Many companies are looking for blockchain consulting services these days that can help them through the complete adoption cycle. However, due to the low technology maturity and the highly uncertain financial ROI, the majority of these services focus on proof of concept and strategic help.
Blockchain consulting companies are still working on creating the optimum project lifecycle plan. But you must make sure that you get support from the best service providers. The moral fortitude required to deal with issues, processes, or operational elements of this kind of deployments is a moral quality that many individuals lack.
Fear not, though; there are other knowledgeable blockchain consulting firms, and they are growing swiftly. Many of them have also hired qualified blockchain professionals to assist them. Therefore, the focus of today’s discussion will be blockchain consulting services and the numerous businesses that offer them.
Let’s begin, then!
What is the state of the market right now?
The interest in blockchain technology has substantially increased during the last two years. Not just blockchain, but distributed ledger technology is seeing an increase in demand. Furthermore, the blockchain and other decentralised technologies have the potential to radically alter a variety of industries.
In the long run, it can also generate billions of dollars in revenue while saving money. It also contributes to the development of trust throughout the complex organisational environment, which is another advantage.
For precisely this reason, Gartner projects that the market will be worth $3 trillion by 2030. Therefore, establishing a presence in that sizable market is another important objective for many companies.
As a result of blockchain showing all these potentials, many companies from many industries are slowly starting to explore. to ascertain whether the technology is suitable for their sector.
In order to ensure that it might be useful, they are also employing it for sample use cases.
To assist the creation of prospective commercial strategies, there is a serious scarcity of qualified employees who can comprehend the underlying technology. Due to their rarity, the ones that are available are initially highly expensive.
As a result, a brand-new sector is beginning to grow swiftly in order to meet customer demand: the Blockchain consulting industry. To ensure they can assist other organisations, the largest consulting firms in this field are assembling substantial consulting teams.
A small blockchain expert with technical expertise is also looking for an opportunity in the new sector.
What are the advantages for you?
Given that there are already large parties supplying all of these services, it is crucial for you to fully comprehend the offerings and qualifications for these blockchain consulting sessions.
As a result, we will use our market expertise to help you locate your potential fit as a provider of blockchain consultancy.
We’ll also look at credible sources for blockchain consulting services, including companies that might offer POC consulting and blockchain strategy.
We will only discuss the market from the viewpoint of a corporate consultancy, so do not be alarmed. Every piece of information would then be centred on clients who want to consider, evaluate, and make use of the technology’s potential.
Consulting for Blockchain Market Components
The majority of the buying groups are still in the very beginning stages of their research. They are largely using likely use cases at this time. Therefore, the blockchain development consulting firms mostly provide assistance during the project’s initial phases.
The development of unique types of proofs of concept and the discovery of use cases are additional strengths of blockchain consultancy services.
But why is that? It’s because the early stages don’t provide as many obstacles as the later ones do.
In any event, there are some fixed components to the market for blockchain development consulting. Discover what they are now.
The Real Market: The technology and advice services connected to creating, evaluating, researching, and building different business models make up the core market for blockchain consulting. Each service also looks to examine how blockchain can increase sales or open up new business prospects. They occasionally provide suggestions on how the business could improve its IT practises.
Common consumers: New markets bring in new customers of different stripes. When it comes to this situation, they are mostly CEOs, CxOs, business executives, IT leaders, leaders in vendor or sourcing management, innovators in digital and process, and many more.
Business Outcomes: The intended business outcomes that ordinary customers seek make up the majority of this factor. They also consist of brand-building elements including strong brand value, novel services or products, inventive business methods, cost reductions, revenue growth, etc.
Realistic Deliverables: Depending on the kind of Blockchain Consulting Firms, realistic deliverables may vary. On the other hand, these might also include future strategy, gap analysis, architecture, small-scale proof of concepts, implementation roadmaps, and many other things.
What Activities Typically Make Up a Blockchain Consultancy?
Three distinct phases are frequently seen in the blockchain consulting sector. These consist of
Large consulting companies’ dominance in this sector is not surprising given that the majority of enterprises are still looking for strategic direction and techniques for blockchain solutions. The newly growing market is currently controlled even by foreign technology service providers.
On the other hand, due to demand, small- or new consultant companies are also joining because they do not need to create a Proof of Concept or handle other operational issues.
In reality, several engineers who have experience with blockchain technology have come out and started their own specialised blockchain consultancies. Why, therefore, do so many businesses provide advisory services for blockchain development?
Only a select few ways actually proceed to the next generation of technology since it is so complex, which explains why the majority of demand for blockchain solutions is for early stages only.
As a result, the market extension rate will remain unchanged at least until 2021. To make sure, though, that you only select those that result in anything. The majority of them, in reality, will persuade you to spend money, but the results won’t satisfy you.
Always choose the options that provide the best value for your money. Naturally, the market will be dominated by the most popular products.
Despite the fact that businesses are presently solely interested in advisory services for early adoption of blockchain technology, this will soon change as the technology develops at a rapid pace. Businesses will therefore want to completely implement new modifications or try out multiple POCs.
As a result, blockchain projects today have to cope with integrations, process changes, privacy, security, and compliance issues that are distinct to each project. All of their stakeholders must be persuaded to support their cutting-edge blockchain solutions, too.
According to Gartner, the number of popular platforms would drastically decrease. It’s not that there would only be a small number of blockchain consulting companies; rather, it’s that companies would only want to deal with a small number of companies for their technical requirements.
In this scenario, there would be pressure on many small-scale blockchain consultants to offer the time or skills necessary to bring a project online. Additionally, some of the skills related to the technology may be obsolete because it is always evolving.
In order to offer the whole suite, the smaller blockchain development consulting firms would either go out of business or combine with other companies.
Therefore, by 2026, only the best or highest-caliber Enterprise Blockchain Consulting companies would still be around.
Starting in 2025, Gartner anticipates a rapid increase in the market value of blockchain technology. Therefore, it is safe to say that the need for consulting services will continue to rise this year. Small enterprises or those unable to effectively meet all business expectations wouldn’t still be in operation at this stage.
The remaining ones, on the other hand, would experience fast technological and business growth. Your money will be better used with this much experience.
However, there can be those parties who want to embrace the new commercial environment. We are unsure of how they might turn out, though. Whatever the case, even if the consulting market were to take off after a few more years, the companies who pounced on the blockchain solutions would see a significant rise in their profitability.
Therefore, even in the early phases of adoption, it is prudent to start looking for advice from the reputable blockchain technology consulting companies.
It’s time to move on to the various blockchain consulting firms that are now accessible.
Even if the environment is changing quickly and blockchain technology is advancing quickly, the average user is still uncertain about many things. Having skilled consulting businesses accompany you along the way is typically advantageous.
They will eventually need the important aid from the consultant service providers if they want to enter the blockchain business, especially if they don’t consider themselves to be “tech-savvy.”