Who are the key vendors in the Blockchain as a Service Market?

The competitive environment of the Blockchain as a Service marketplace is dynamic and is characterized by using a mixture of hooked up gamers and emerging entrants vying for marketplace share and technological management. Key players in the BaaS marketplace encompass each essential generation groups and specialised blockchain provider carriers. Established cloud provider companies (CSPs) frequently dominate by way of imparting comprehensive BaaS solutions with incorporated services. 'IBM', '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'

What is the key driver of Blockchain as a Service Market?

As the volume of big data increases, managing and protecting the data resources of organizations becomes more complicated than ever before. It has been estimated that we create 77 million terabytes of data per day, which highlights the scale of the data protection issue. Furthermore, according to the cybersecurity threat surface, there was an average of 1,158 cyberattacks per week per organization in 2023, and Indian organizations faced more severe cyber threats per week per entity at 2,138. In this context, concerns with data privacy and protection are on the rise, and this has boosted the use of Blockchain-as-a-Service (BaaS). The decentralized nature of these platforms also enhances the security of the data through encryption and storage reducing the impact of hacking and cyber-attacks on data integrity.

What is the key market trend for Blockchain as a Service Market?

Rising Integration Of Blockchain With Emerging Technologies: The growing integration of blockchain with rising technology, inclusive of artificial intelligence and the Internet of Things (IoT). This convergence complements the talents of BaaS answers, fostering greater comprehensive and complex packages. Moreover, there is a developing trend towards the development of enterprise-precise BaaS structures tailored to the particular wishes of sectors like finance, healthcare, and supply chain.

Which region accounted for the largest share in Blockchain as a Service Market?

It is estimated that North America will dominate the Blockchain as a Service (BaaS) marketplace. The domination is due to the technological edge, full-fledged investments in the study and development of blockchain technology, and the high usage of emerging technology across sectors that include finance, healthcare, and logistics. In addition, a excessive degree of focus and preferable regulatory surroundings are added to the management of North America in the BaaS market.

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.

Blockchain as a Service Market Report Snapshots

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FAQs

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. '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'

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.

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.

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.

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