Blockchain As-A-Service Market

Blockchain As-A-Service Market Size

[ 170 + Pages Research Report ]  to surpass USD 205.3 billion by 2031 from USD 2 billion in 2021 at a CAGR of 58.7% in the coming years, i.e., 2022-32.

Blockchain As-A-Service refers to a platform which allows companies to create and operate their own blockchain applications. The service provider provides infrastructure and blockchain building tools and also facilitates in running applications with minimum hassle. Apart from cryptocurrencies, blockchain is widely in demand in various industries as it provides supply chain transparency and reduces risk. BaaS application ranges from Compliance Management, Inventory management, Identity Management, Supply Chain Management, Smart Contracts, and Others. The market has gained attention from Small and Medium Enterprises owing to its cost-effectiveness which helps them in setting up their infrastructure facilities.

Market Highlights

Blockchain As-A-Service market is expected to project a notable CAGR of 58.7% in 2032.

Usage of Distributed Ledger Technology based on advanced analytics and increasing investments and rising trend of BaaS based on cloud platforms are the factors driving the Blockchain As-A-Service market.

Blockchain As-A-Service Market: Segments

Tools segment to grow with the highest CAGR during 2022-32

Blockchain As-A-Service market is classified on the basis of components into Tools, and Services. Tools is projected to grow with the highest CAGR during the forecast period. The growth is attributed to the increasing adoption in the BFSI sector for secure and advanced transaction facilities. Many banks and financial institutions are using blockchain technology to protect data of customers from external threats.

BFSI segment to grow with the highest CAGR during 2022-32

Blockchain As-A-Service market is classified on the basis of industry vertical BFSI, Healthcare and Life Sciences, Retail and E-Commerce, Government, Manufacturing, Telecom, and IT, Energy and Utilities, Others. BFSI segment is projected to grow with the highest CAGR during the forecast period. Growing need for transparency and accuracy in transactions, an increasing number of cross border payments, and rising investments in blockchain technology, digital ledger and consortium blockchain are some factors fueling the growth of BFSI segment.

Market Dynamics

Growth Drivers

Usage of Distributed Ledger Technology based on Advance Analytics

BFSI sector is adopting new technology to secure the data and transactions of its customers. Blockchain as a service is a decentralized technology that allows sharing of data in a secure mode. Wide adoption of distributed ledger technology based on advanced analytics in financial sectors is supporting the transaction of digital currency. DLT being a decentralized system is being used for increasing fiscal efficiency which will drive the market growth of Blockchain As-A-Service.

Increasing Investments and Rising Trend of BaaS based on Cloud Platform

Internet connectivity has bolstered the growth of digital world in the past few years. Blockchain technology-based applications are being developed by many ventures and thus it has gained huge popularity in the market. Venture capitalists are investing heavily in blockchain technology, which will drive market growth. Also, rising demand by large enterprises for BaaS based on a cloud platform in order to enhance management systems will further fuel market growth.

Restraint

Lack of Skilled Professionals and High Initial Expenses

Comprehending blockchain technology requires skilled professionals, lack of which can prevent the market growth. High initial expenses are needed to be incurred in order to set up advance technology and also requires huge consumption of energy, data centers, bandwidth, cooling systems, etc., which is a key restraint in the growth of the market.

Recent Developments

• In March 2019, Tata Consultancy Services (TCS) partnered with R3 technology and Microsoft in order to implement a modular cross-industry blockchain platform.
• In October 2018, Oracle Blockchain Applications Cloud was introduced with the aim of providing agility in transactions and assisting clients in increasing trust across their enterprise networks.

Blockchain As-A-Service Market: Key Players

• Microsoft Corporation
• IBM Corporation
• SAP SE
• Amazon Web Services
• Oracle Corporation
• Accenture PLC
• Deloitte Touche Tohmatsu Limited
• Cognizant
• Infosys Limited
• Capgemini SE
• Huawei Technologies Co. Ltd
• Tata Consultancy Services Ltd.
• Baidu Inc.
• VMware Inc.
• Stratis Group Ltd.
• Other Prominent Players

Blockchain As-A-Service Market: Regions

Blockchain As-A-Service market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is projected to grow with the highest CAGR during the forecast period. The growth is attributed to the presence of key market players and increasing investments in blockchain technology by various organizations. Also, growing government-based development projects on blockchain technology will fuel the market growth in the region.

Impact of Covid-19 on Blockchain As-A-Service Market

Despite the fact that covid-19 has severely affected the industries around the world, it has played a vital role in adoption of digital services. Widespread usage of technology and constant security and data threats have induced the demand for decentralized networks. Seamless operations and digital transactions have been enabled with the adoption of blockchain technology in financial services. Blockchain as a service is being used by various industries to improve efficiency, scalability, decentralization and security in operations.

Blockchain As-A-Service is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Blockchain As-A-Service report also contains analysis on:

Blockchain As-A-Service Segments:

• By Component 
  • Tools
  • Services 
• By Application 
  • Compliance Management
  • Smart Contracts
  • Supply Chain Management
  • Identity Management
  • Inventory management
  • Others 
• By Industry Vertical
  • BFSI
  • Healthcare and Life Sciences
  • Retail and E-Commerce
  • Government
  • Manufacturing
  • Telecom and IT
  • Energy and Utilities,
  • Others 
• Blockchain As-A-Service Market Dynamics
• Blockchain As-A-Service Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Blockchain As-A-Service Market Report Scope and Segmentation

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