According to Future Market Insights' study, the market for enterprise-grade DLT is expected to grow at a CAGR of 26.7% over the estimated period of 2022 to 2032. The industry value is expected to grow from USD 3.6 million in 2022 to USD 38.8 million in 2032. Some of the key factors determining the market growth include:
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The enterprise-grade DLT market witnessed steady growth in the historical period of 2017 to 2021, arriving at a market valuation of USD 2.9 million by the end of 2021.
The growing government initiatives, widespread use of smartphones, and rise in the penetration of the internet propelled the market in recent years. Going forward, the market is predicted to move at a robust CAGR of 26.7% over the stipulated time period of 2022 to 2032 and is estimated to attain USD 38.8 million by the 2032 year-end.
The market is forecast to drive forward as a result of rising venture capital funding and investment in the technology, and wide application of enterprise-grade DLT solutions, including smart contracts, payment, and digital entities. Further, the surging utilization of Hyperledger, which is a DLT-based development platform for blockchain solutions providing transparency, speed, and cost-efficiency for business transactions, is projected to aid the market development over the forecast period.
Hyperledger is used in various industries, such as banking, information technology, supply chain, insurance, retail, supply chain, virtualization, finance, IoT, and manufacturing, etc. It offers modular and configurable architecture, versatility in the creation of BCT solutions for diverse use cases, a highly scalable system, and supports various DBMS for ledger maintenance.
The enterprise-grade DLT market is replete with opportunities, as the technology is perceived to offer great potential in various applications, including cybersecurity, banking, and IoT.
Extensive utilization of IoT devices in numerous applications, such as smart transportation, smart grids, smart city projects, smart homes, vehicular connectivity, and autonomous vehicles, is projected to foster market development over the forecast period. Due to the rapidly growing market of IoT devices, many enterprises are originating updated technology use cases utilizing IoT devices.
Many pioneers are implementing distributed ledger solutions for a decentralized network of IoT devices, thus eliminating the requirement for a central location to manage communications between devices. The enterprise-grade distributed ledger technology is predicted to enable direct communication between devices, consequently eliminating the need for other monitoring systems.
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Various challenges that block the path for the enterprise-grade DLT market include technical issues, such as legal concerns, interoperability, standardization, and privacy. The challenge of interoperability can arise at multiple levels, at the technology level, and at the level of semantics, data models, and processes utilized in particular platforms and applications.
In addition to lack of legal clarity, lack of standards is emerging as a key challenge as the industry is moving towards digitization. On top of this, another issue of jurisdictional standardization is adding to the considerable challenge of legal systems amendment to permit trade digitization.
The supply chain segment accounted for a market share of 27.8% in 2021. The growing demand for sophisticated supply chains in complex ecosystems and markets that involve many agreements, is catalyzing the segment growth in the market.
The application of enterprise-grade DLT in the supply chain allows heightened simplicity, enhanced transparency, fraud and error prevention, tamper-proof verification, increased efficiency, and finality.
Meanwhile, the payments category is predicted to witness rapid growth over the stipulated time frame, growing at a CAGR of 28.7%. The growing utilization of enterprise-grade DLT solutions by companies to custody and shift digital assets across entities and borders to meet the capital and liquidity requirements of the firm is predicted to facilitate the demand for enterprise-grade DLT in payments.
Cloud is predicted to observe a rapid CAGR of 28.6% between 2022 to 2032. The growing adoption of enterprise-grade DLT solutions by top cloud services providers, such as AWS, Alibaba, Google, Baidu, IBM, Huawei, SAP, Oracle, and Tencent is projected to contribute towards the market development of the global enterprise-grade DLT market over the forecast period.
As of 2021, the finance industry was estimated to account for a market share of 26.5% of the overall market, on the basis of industry. The growing innovation in the market to cater to the growing requirement to enhance private data privacy is anticipated to drive the adoption of enterprise-grade DLT solutions in the financial services industry.
Medium-sized enterprises are predicted to grow at the fastest CAGR of 28.7% in the upcoming years. The surging adoption of enterprise-grade DLT services owing to an emerging interest in distributed ledger technology for secure financial transactions is predicted to boost the growth of the enterprise-grade DLT market.
North America enterprise-grade DLT market accounts for 29.8% of the overall market share. The market growth in the region can be attributed to the early adoption of enterprise-grade DLT services and the availability of various vendors that offer security and DLT solutions are anticipated to propel the regional market growth.
Furthermore, the surging implementation of security and risk management solution by businesses residing in the region to provide data security, safety against cyber-attacks, and commercial surveillance, to enable business continuity is projected to boost the market growth.
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Enterprise-grade DLT solutions are employed to either better the existing businesses or unlock new business opportunities. The surging use- cases for DLT are emerging every day, thus propelling the market development. Technological support is required by enterprises while developing, managing, and maintaining solutions.
Many players offer technological as well as architectural support for developing enterprise-grade DLT solutions. Hyperledger, Ethereum, R3- Corda, Ripple, ERIS, Insolar, Multichain, etc., are but a few of the enablers of DLT services and solutions.
Fujitsu opened FUJITSU Track and Trust Solution Center, an international enterprise blockchain in Brussels, Belgium in 2018. The Solution Center is dedicated to the firm’s commitment to distributed ledger technology and blockchain as a means to transform the way enterprises and consumers buy, exchange, and sell goods and services.
The Center also enables organizations to modify their operational and commercial models. The Solution Center is in charge of research with outer partners, uniting on particular projects to together explore DLT’s potential beyond financial services.
The global enterprise-grade DLT market is estimated to be valued at USD 3.6 million in 2022.
The enterprise-grade DLT market is likely to grow at a CAGR of 26.7% from 2022 to 2032.
The enterprise-grade DLT market is projected to reach a valuation of USD 38.8 million by 2033.
North America is projected to lead the global enterprise-grade DLT market by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 5.1. Supply Chain 5.2. Digital Identity 5.3. Payments 5.4. Smart Contracts 5.5. Others 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Deployment Mode 6.1. Cloud 6.2. On-Premise 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Industry 7.1. Finance 7.2. Manufacturing and Resources 7.3. Distribution Services 7.4. Services 7.5. Public Sector 7.6. Infrastructure 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Enterprise Size 8.1. Small Offices (1-9 employees) 8.2. Small Enterprises (10-99 employees) 8.3. Medium-sized Enterprises (100-499 employees) 8.4. Large enterprises (500-999 employees) 8.5. Very Large Enterprises (1000+ employees) 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. Middle East and Africa 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 16. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Fujitsu 19.2. Ethereum 19.3. Hyperledger 19.4. Aergo 19.5. Corda 19.6. Quorum 19.7. ORS Group 19.8. ChainLink 19.9. Wells Fargo & Company 19.10. Berkshire Hathaway Inc. 19.11. JPMorgan Chase & Co. 20. Assumptions & Acronyms Used 21. Research Methodology
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Enterprise-Grade DLT Market
