USD 1.64 billion
Blockchain as a Service Market Size, Share, Growth Analysis, By Component(Tools, and Services), By Application(Supply Chain Management, Smart Contract, Identity Management, Payments), By Industry Vertical(BFSI, Healthcare, Manufacturing, Retail & Ecommerce), By Organization Size(SMEs, and Large Enterprises), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40F2002 |
Region:
Global |
Published Date: June, 2024
Pages:
207
|Tables:
123
|Figures:
77
Blockchain as a Service Market Insights
Global Blockchain as a Service Market size was valued at USD 1.64 Billion in 2022 and is poised to grow from USD 2.64 Billion in 2023 to USD 120.70 Billion by 2031, growing at a CAGR of 61.2% in the forecast period (2024-2031).
Many new users became aware of blockchain and cryptocurrency and started exploring the same and thus the usage of blockchain and cryptocurrency grew rapidly. Over the past few years, the Bitcoin blockchain market has grown rapidly.
Blockchains are often referred to as trust-enabling technology, as they do not have a single failure and cannot be changed from a single computer. Additionally, blockchain can use tools such as 'Smart Contracts', which can automate tasks ranging from processing compliance information, to providing voluntary information. These are desirable features that compel BFSI businesses to encourage some of the use of blockchain.
Blockchain requires significant capital when it comes to setting up and managing infrastructure. It is extremely resource intensive compared to traditional databases. It also consumes a lot of energy and requires a lot of bandwidth, which developing countries struggle to access.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprises
Fastest Growth
SMEs
Growth Rate
61.2% CAGR
Global Blockchain as a Service Market ($ Bn)
Country Share for North America Region (%)
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Blockchain as a Service Market Segmental Analysis
The blockchain as a service market is segmented into four major segments i.e. by component, application, organization size, industry vertical and region. Based on component, it is divided into tools, services. Based on application, it is segmented into Supply Chain Management, smart contract, identity management, payments, governance, risk, and others. Based on organization size it is segregated into SMEs, and large enterprises. Based on industry vertical, it is segmented into BFSI, healthcare, manufacturing, retail & ecommerce, transportation & logistics, energy utilities, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Analysis by Organization Size
Large enterprises tend to have complex and global supply chains. BaaS can increase transparency and traceability by creating immutable records of every step in the supply chain. It helps avoid counterfeiting, improves quality control, and streamlines flows. BaaS can facilitate secure collaboration between business units and partners through shared records of transactions, contracts and transactions and irreversible uplift. Larger businesses can also use BaaS for shareholder meetings and any governance issues to ensure transparent and secure elections. Thus, factors such as product authentication, digital identity management and security data sharing will boost the large-scale industry segment, thus boosting the growth of the global market during the forecast period.
SMEs tend to be faster and more open to adopting new technologies compared to larger enterprises. The desire to experiment and innovate is driving the demand for BaaS solutions. By integrating blockchain technology, SMEs can increase transparency, security and efficiency in their operations, and gain a competitive edge in their markets, BaaS provides a cost-effective way for SMEs to take advantage of blockchain technology without the need for significant upfront investment in infrastructure and expertise.
Analysis by Industry Vertical
The BFSI industry held the largest market share in 2022. Decentralized applications offer various benefits including decentralization with safety, cost effectiveness, inflexibility, efficiency and security. Banks and financial institutions are focusing on launching various projects based on blockchain services. For example, JPMorgan Chase & Co., the U.S.-based bank, posted a $1.5 billion (about $5 per person in the US) valuation, investors and financial services provider, commissioned a blockchain-related project based on the Quorum platform, an open-source platform built on the web.
The retail and consumer goods segment are predicted to grow at the highest CAGR during the forecast period, according to the market forecast. Key players in the retail and consumer goods sectors are embracing the use of blockchain to mitigate threats and fraud, reduce fraud and increase transparency in the payments industry Productivity growth is expected at a significant CAGR during the forecast period. The use of BaaS in the manufacturing industry helps to streamline business processes by storing and managing past and present records, which further helps to increase operational efficiency by ensuring employee efficiency companies as they are a chain.
Global Blockchain as a Service Market By Organization Size (%)
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Blockchain as a Service Market Regional Insights
North America is expected to lead the market share during the forecast period. The growth in this area is primarily due to the increasing number of blockchain projects. According to the Chinese Academy of Information and Communication Technology (CAICT), there were about 2,000 blockchain projects in progress in the US. Since then, the U.S. and Canadian governments are focusing on investing to adopt blockchain services in their public services including airports, banks, defense & military, among other. The government has allocated about USD 2.51 billion to support various startups involved in blockchain technology dollars were invested.
In this market, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth in this sector is due to the presence of key players such as Huawei Service (Hong Kong) Co., Limited, BitSE, and others. According to the Chinese Academy of Information and Communication Technology (CAICT), China has about 298 active companies based on blockchain technologies and services Moreover, investments by leading organizations and governments will increase to develop based services blockchain infrastructure is expected to boost market growth soon.
Global Blockchain as a Service Market By Geography
- Largest
- Fastest
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Blockchain as a Service Market Dynamics
Blockchain As A Service Market Drivers
Blockchain Technology Increasingly Being Adopted in All Sectors
- Another important driver is the widespread adoption of blockchain technology in various industries. Companies are increasingly recognizing blockchain’s potential to streamline processes, reduce fraud, and enhance traceability. In the supply chain industry, for example, blockchain can provide end-to-end visibility and traceability, thereby increasing operational efficiency and reducing costs.
Rise in Demand for Security and Transparency
- One of the major drivers of the market is the growing demand for increased security and transparency in the business environment. Blockchain technology provides a decentralized and immutable ledger, ensuring that the data cannot be changed or altered. This attribute is especially valuable in industries such as finance, supply chain, and healthcare, where data integrity and security are paramount.
Restraints
Legal and Compliance Issues
- Regulatory and compliance issues also pose a significant challenge to the market. The regulatory landscape for blockchain technology is still evolving, and businesses must navigate complex regulations that vary. This uncertainty can hinder the adoption of BaaS solutions, as organizations may be reluctant to invest in technology that may have future regulatory hurdles.
High Initial Costs and Complex Integration Processes
- Despite its advantages, the market faces significant limitations, one of which is the high start-up costs and challenges of integrating blockchain solutions into existing systems. Many organizations find it difficult to calculate costs closing in before blockchain is first implemented, especially by small and medium-sized enterprises (SMEs) with limited resources.
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Blockchain as a Service Market Competitive Landscape
The blockchain as a service market is highly competitive, with many players ranging from tech giants to innovative startups. Companies in this market seek to gain competitive advantage through strategic collaboration, innovation, and expansion of their own departments. This competitive environment fosters innovation and drives the adoption of blockchain technology in industry in various fields. Microsoft Azure has established itself as a leader in the BaaS market by leveraging its extensive cloud infrastructure and strong enterprise customer base. Its BaaS platform provides a wide range of tools and services for developing and managing blockchain applications. Microsoft Azure partnered with Ernst & Young (EY) to launch a blockchain platform for product rights and royalty management. The partnership aims to provide greater transparency and simplify processes in the media and entertainment industry.
Blockchain As A Service Market Top Player’s Company Profiles
- Microsoft Azure
- Amazon Web Services (AWS)
- SAP
- Oracle
- R3
- Accenture
- Huawei
- HPE
- Wipro
- Infosys
- Alibaba Cloud
- Chainlink
- ConsenSys
- Blockdaemon
- Hyperledger Fabric
- Microsoft Azure Blockchain Service
- EY
- KPMG
- PwC
Blockchain As A Service Market Recent Developments
-
In January 2024, Etherscan, the block explorer, obtained Solscan, a well-known block explorer in the Solana surroundings. This strategic pass objectives to decorate the accessibility of blockchain records throughout various networks, in step with the organization's announcement.
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In September 2023, Ripple, a cryptocurrency enterprise, discovered its plans to purchase Fortress Trust, a startup famous for its knowledge in crypto infrastructure. This acquisition no longer only presents Ripple with a license in Nevada but also opens avenues for growth beyond its primary awareness on blockchain-enabled bills.
Blockchain as a Service Key Market Trends
- Growing Demand for Cloud Platform Based on Baas: The increasing demand for blockchain applications based on cloud platforms in large enterprises is expected to be one of the major blockchain as a service market growth. Cloud-based BaaS services support customer wide applications such as enterprise resource management (ERP) systems, security management systems, and others. To meet the growing demand for BaaS services, key players in the market are focusing on developing tools and services such as blockchain services based on cloud platforms through integrations and transactions completed.
Blockchain as a Service Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The blockchain as a service market is growing rapidly as businesses across industries adopt blockchain technology to increase security, transparency and efficiency in their operations. BaaS offers cloud-based solutions that allow organizations to build, host and deploy their blockchain applications, smart contracts, and other related services on vendor-provided infrastructure. This service is for enterprises to set up and manage their own blockchain platforms, so it makes it necessary, leading to a significant reduction in costs and complexity.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.64 Billion |
| Market size value in 2031 | USD 120.70 Billion |
| Growth Rate | 61.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blockchain as a Service Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blockchain as a Service Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blockchain as a Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blockchain as a Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blockchain as a Service Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blockchain as a Service Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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