory support and industry collaborations have further contributed to the sector's rapid adoption of blockchain, enabling financial services providers to explore new business models and revenue streams, including tokenized assets and decentralized finance (DeFi) solutions.

Enterprise Blockchain Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

The North America enterprise blockchain market share stood around 32.8% in 2023 in the global market, with a valuation of USD 3.17 billion. The region's leading position is strengthened by several factors such as strong technological infrastructure, early adoption of emerging technologies, and robust investment in research and development.

• In the United States and Canada, industries such as financial services, healthcare, and supply chain management, have prominently adopted blockchain technology to enhance transparency, security, and operational efficiency.

Government initiatives that promote blockchain innovation and regulatory frameworks conducive to blockchain adoption have bolstered regional market growth. Moreover, the presence of major blockchain technology providers, tech-savvy enterprises, and a supportive venture capital ecosystem have facilitated the rapid expansion of the North America market.

Asia-Pacific is poised to grow at a staggering CAGR of 49.30% in the forthcoming years. The region's widespread adoption of blockchain technology is fostered by several factors, including rapid digital transformation, increasing investments in fintech and blockchain startups, and favorable government initiatives to promote blockchain innovation.

Countries such as China, Japan, South Korea, and Singapore are actively exploring blockchain applications in diverse sectors such as finance, healthcare, logistics, and smart contracts. Moreover, rising consumer demand for secure and transparent digital transactions is fueling the adoption of blockchain-powered solutions. With supportive regulatory frameworks and growing collaborations between technology providers, enterprises, and academia, Asia-Pacific is well-positioned to lead in blockchain innovation and drive significantly expand its presence in the forthcoming years.

Competitive Landscape

The enterprise blockchain market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization.

List of Key Companies in Enterprise Blockchain Market

• Wipro
• IBM Corporation
• Hewlett Packard Enterprise Development LP
• Fujitsu
• Oracle
• PixelPlex
• Paystand, Inc.
• SoluLab
• Zeeve
• TATA Consultancy Services Limited

Key Industry Developments

• August 2023 (Launch): Antier broadened its scope of operations and enhanced its enterprise blockchain development services. The company is actively focusing on reinforcing the ecosystems of various sectors, including transport and logistics, entertainment, supply chain, healthcare, and finance, through the application of blockchain technology.
• January 2023 (Partnership): Ericsson and Batelco, a subsidiary of the Beyon Group, implemented the Ericsson Customer Acceptance platform. This enterprise blockchain-based solution automates the collection of acceptance records upon the completion of project deliverables. Batelco is the first telecommunications service provider to deploy this innovative solution.

The global enterprise blockchain market is segmented as:

By Component

• Solution
• Blockchain as a Service

By Type

• Public
• Private
• Others

By Organization Size

• Small and Medium Enterprises
• Large Enterprises

By Deployment

• Proof of Concept
• Pilot
• Production

By Application

• Digital Identity
• Exchanges
• Payments
• Smart Contracts
• Supply Chain Management
• Others

By End Use

• Financial Services
• Government
• Healthcare
• Media & Entertainment
• Retail
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America