Enterprises are increasingly adopting blockchain to enhance transparency, security, and efficiency across various sectors. The banking, government, and manufacturing sectors are leading with the maximum success rate in converting blockchain projects from proofs of concepts (POCs) to production. Blockchain fosters consumer trust through supply chain transparency and product authenticity. The integration of AI with blockchain drives data integrity and decentralized networks. Central banks are developing central bank digital currencies (CBDCs) to streamline cross-border payments. Additionally, blockchain supports sustainable innovation and regulatory compliance, promoting green finance and verifying carbon credits for environmental goals.
Both demand-side and supply-side trends are covered in our Blockchain Services 2024 Market Insights™ and Blockchain Services 2024 RadarView™, respectively. These reports offer an in-depth analysis of blockchain service providers, highlighting key trends, insights, and recommendations. The RadarView also takes a close look at the leaders, innovators, disruptors, and challengers in this market.
We evaluated 46 service providers across three dimensions: practice maturity, partner ecosystem, and investments and innovation. Of the 46 providers, we recognized 23 that brought the most value to the market during the past 12 months.
The reports recognize service providers across four categories:
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- Leaders: Accenture, Capgemini, HCLTech, IBM, Infosys, TCS, Tech Mahindra, and Wipro
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- Innovators: Cognizant, Deloitte, LTIMindtree, NTT DATA, and Zensar
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- Disruptors: Atos|Eviden, Coforge, Innominds, and UST
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- Challengers: Birlasoft, Chainyard, DXC, DataArt, EPAM, and GFT
Figure 1 below from the full report illustrates these categories:
“Enterprises are rapidly advancing blockchain projects from POC to production, enhancing customer trust and operational efficiency,” said Swapnil Bhatnagar, partner at Avasant. “By integrating with AI and tokenizing assets, blockchain is driving data integrity and decentralized innovation, paving the way for a more secure and transparent future.”
The reports provide several findings, including the following:
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- Banking, government, and manufacturing sectors are the top three industries, each exhibiting a POC-to-production conversion success rate of over 30%.
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- Enterprises are elevating consumer trust by improving transparency and traceability within the food, retail, luxury goods, and healthcare supply chains.
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- Firms are integrating AI with blockchain to enhance operational efficiency and drive newer business use cases within the digital ecosystem.
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- Monetary authorities are promoting CBDCs to enhance financial systems, while banking and financial institutions are integrating them for faster transactions and improved compliance.
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- Enterprises are leveraging blockchain to drive sustainable innovation, labor monitoring, and regulatory reporting while ensuring compliance.
“Blockchain services are rapidly shifting toward increased tokenization and decentralized finance, offering enhanced transparency and security,” said Payel Maity, senior analyst at Avasant. “As enterprises continue to explore blockchain’s potential, its role in streamlining operations and fostering sustainable finance will expand.”
The Blockchain Services 2024 RadarView also includes comprehensive profiles of 23 service providers, detailing their solutions, offerings, and expertise in supporting enterprises with their blockchain initiatives.
This Research Byte is a brief overview of the Blockchain Services 2024 Market Insights™ and the Blockchain Services 2024 RadarView™ (click for pricing).