Market Definition
Blockchain as a Service is a third-party cloud-based infrastructure & data management platform for organizations that are building & operating Blockchain applications. It enables high levels of transaction traceability & helps the users save their time & expenses by building their Blockchain technology instead of spending resources to develop in-house tools. Further, with the exponential growth in the adoption of Blockchain technology in diverse industries, the demand for Blockchain as a Service is anticipated to grow at an immense pace in the forecast years.
Market Insights
The Global Blockchain as a Service Market is projected to grow at a CAGR of around 46.75% during the forecast period, 2022-27. The major factors fueling the demand have been the rising adoption of digital platforms by businesses due to the pandemic, the increasing requirement for supply chain transparency across verticals, and the need to reduce risks & complexities in payment systems.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 46.75% |
| Regions Covered | North America: The US, Canada, Mexico |
| South America: Brazil, Argentina, Rest of Latin America | |
| Europe: Germany, The UK, Germany, France, Italy, Spain, Rest of Europe | |
| Middle East & Africa: The UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa | |
| Asia-Pacific: China, Japan, India, South Korea, Rest of Asia-Pacific | |
| Key Companies Profiled | 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), Others (Hewlett Packard Enterprise, VeChain Foundation, Oodles Technologies, etc.) |
| Unit Denominations | USD Million/Billion |
In lieu of this, the implementation of blockchain as a service in business helps them secure the identity of digital entities as well as personal identities as it is stored in blocks in data structures. Thus, ensuring maximum security while minimizing the threat of losing the data. Further, it has gained significant traction in the historical years as it provides solutions for complex business issues while maintaining anonymity, immutability, transparency as well as fast & secure transaction.
Moreover, it enables businesses to use cloud-based solutions to develop, host, and customize their blockchain apps, smart contracts, and other business functionalities on the blockchain infrastructure managed by a service vendor. Additionally, with the evolution of digital currencies, such as cryptocurrency, several users have gained knowledge about blockchain, which has encouraged various end-use industries, such as BFSI, IT & telecom, healthcare, etc., to leverage the benefits of blockchain in their organization.
In contrast, banking & financial institutions are the major users of blockchain as a service, owing to the exponentially growing fintech industry across the globe. Besides, the increasing need for secure banking transactions, growing adoption of cross-border payments, digital ledger, scalability, and low processing costs are a few significant factors driving its growth in the BFSI industry.
In addition, banking & financial institutions in countries like India, China, the US, Canada, South Korea, etc., have invested heavily to adopt & explore blockchain technology, thereby fostering the market of blockchain as a service in the historical years. For instance:
Moreover, the governments of various countries, including the US, Canada, India, China, Thailand, European countries, etc., have taken necessary initiatives to explore blockchain technology to boost innovations in the economy. The government of these countries has been investing significantly to utilize blockchain as a service in their public utilities, such as banks, airports, automobiles, etc., thereby creating numerous opportunities for blockchain as service providers, thus stimulating the BaaS market. For instance:
Thus, the rising demand for cloud-based, cost-effective, secured, scalable data management systems in businesses would further escalate the market of blockchain as a Service during the forecast period.
