The Enterprise Blockchain market is relatively new, in our view dating to 2016. In many respects this market is topsy-turvy, driven by user interest and not IT vendor R&D. Most technology markets are created when technology is developed via an IT vendor R&D process, and a sales/marketing team is then built to sell and explain the benefits to potential customers. But so far, Enterprise Blockchain interest and early adoption have been driven less by technology vendors and more by public and private organizations interested in its use.
We forecast that the total market for Enterprise Blockchain technology sales will grow from $2.9 billion in 2019 to $13.2 billion in 2024, with growth occurring over four phases.