According to MarkNtel Advisors, the Global Blockchain as a Service market is projected to grow at a CAGR of around 46.75% during the forecast period, i.e., 2022-27, says MarkNtel Advisors in their recent research report. The key factors that have heightened the implementation of Blockchain as a Service (BaaS) have been the increasing digitalization across diverse verticals, including BFSI, healthcare, IT & telecom, etc. Further, the rising adoption of digital platforms by businesses, increasing requirement for supply chain transparency, and the need to reduce risks & complexities in the payment systems are some more factors escalating the market growth.
BaaS provides tools & services for complex business issues, such as supply chain management, while maintaining anonymity, immutability, transparency as well as fast & secure transactions between different parties. In addition, the implementation of blockchain as a service in businesses helps them to secure the identity of digital entities as well as personal identities as it is stored in blocks in data structures & ensures maximum security while minimizing the threat of losing the data.
The emerging need to solve global supply chain problems has escalated the requirement for technologically driven solutions, such as Blockchain as a Service, in sectors, such as manufacturing, automotive, and industrial, among others. The manufacturing and distribution players across the globe are seeking end-to-end solutions for tracking each step in the entire supply chain to manage and reduce the increasing complexities in supply chain networks.
Additionally, with the implementation of Blockchain as a Service, the manufacturing & distribution companies can enhance their supply chain processes, and resource allocation improves productivity, as well as minimize costs. The key market players such as IBM, Microsoft, Oracle, etc., have been continuously striving to provide their integrated blockchain platform to enhance the supply chain operations for organizations of every size.
Therefore, it is expected that the deepening nexus of the supply chain to provide products & services with greater efficiency would proliferate the usage of BaaS for supply chain management in the forecast years.
BFSI to Witness Fastest Growth in the Global Blockchain as a Service Market
Based on the end-user, the market divides into BFSI, IT & Telecom, Retail & Commerce, Healthcare & Life Sciences, Automotive, and Others. Among all, the BFSI sector has been a key end-user of BaaS globally. Therefore, the increasing need for secure banking transactions, growing adoption of cross-border payments, digital ledger, scalability, and low processing costs have been the key factors driving the growth of BaaS.
Moreover, the rising requirement for advanced & secure transaction models, the high speed of transactions, and the deployment of smart banking operations have escalated the demand for blockchain services from the BFSI sector. Hence, the BFSI segment held a considerable market share in the Global Blockchain as a Service market during 2017-21.
Furthermore, to boost banking operations & to ensure the high security of client transactions, the organizations in the BFSI sector have been integrating blockchain as a service. Hence, the rising adoption of blockchain as a service would be attributed to the increased requirement for smart banking & efficient & fast transactions in the years to come.
In addition, banking & financial institutions in countries like India, China, the US, Canada, South Korea, etc., have invested heavily in adopting & exploring blockchain technology, which has fostered the market of blockchain as a service in the historical years, further states the research report, "Global Blockchain as a Service Market Analysis, 2027.”
North America Continue to Hold a Major Share in the Years to Come
Geographically, North America held the largest share in the Global Blockchain as a Service market during the historical period. The proactive government efforts towards technological development coupled with the rising count of Blockchain-led projects have stimulated the demand for Blockchain as a Service in the region.
In addition, the increasing number of technological startups & the resilient banking & financial industry have led to the incorporation of innovative technologies to ease their operations. Moreover, the US has been a foremost contributor to the BaaS market because of being a major global financial hub.
Thus, North America has become a center of the Global Blockchain as a Service market, which is expected to elevate the scope of BaaS in the forecast period, reveals MarkNtel Advisors in their research report "Global Blockchain as a Service Market Analysis, 2027.”
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Blockchain as a Service market are IBM Corporation, SAP SE, Oracle, Microsoft Corporation, Alibaba, Baidu, Inc., Accenture, NTT Data Corporation, Infosys Limited, Stratis Group, VMware, Inc., Huawei Cloud, Tata Consultancy Services (TCS), Wipro Limited, R3 (Corda), and Others (Hewlett Packard Enterprise, VeChain Foundation, Oodles Technologies, etc.).
Key Questions Answered in the Study